The Hand Tool Institute (HTI) held their spring meeting at the Wigwam Resort in Litchfield, Ariz. from March 25-28. This event was attended by 80 executives of hand tool manufacturing companies that sell into the retail channel as well as professional markets.
HTI invited key industry consultants to present overviews on key aspects of the business environment as well as best practices.
Dr. Ken Mayland of Clearview Economics said the economy has a natural ability to grow and that, essentially, there are no danger signs in our future. Industrial production versus U.S. Gross Domestic Product (GDP) is up. Inventory growth has recently outpaced sales growth but this can be attributed to February weather and the west coast shipping strike. That said, Mayland-advised businesses can expect to continue as it has in recent times.
Regarding online purchasing and purchasing habits for consumers, Amazon.com is the dominant player in purchasing today with 30 percent of all American purchases start with a visit to Amazon. Two speakers discussed strategy and tactics for including Amazon in company plans. And subjects like planogramming and marketing strategy dominated parts of the meeting. Mundane to some yet several key points were outlined that are critical to selling your product.
In PTEN reader studies, respondents have clearly stated that having the right tools is the key to increased productivity and increased billable hours. HTI has taken steps in this meeting to ensure its members were doing all they can to deliver the best hand tools into the market, into the consumer's and professional's hands.
