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It’s no secret that these are tough economic times. The experts keep pushing merchants to save money and not start up new projects. Merchants are being told to cut back and simply wait for the economy to rebound.

My advice? Start spending money — and do it IMMEDIATELY!

There Has Never Been a Better Time

I don’t mean to suggest you should go out and buy that $40,000 food preparation/fryer/freezer combo-unit for your sandwich shop. I’m talking about loyalty marketing - those programs that keep you going back to a particular grocery store, restaurant, car wash or dry cleaner. If you REALLY understand the purpose of this marketing initiative, you may agree that the time to launch a new program — or advertise an existing one — may not have been more favorable since the Great Depression. And few merchants truly understood the value of a free veggie wrap in 1929. The reasons for this favorable marketing environment: less competitive pressure and value-hungry consumers.

Beat the Competition

Many merchants — those who have not already closed their doors — are wary of spending any amount of money to attract customers. They are hoping to scrape by and weather the economic storm. This can be a smart move, especially if you have little capital to work with. After all, you don’t want to spend your last $2,000 creating a brand new loyalty marketing campaign or even worse, lay off an employee in order gather enough money to start a new promotion. My message is mainly for those business owners who have used loyalty marketing in the past and have found success. If you already have budgeted for loyalty marketing, this is an absolutely ideal time to step up your efforts. Customers, now more than ever, are searching for value.

Customers Are Searching For Value

While it is undeniable that people are spending less, they are still out there spending. While the restaurant and bar business has been hit hard, there are still plenty of places open and surviving. People are cutting back on eating out, but they still have to eat, buy gasoline, and purchase other goods and services.

If you have a loyalty program now, consider ramping up your advertising to let your customers know. If you don’t have one, maybe it’s time to strongly consider the value of your existing customer base. There is a reason you’ve somehow survived in this environment and it’s a good bet your customers have had a hand in that. Put something back into theirs. You’ll be surprised how much attention it may get you. At the very least, it prompts one of your best customers to come back to you at the expense of your competitor down the street — ALWAYS a good thing.

Don’t Wait - Strike While The Iron is Hot & The Economy Is Not

This is a limited-time offer. We’re Americans. We don’t stay down for long. The economy WILL recover and merchants who have been patiently waiting on the sidelines while their unspent marketing money gains interest will decide to re-enter the game. And when they do, YOUR program will be established with consumers. YOUR program will be performing. YOUR program will be growing as theirs is just beginning.

Less competitive noise and consumers out there looking for every deal they can find. If you understand that, let your loyalty program work for you. And do it soon.