BizSugar.com › Marketing › Emphasize value when consumer spending is down

In this economy, retailers must concentrate on increasing value in purchasing and on communicating value in marketing. Identify your products with the best margins and sell those aggressively, said Sam Herskowitz, president of franchise retailer Sterling Optical.

"Don't cut back on advertising, but promote service and value. People are afraid to buy and so they don't shop. But you still need to get them into your store or onto your website," Herskowitz said. If your marketing budget is down, explore opportunities to advertise cooperatively with other local retailers or through your industry association.

If you don't already use promotions, coupons and sales, start now. Add free shipping and service or warranty offers as well. "When people are watching every penny, they want excellent customer service," Herskowitz said. Think of the economic slowdown as an opportunity: When people are on tight budgets, they may look for bargains in places they don't usually shop. If you're there for them, you can pick up new customers who become loyal to you in the long run.