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Tech Talk

“I can accept failure, but I can’t accept not trying.” - Michael Jordan

A Look Forward at the US Cutting Tool Industry 

While we have known that the cutting tool industry has always been an expansive booming industry, it looks like the market is agreeing with us. 

Cutting-tool vendors may soon start seeing a shift in their customer base as demand for cutting tools rises in some industries and drops in others. While the demand for cutting tools will continue to grow steadily there are cyclical industries that will be the driving force such as the defense sector and the resurgent oil and gas industry. 

Another major factor that vendors will face is the customers and their ability to rely on their customers’ recommendations. It has been evident that in an industry where new cutting tools are constantly entering the market, customers appreciate distributors that understand available offerings, potential use cases, and the latest innovations. In fact, they value that recommendation so much that they even take that into consideration before looking at the vendor's price. 

Which brings me to the last point, pricing strategy. When a customer is told by a vendor that they currently don’t have a cutting tool in stock, they will quickly switch to a vendor who does. That is why it is important to keep your inventory up-to-date and to take notice of your customers' purchasing trends.

While it is great that the market continues to evolve and expand it also becomes more competitive for cutting tool vendors. With that being said, now might be a great time to shake things up, try new innovative approaches, and connect with your customers. Let’s make it a great year for the cutting tool industry.

Additional Cutting Edge News: 

• Good to see positive trends this year after a tough year for all our fellow vendors and customers. 
• Starting to look ahead at marketing trends for the industry and what that could mean for you.

Don’t miss out on our 4th of July sale to receive 5% off your order. 

Offer ends Monday, July 5th at 8pm EST.