• You will hear a talk presented by a reporter, about new product introduction.

New product introductions are healthy for the industry. They generate excitement in the marketplace and sales in your store. Many of your customers are anxious to learn about what’s new. By having just what they’ve been looking for, the company can increase the bottom line while simultaneously meeting the end user’s insatiable need for more, better, and faster.
     At a recent industry convention, I heard a question, "How de we compete with other companies?" My reply is this: stay focused. Identify your advantage over them and maximize its potential. When new products come to market, the company becomes more than a place to buy power tools. You become a problem solver for the customer. This is a huge advantage over the other companies.
     Many new products are more technical in nature. Therefore, they require salesmanship. The only way to get them into the hands of the people for whom they were designed is to take them directly to the job site and demonstrate them. This is one area where companies can sharpen their competitive edge.
     Your customers are able to discern the difference between makeshift solutions and application-specific products. By focusing on their needs, industrial companies can offer the right solution for demanding jobs.
     These solutions are coupled with the necessary product knowledge to educate the customer about u sing the product. This factor distinguishes your business from all of the others. Your customers aren’t only buying a power tool from you--they’re purchasing a value-added service that helps them become more profitable in their business.
     With that in mind, let me turn the question a- round and ask, "How can other companies compete with the value-added service that you offer to customers?"
     The answer is simple: They cannot if you focus on the aspects that distinguish the company. While the face of the tool industry is changing, there is one constant that will continue to direct its path: the end user’s need for increased productivity. Companies are poised to sharpen their competitive edge by offering solutions to the highly specific needs of the professional.