It’s no secret - our economy is sick. Unemployment is on the rise, people are at risk of losing their homes, the stock market is down, and people are generally worried about their financial future.

As a result, people are scaling back on their spending -forcefully becoming more thrifty. Still, let’s be honest, we’re Americans. While we might cut back - even a lot - we won’t cut completely out; it’s the American way to be spendthrift-ish.

So for the next several months while the economy shakes things up, what should be your strategy -particularly during the busy, competitive holiday season? People are bound to spend less. So what how do you draw more of this smaller pool of dollars to your brand vs. the competition?

Fundamentally, there is a shift in the way people spend their money. Much more, people need to feel good about the money they’re spending. Value is huge. So if you can’t change your product, what can you change?

How about CUSTOMER SERVICE?

It slipped away when people would buy regardless of the experience, because spending wasn’t an issue. Today, though, a dollar needs to go farther. It isn’t just the pair of shoes a customer buys, but the experience she has doing it. Brands need to make their customers FEEL GOOD about the money they spend. Call it guilt management … with a smile.

Let me give a personal example:

I’ve had some major dental work done over the past 2 years. For anyone that’s been through this kind of ordeal, you know it’s painful and time consuming … but more than that, it’s EXPENSIVE. Bottom line, it’s natural to put these things off - and even more so in tough financial times.

And when it comes to dental work there are always options. Do you get the cheap filling or crown, or the pretty one? Do you pull the tooth, or repair it, etc.

Recently, I wrapped up my dental work - and I bought the pretty options/the more expensive options. Why? His SERVICE sold me. I adore my dentist and his entire staff, and they made me feel good about choosing the pricier options.

And to say that I haven’t cried in his chair would be a lie. Still, I love my dentist - now that’s sayin’ something. Everything about his business is better than any other dental experience I have had. They run the business like your personal experience makes or breaks them. They give frank and honest consultations, fair options, and they learn who you are and deliver based on your needs. I’m now loyal, and will “shop” with him for all my dental needs, period.

This is a huge lesson for businesses right now - online or offline. Actual service improvements will improve your bottom line. That’s a fundamental business change if you’re not already excelling in the area. But the other lesson here is this: Make people feel better about spending with you. What do they get buying from you that they don’t get at your competitor? Sounds simple. But if my experience has shown me anything, the simpiler the answer, the more likely it is to be right.

** Props to Dr. Wingfield **