What is this economy doing to us?

How long can we ride this roller coaster? All the up and downs, one minute we hear about businesses cutting jobs and the financial crisis and, in the very next breath we hear how housing is rebounding. As marketing professionals, we see how this is affecting our clients.

Each of us deals with it in our own way. Some deal day by day; some deal month by month but, however you are dealing with it, we all need to keep in mind what has made our business successful in the “good” times.

This is the perfect time to pull out your business plan and determine if this year and possible next year will lead you to change how you operate your business. I am not talking about how you are going to cut back on what you offer but, more important how you will modify what has made your business successful. In marketing, we call this “the competitive advantage.”

For example, if you are known for excellent customer service then you need to make sure that you still offer it. It may be hard to keep your game face on even though you are not feeling good about the economy and possibly your financial situation. For example, at the Dillons in Derby on Saturday they have staff walking the checkout lines to ensure customers are in a line that will move faster. They have also helped to unload the bottom of my cart when I am toting all the kids. It might be a company policy change, but I perceive it as customer service.

The products that you offer are also important right now. Try to keep your existing product lines. As you stay strong your competitor may drop lines and your customer base will grow. Negotiate prices or perks with your vendors as well. They are hurting, too, and don’t want to lose your business.

Another key business tool you need to use is promotions. You don’t have to spend a bunch of money, but you do have to spend some. There are plenty of inexpensive ways to let your customers know that you are still here for them. For instance, you can provide monthly promotions through a direct-mail piece that you also promote with banners and yard signs around your business. This will create word-of-mouth marketing that may even flow into social marketing blogs/Web sites.

The bottom line is this: Do what you do best, hang in there, do just a little bit more than your competitor and, when we get back to “good” times, your business will be even more successful.