Is Your Company Looking for the Best Place to Purchase New Tools?

Written by Wall Street News on December 16, 2016. Posted in Clamps, Er collets, Tool


How does your company decide where you purchase the tools they need?
From drill bits to wrenches to clamps and carbide inserts, both large and small companies have to order tools on a near constant basis. In fact, the research indicates that nearly 70% of those companies that make manufacturing purchases look for products or services at least once a week. And while the purchases are frequent, that does not mean that those choices are not made without consideration. It may come as no surprise that 64% of manufacturing purchases are influenced by at least three people.
Some companies who are in search of tools and supplies like drill bits depend on the recommendations from others in the industry. When, for instance, the passenger freight elevator crew that is on your job site raves about a certain brand of tool, you may be more than likely to order that brand the next time you need to place an order. On the flip side, when you find the fire and safety installation crew swearing at a tool that does not work well or breaks, you will likely avoid ordering that brand of tool.
In addition to seeking the advice of other workers, many manufacturing companies also refer to online reviews before making their purchases. Given that a 2015 Gardner?s Capital Spending survey forecast spending on metalcutting to be $8.822 billion for 2014, it should not be surprising that online information is prolific. This amount represents an increase of 37% compared to the latest estimate. Understanding the most comprehensive survey detailing future spending in the durable goods manufacturing industries, tool companies can spend their marketing money in the best ways. By the year 2016, advertising expenditures for this industry will reach $481.38 million.
After manufacturing companies have listened to personal recommendations for tools and have read the online reviews and advertising pitches they also look toward the kind of warranties that are offered for tools. Tools that only come with a one or two year warranty, for instance, may not be the best investment. On the other hand, tools that come with lifetime warranties often send a message that these are tools that will last.

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