The global power tools market is expected to garner revenues of over USD 35 billion by 2023
Over the past few years, the rising demand for automation has revolutionized the adoption of power tools technology. Moreover, the use of power tools simplifies human work, reduces the burden of repetitive tasks, and decreases the chances of human errors and injury. The development of low-cost and energy-efficient appliances and the growth of smart technologies will boost the growth of the market. Rapid industrialization has further bolstered opportunities for power tools sales across developing nations including India, China, and Brazil.
However, our analysis of the industrial manufacturing space shows that power tools manufacturers across the globe are facing predicaments in terms of:
- Product development and innovation: Today, it is essential for power tools manufacturers to keep up with the latest technology to stay relevant in this competitive market. Moreover, as companies vie to be the first with a new concept, the temptation to compromise on quality can be However, manufacturers need to be stern and avoid cutting corners.[spacer height=”20px”]
- Balancing maintenance with throughput: Keeping every equipment functioning is an essential part of running a manufacturing facility for power tools players. Regular preventive maintenance can help increase performance and ensure customer satisfaction with delivery lead times.[spacer height=”20px”]
Several such factors are compelling power tools manufactures to leverage the use of robust consumer survey solutions. Consumer survey solutions not only help companies to find ways to leverage the use of online and offline platforms to provide a holistic view of the brand to the customers, but also helps them to meet customer expectations. These solutions also offer companies with a detailed overview of consumers in terms of their preferences and decisions.
The Business Challenge[spacer height=”20px”]
- The client: A power tools manufacturer
The client, a prominent manufacturer of power tools, was facing growth constraints in terms of sales and gaining maximum ROI. Consequently, they wanted to understand the customer journey, their purchasing behavior, and deliver promising sales. The client also wanted to evaluate the information on the consumer behavior and conduct a robust consumer survey to target the relevant customers. This would help them to establish their presence in the industrial manufacturing market.
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The Journey[spacer height=”20px”]
Infiniti’s consumer survey experts carried out a blended approach comprising of interviews and discussion with leading stakeholders in the industrial manufacturing industry to help the client gain actionable customer insights. The experts also compiled information from a wide array of sources such as paid industry databases, company presentations, and industry forums to help the client devise a robust business model to analyze and evaluate the competitive firms in the power tools manufacturing space.
The Solution and the Business Impact[spacer height=”20px”]
With the help of Infiniti’s consumer survey solution, the power tools manufacturer was able to evaluate their sales performance and improve customer experience. The client also understood customer preferences and drove marketing ROI. Furthermore, the manufacturer identified, tracked, and retained the best customers to stay competitive in the market.
The Future[spacer height=”20px”]
With heavier duty power tools jumping on the cordless wagon, battery powered power tools are expected to witness high demand in the coming years. Additionally, the jump from NiCad batteries to Lithium-Ion technology is expected to revolutionize the way manufacturers build and market their tools.