cordless power tool suppliers and Marketing Strategies for B2B Retailers
Power tools are crucial for both consumers and professionals. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, demand remains close to or at levels prior to the pandemic.
Home Depot is the leader in power tool sales by dollar share. Lowe's is not far behind. Both are competing against power tools made in China.
Tip 1: Create an Efficacious Brand Commitment
Many manufacturers of industrial products place a higher priority on sales and marketing. This is due to the fact that the long-term sales process requires a lot back-and-forth communication as well as a detailed understanding of the product. This kind of communication doesn't permit emotional marketing tactics.
However, companies that make industrial equipment should reconsider their marketing strategy. The digital age has overtaken traditional manufacturers who depend on a select group of retailers and distributors to sell their products.
Brand commitment is a key factor in power tool sales. If a client is loyal to a particular brand and is loyal to a brand, they are less prone to the messages of competitors. Moreover they are more likely to buy the product of the client repeatedly and recommend it to others.
To be successful on the United States market, you need to have an organized strategy. This involves adapting your tools to local needs and positioning brands in a way that is competitive, and making use of distribution and marketing platforms channels. Collaboration with local authorities, associations and experts is also essential. You can be certain that your power tool is in line with the standards and regulations of the country if you do this.
Tip 2: Know Your Products
Retailers must be aware of the products they are selling especially in a marketplace which places a great value on product quality. This will help them make informed choices about what they offer their customers. This knowledge could also be the difference between a successful sale and a bad one.
For example knowing which tool is ideal for the particular task will allow you to connect your customer with the best tool for their needs. This will help you build trust and loyalty with your customers. This will give you confidence that you are offering a complete service.
Understanding DIY cultural trends can help you understand your customers' requirements. As an example, more homeowners are undertaking home renovation projects requiring the use of power tools. This can result in a surge in sales of power tools.
According to Durable IQ, DeWalt leads in power tool unit share at 16%, while Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this sales in stores and online are increasing.
Tip 3: Offer Full-Service Repair
The majority of people purchase power tools to repair a broken one or to tackle a new project. Both provide opportunities for upsells or additional sales.
According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases of power tools are the result of planned replacements. These customers often require additional accessories or require upgrading to better quality models.
If your customer is a seasoned DIYer or is new to the hobby, they will likely require replacing their carbon brushes for power tools as well as drive belts and power cords with time. These items will ensure your customer reaps the maximum benefit from their investment.
When purchasing power tools, technicians take into consideration three aspects: the tool's application the power source, and security. These aspects help technicians make informed choices when selecting the right tools for repair and maintenance work. This helps them maximize the effectiveness of their tool and lower the cost of owning it.
Tip 4: Keep up-to-date with the latest technologies.
The latest power tools, like they feature smart technology that improves the user's experience and sets them apart from rivals who rely upon old battery technology. Wholesalers in B2B who carry and sell these devices can boost sales by targeting tech-forward contractors and professionals.
For Karch who's business has more than three decades of experience and a 2,000-square-foot tool department, keeping up with the latest technologies is crucial. "Manufactures are constantly adjusting the design of their products" Karch says. "They were able to hold their designs for 5 or 10 years but now they change their designs every year."
In addition to taking advantage of the latest technologies, B2B wholesalers should also be looking to improve existing models. By incorporating lightweight materials as well as adjustable handles, wholesalers can decrease fatigue from prolonged use. These features are crucial for many contractors working in the field who utilize the tools for a long period of time. The market for power tools is split into professional and consumer groups. This means that the major players are always working to improve their designs and create new features in order to reach a wider public.
Tip 5: Create a point of Sales
The ecommerce landscape has changed the market for power tools. Data collection techniques have been improved allowing business professionals to gain a better understanding of the market. This helps them develop more effective marketing and inventory strategies.
Point of sale (POS) information can, for example, allow you to track the types of projects DIYers undertake when they purchase tools and accessories. Knowing the types of projects your customers are undertaking enables you to offer add-on sales and opportunities to upsell. It also allows you to anticipate the needs of your customers making sure you have the right products on hand.
Moreover, transaction data enables you to identify market trends and adjust your production cycles accordingly. For instance, you can make use of this information to monitor changes in your retail partners' and brand's market shares. This will allow you to align product strategies with consumer preferences. POS data can also be used to optimize inventory levels, which reduces the chance of overstocking. It can also be used to evaluate the effectiveness of promotions.
Tip 6: Establish a Point of Service
Power tools is a high-profit, complex market that requires substantial marketing and sales efforts in order to stay competitive. The traditional methods to gain an advantage in this market were by establishing pricing or positioning of products, but these methods are no longer effective in today's omnichannel marketplace in which information is dispersed rapidly.
Retailers who concentrate on service are more likely to keep customers and build brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, runs a 12,000 square-foot power tool section. In the beginning, his store featured several brands, but as he began to listen to the customers of contractors and found that the majority were loyal to a particular brand.
To win their customers' business, Karch and his team first ask their customers what they would like to accomplish with the tool, then show them the tools they have available. This gives them the confidence to recommend the appropriate tool for the job, and it builds trust with customers. Customers who are familiar with their product are less likely to blame their vendor for a malfunctioning tool on the job.
Tip 7: Become a customer service guru
The power tool market has become a highly competitive category for retailers of hardware. Those who have seen the most success in this market tend to make a strong commitment to a particular brand rather than simply carrying a few manufacturers. The amount of space a retailer must devote to this category can be a factor in the amount of brands it is able to carry.
Customers frequently require assistance when they come in to buy a power tool. If visit the following website page replacing an old model that is broken or tackling an upgrade project, customers need expert advice from sales representatives.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his store's sales associates are educated to ask the right questions to make a sale. They start by asking what the buyer is planning to use the tool for, he says. "That's how you determine what kind of tool they need," he says. Then, they inquire about the project and what level of experience the customer has with different types of projects.
Tip 8: Make an End of Warranty
The warranties of power tool manufacturers are very different. Some manufacturers offer a comprehensive warranty, while others offer a limited warranty or refuse to cover certain tools. It is crucial for retailers to know these differences before buying, since customers will buy tools from firms that provide them with a warranty.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tools department as well as an in-house repair shop that handles 50 kinds of tools. He has observed that many of his clients are brand loyal. So, he chooses to carry a select few brands instead of trying to offer samples of various products.
He is also pleased that his employees have the ability to meet with vendors one-on-1 to discuss new products and exchange feedback. This kind of interaction is essential as it helps create trust between the retailer and customers. Building strong relationships with suppliers could result in discounts on future purchases.