power tools black friday and Marketing Strategies for B2B Retailers
Power tools are an essential for both professional and personal use. The demand for power tools remains at or near pre-pandemic levels, despite a slowdown due to the COVID-19 outbreak in 2021.
Home Depot is the leader in sales of power tools based on dollar share. Lowe's is second in line. Both are however confronting stiff competition from Chinese-made power tools.
Tip 1: Create an Engagement to Brands
A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because a long-term purchase requires a lot of back-and-forth communication and in-depth knowledge of the product. This kind of communication isn't suitable for emotional marketing strategies.
However, industrial tool manufacturing companies must rethink their marketing strategy. The digital age has outpaced traditional manufacturers who depend on a select group of retailers and distributors for sales.
The key to selling power tools is brand commitment. If a customer is loyal to a brand and is loyal to a brand, they are less sensitive to communications from competitors. They are also more likely to purchase the client's products again and to recommend them to others.
You need a well-planned plan to make an impact on the American market. This involves adapting tools to local requirements and positioning brands in a competitive manner, and using marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also crucial. In this way you can be sure that your power tools will comply with the country's regulations and standards.
Tip 2: Know Your Products
In a marketplace where product quality is so important, retailers must be aware of the products they sell. This will help them make informed choices about the products they can offer their customers. This information can be the difference between making a successful or a bad purchase.
Knowing which tool is ideal for a specific project will assist you in matching the perfect tool to the requirements of your customer. This will help you build trust and loyalty with your customers. This will ensure that you provide an entire service.
In addition, understanding the trends in DIY culture can help you better comprehend what your customers want. As an example increasing numbers of homeowners are completing home renovations that require the use of power tool. This could lead to a spike in the sale of these tools.
According to Durable IQ, DeWalt leads in power tool unit share at 16%, although Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this sales in stores and online are growing.
Tip 3: Offer Full-Service Repair
The most frequent reason why a consumer makes a power tool purchase is to replace one that is been damaged or broken, or to embark on a new project. Both present opportunities for upsells and additional sales.
According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases for power tools are the result of planned replacements. These customers may require additional accessories or upgrade to a higher-performing model.
Your customer may have experience in DIY or is just beginning the hobby, they will have to replace the carbon brushes, drive cords, and power cords of their power tools as time passes. Being on top of these important items will help your customer get the most out of their investment.
Technicians take into consideration three main aspects when making power tool purchases: application, how it will be powered and safety. These factors allow technicians to make informed decisions when choosing the right tools for their maintenance and repair tasks. This helps them maximize the effectiveness of their tool and lower the expense of owning it.
Tip 4: Keep Keeping Up With Technology
For example, the latest power tools offer intelligent technology that enhances users' experience and differentiates them from other brands that still depend on old-fashioned battery technology. Wholesalers in B2B who offer and sell these tools can increase sales by targeting professional and tech-savvy contractors.
Karch's business, which has over 30 years of experience, and a 12,000 square foot department for tools is a testament to the importance of keeping current with the latest technologies. He states that manufacturers are constantly changing their designs for their products. "They used to hold their designs for five or ten years, but they're now changing them every year."
In addition to embracing the most recent technologies, B2B wholesalers should also concentrate on improving their existing models. By incorporating lightweight materials and adjustable handles, wholesalers can lessen fatigue due to prolonged use. These features are crucial for a large number of professional contractors who need to use the tools for long durations. The market for power tools is split into the consumer and professional segments. This means that the major players are constantly striving to improve their designs and create new features in order to reach a wider audience.
Tip 5: Create a Point of Sales
The e-commerce landscape has transformed the market for power tools. The advancements in data collection techniques allow business professionals to get an overall perspective of market trends and help them develop strategies for inventory and marketing more efficiently.
Point of sale (POS) information for instance, allows you to keep track of the types of projects DIYers undertake when they purchase power tools and other accessories. Knowing what projects your customers are working on allows you to upsell and offer add-ons. It helps you anticipate the needs of your customers to ensure that you have the appropriate products on the market.
You can also utilize transaction data to identify market trends, and adjust production cycles accordingly. For instance, you can make use of this information to track fluctuations in your brand's or retail partner market shares which allows you to adapt your product strategies to consumer preferences. POS data can also be utilized to optimize inventory levels, reducing the risk of stocking up. It can also assist you to evaluate the effectiveness of promotions.
Tip 6: Be a good neighbor
Power tools are a complicated market with high profits that requires a substantial amount marketing and sales effort to stay competitive. The most common methods of gaining an advantage in this industry were by establishing pricing or positioning of products, but these strategies are no longer effective in today's omnichannel marketplace where information is shared in such a rapid manner.
Retailers who are committed to providing a high level of providing excellent service are more likely to keep customers coming back and build brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, runs a 12,000 square-foot power tool section. At first, the department offered a sampling of brands, but as he listened to contractor customers, he discovered that the majority were loyal to a particular brand.
To make a mark in their business, Karch and his team first ask their customers what they'd like to achieve with the tool before showing them the options available. This gives them confidence to recommend the right tool for the job, and builds trust with the customer. Customers who are familiar with their product are less likely to blame their retailer for a tool failure on the job.
Tip 7: Create a point of customer service
Power tool retailers are in an extremely competitive market. power tool for sale who are successful in this category tends to be more loyal to a specific brand rather than to carry a variety of manufacturers. The amount of space that retailers can dedicate to a particular category can affect the number of brands they are able to carry.
When customers come in to purchase power tools they may need assistance selecting a product. Sales associates can offer professional advice to customers who are seeking to replace a damaged device or completing a renovation project.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are educated to ask the right questions to make the sale. He says they start by asking the customer about what he or she plans to do with the item. "That's the best way to determine what kind of tool you need," he says. Next, they ask about the project and what level of experience the customer has with different types of projects.
Tip 8: Be sure to be sure to mention your warranty
The warranty policies of power tool manufacturers are quite different. Some manufacturers offer a comprehensive warranty, while others are more limited or do not cover certain tools. It's important for retailers to understand these differences before purchasing, as buyers will purchase tools from companies that back them up.
Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has a 12,000 square-foot power tool department as well as repair shop on site that repairs 50 different brands of tools. He has learned that many of his clients are brand loyal. Therefore, he prefers to carry a select few brands instead of trying to carry samples of different products.
He is also happy that his employees are able to meet with vendors one-on-1 to discuss new products and share feedback. This personal contact is crucial because it helps build trust between the store's customers and employees. Building strong relationships with suppliers can even result in discounts on future purchases.