Power Tool Sale: 11 Things You're Leaving Out
Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are essential for both consumer and professional use. Despite a slowdown in 2021 due to the COVID-19 virus, the demand is still at or near levels prior to the pandemic.
Home Depot is the leader in the sales of power tools based on dollar share. Lowe's is not far behind. Both are however facing stiff competition from China-manufactured power tools.
Tip 1: Be committed to a brand
A lot of manufacturers of industrial products place emphasis on sales over marketing. power tool deals uk is because a long-term sales requires a lot back-and forth communication and detailed product knowledge. This type of communication does not permit emotional marketing tactics.
However, industrial tool manufacturing companies should think about rethinking their marketing strategy. The digital age has outpaced traditional companies that rely on a few retailers and distributors for sales.
Brand loyalty is a major aspect in the sales of power tools. If a client is loyal to a particular brand they are less prone to the messages of competitors. They are also more likely to buy the product of the customer again and to recommend them to friends and family.
You need a well-planned plan to be successful in the US market. This means adapting your tools to local needs, positioning brands in a way that is competitive, and using marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also crucial. When you do this you can ensure that your power tools comply with the country's regulations and standards.
Tip 2: Be aware of Your Products
Retailers must be aware of the products they are selling especially in a marketplace which places a great value on the quality of the product. This will help them make informed choices about the products they offer their customers. This knowledge can also make the difference between a successful sale and a poor one.
Knowing which tool is suitable for a specific project will assist you in matching the perfect tool to your customer's needs. You will build trust and loyalty with your customers. It will also give you the confidence that you're offering a complete solution.
Understanding DIY culture trends can also help you better understand your customers' requirements. For instance, a rising number of homeowners are taking on home renovation projects which require power tools. This can lead to an increase in the sales of these tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16%. However, Ryobi and Craftsman have decreased their share year-over-year. However the fact that both in-store and online purchases are on the rise.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to repair a broken one or to tackle the new project. Both provide the possibility of upselling or adding on sales.
According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study 35 percent of purchases for power tools were the result of an anticipated replacement. These customers typically require additional accessories or may require upgrading to better quality models.
No matter if your customer is an experienced DIYer or is new to the hobby, they will likely need to replace their power tools' carbon brushes as well as drive belts and power cords over time. Keeping up with these essentials will help your customer make the most of their investment.
Technicians consider three key items when making power tool purchases: application, how it will be used and safety. These aspects allow technicians to make informed decisions when choosing the right tools for their maintenance and repair work. This allows them to optimize the effectiveness of their tools and reduce the cost of ownership.
Tip 4: Keep Keeping Up with Technology
For instance, the most recent power tools feature smart technology that improves the user experience and sets them apart from other brands that still rely on old battery technology. B2B wholesalers that carry and sell these devices can increase sales by targeting tech-forward contractors and professionals.
Karch's business, which has more than 30 years of experience, and a 12,000 square foot tool department, is a testament to the importance of keeping current with the latest technologies. "Manufactures are constantly changing the look of their products," Karch says. "They used to keep their designs for five or ten years, but they're now changing them each year."
In addition to taking advantage of the modern technologies, B2B wholesalers should also focus on improving existing models. For instance, by incorporating adjustable handles and lightweight materials, they can reduce the fatigue caused by prolonged use. These features are essential to professionals who employ the tools for a lengthy period of time. The market for power tools is divided between professional and consumer groups. This means that major players are constantly striving to improve their designs and come up with new features in order to appeal to a wider public.
Tip 5: Create an Point of Sale
The online marketplace has changed the power tool market. Advancements in data collection methods have enabled business professionals to get an overall overview of market trends and help them develop inventory and marketing strategies more efficiently.
Point of sale (POS) data can, for example, allow you to monitor the kinds of projects DIYers undertake when purchasing tools and accessories. Knowing the type of projects that your customers are working on allows you to offer add-on sales and opportunities to upsell. It allows you to anticipate the needs of your customers to ensure that you have the appropriate products on the market.
Furthermore, transaction data allows you to spot trends in the market and adjust production cycles accordingly. For instance, you could use this data to monitor fluctuations in your brand's or market share of retail partners, enabling you to match your product strategies to consumer preferences. Additionally, you can make use of POS data to improve levels of inventory and decrease the chance of overstocking. It can also help you to assess the effectiveness of promotions.
Tip 6: Create a Point of Service
Power tools are a complicated, high-profit market that requires a substantial amount marketing and sales efforts to remain in the game. In the past, gaining a competitive advantage in this market was accomplished by establishing prices or positioning of products. However, these tactics are no longer effective in today's omnichannel environment where information is readily shared.
Retailers who concentrate on service are more likely to retain customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin is the owner of a 12,000-square-foot department for power tools. Initially, online power tools featured various brands, but when he began listening to contractor customers, he learned that most were loyal to a particular brand.
To make a mark in their customers, Karch and his team first ask customers what they'd like to achieve using the tool, before showing them what they have available. This gives them the confidence to recommend the appropriate tool for the job, and it increases trust with their customers. Customers who know their product well are less likely to blame their supplier for a tool failure on the job.
Tip 7: Be a customer service guru
The market for power tools has become a highly competitive market for hardware retailers. People who succeed in this category tends to be more devoted to a single brand rather than to carry a variety of manufacturers. The size of the space that a retailer needs to devote to the category may also play a role in the number of brands it can carry.
When customers come in to purchase a power tool they may need assistance selecting a product. Sales associates can provide the best advice to customers seeking to replace a damaged device or completing the renovation of their home.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the staff at his store is educated to ask questions that will result in an offer. They begin by asking what the customer plans to use the tool according to him. "That's the key to determining the type of tool to sell them," he adds. Then, they inquire about the customer's experience with various types of projects and the project.
Tip 8: Make sure to mention your warranty
Power tool manufacturers vary greatly in their warranty policies. Some are fully complete, while others are stingy or even do not cover certain components of the equipment. Before making a purchase it is essential that retailers understand the differences. Customers will only buy tools from companies that guarantee their products.
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 repair shop within the premises that can handle 50 models of tools. He has discovered that a lot of his contractors are brand loyal. Therefore, he prefers to carry a select few brands instead of trying to offer samples of various products.
He also appreciates that his employees have the ability to meet with vendors in person to discuss new products and share feedback. This kind of interaction is essential as it helps create trust between the store and the customers. online power tools with suppliers can even result in discounts on future purchases.