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Selling to Industrial Tool Manufacturers? Three Things to Know

Posted by IndustrySelect on Thursday, May 28, 2020

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2 MIN. READ

Our April 2020 search trends revealed that an increasing number of manufacturers are looking for domestic supplies. Compared to April 2019, category searches have increased by 42%, with tools being the most searched category.

This increase in search reflects new opportunities that exist for tool manufacturers.

Reaching out to these potential customers to promote solutions that support growth will help them keep up with this increase in demand.

COVID-19 and New Supply Chain Challenges

COVID-19 has been a disruptive force for supply chains around the world. While some manufacturers are working on resuming operations, other essential manufacturers have been dealing with supply chain disruptions over the past few months. In fact, a survey from March revealed that 75% of organizations experienced some type of supply chain disruption, with shutdowns in China being a frequent cause.

Essential manufacturers have been adapting to this new situation by looking for domestic supplies, and more manufacturers are going to take this route as they reopen.

Relying on domestic suppliers creates a supply chain where distance is less of an issue and where there is less potential for disruption. Some manufacturers might also be moving toward a model that is more flexible and will thus rely on a multitude of suppliers to meet changing demand and market trends.

With this in mind, tool manufacturers can benefit from products and services that will help them connect with these new clients and market their products. Any kind of supply chain, inventory, order fulfillment or shipping management solution is likely to be of interest as tool manufacturers increase production. Demand forecasting is another area tool manufacturers might decide to invest in.

Growth and Innovation

Industry growth is another factor behind the surge in searches we observed. It's true that supply chains are changing and manufacturers are looking for new suppliers, but there is also a rising need for tools to support the growth of the manufacturing sector.

To elaborate, between 2014 and 2019, the automotive industry experienced an average growth of 2.7%, contributing to the increased demand for machine tools.

Besides growth, innovation is another factor that is driving investment in tools. A new generation of advanced tools has been spearheading the transition to Industry 4.0 with products like connected tools and machines that collect and share data.

Manufacturers are likely to invest in areas like design, research and development, and product portfolio management to take advantage of these new opportunities. Furthermore, many will be looking into analytics for optimization and reporting purposes.

New Markets

According to MNI, 43% of tool manufacturers are distributing their products in international markets. This percentage is high compared to other industries since only 29% of all manufacturers have a strong presence in worldwide markets.

Between emerging economies and the global supply chain boosting manufacturing in one region of the world to meet the demand in another, there is a growing need for tools, machines and raw materials in international markets.

A tool manufacturer looking to deploy an extension strategy could benefit from working with marketers who can offer expertise Thiwith international sales and vendors that offer products designed to support expansion.

How to Reach Industrial Tool Manufacturers

Looking to make contact with industrial tool manufacturers? An IndustrySelect provides clients with comprehensive data for potential leads, including direct executive contact information and other actionable data among 500,000 companies in the manufacturing and energy sector -- including tool manufacturers. To learn more about how you can use IndustrySelect to generate reliable leads for your company, visit our website.

Looking for industrial tools? Search for industrial tools near you & request a quote on IndustryNet.

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