Ty Simpson is CEO of Brand Performance

I'm not suggesting that you should be small-minded, that's a different concept altogether. Thinking Small is actually about attention to the little details, finding the gems in your treasure chest of brands and products, and championing minor efforts that make a big difference. It also means thinking about smaller wallets and shrinking budgets—and taking consumer struggles into top consideration. 2009 isn't the year for big productions and grandiose gift-giving, it's more about prudence, thoughtfulness and buying the one, smaller item that really matters instead of the few "nice to have" ones that are not always necessary.

Thinking Small is easiest for companies that have small products, and often times smaller production runs and costs associated with them. For example, at this year's Toy Fair, Hasbro unveiled its Lil' Patter Pup for $28, a smaller, less-expensive offspring of last year's $180 FurReal Biscuit. Hasbro is also looking to card games and board games to bolster its bottom line during tough times. The size of these products is smaller, the price is smaller and the effort for both the manufacturer and the consumer is smaller.

If companies aren't flexible enough to scale back, thinking smaller can be painful. Toy companies, like car manufacturers, can have product development cycles that are years long, and there may not be enough time to scale back when there's a recession. Yet retailers with limited shelf space are now searching for lower-cost products to fill those shelves—that is what customers are buying today. Companies need to tread lightly with new product lines and introductions, as the higher the ticket price, the less likely many consumers will be to pay attention to (let alone pay for) the product. So it's no surprise that, in the case of toy companies like Hasbro, Mattel, Fisher-Price and many others, we're starting to see lower-cost items having their turn in the limelight.

Hasbro's Lil' Patter Pup, part of a physically smaller FurReal Friends line for 2009

It's not only lower-cost items that have a window of opportunity during hard times, though, it's also the unsung brands that have been slowly but surely plugging along during boom times even as trends change every few seconds. These brands and products have smaller yet more loyal audiences who will seek them out time after time. Cowering in the shadows of SpongeBob, Hannah Montana and Star Wars, the lesser known Strawberry Shortcake, Scooby-Doo and Curious George can be mighty powerful allies when superstar brands fade. The products from such legacy brands are most often available, have great sentimental appeal to consumers and have the potential to expand their allure to consumers for whom such properties are brand new. They may not cause mass mayhem when the time comes to pick up their latest DVD release or board game, but legacy brands and products and their extensions can provide regular returns that will see you through when pennies start to pinch. Besides, many consumers now have a perception that big brands equal big bucks, leaving them torn between the desire for trendy items and the need to save money. If you can meet both needs—reputable brands for less than luxury prices—you're golden.

The last piece of this petite puzzle is perhaps the most ironic. Though consumers are cutting back on spending, their satisfaction levels with the products they do purchase is going up. The 2008 fourth-quarter results from the American Customer Satisfaction Index (ACSI) saw consumer satisfaction rise from the previous quarter, which usually results in more buying. Of course, 2008 was an exception to that historical norm.

Usually, when the shopping experience is better and consumers are happy about having done it, they are more likely to continue spending money—benefitting retailers and the overall economy. The problem is, consumers have less money to spend and credit is at a standstill, so reaping the rewards from higher satisfaction levels is difficult and business owners are left to wonder how sustainable consumer happiness might be—and if their businesses can afford to wait out the gap between happiness and the return of consumer spending power.

Customer satisfaction may be up for a number of reasons. People may feel better about spending when they get great bargains; the stores may be less crowded and customer service more focused on them; and maybe retailers are earning customer business more diligently than in the past, perhaps by offering more value-add to keep sales alive. Either way, it's a buyer's market out there right now, and consumers can be as picky as they want to be.

Dunecraft's Curious George Gum Tree

The funny thing, though, is that consumer satisfaction isn't up in every category. Some discount retailers are actually seeing satisfaction declines, possibly reflecting an influx of higher-end consumers—who are harder to please—shopping more frequently at stores like Wal-Mart and Dollar General, which they would normally avoid altogether. They might walk in with their noses in the air, but they walk out with products in their hands.

That points to the fact that it's not all about money and the lowest price doesn't always win out. The relationship that brands and retailers have with each and every consumer is vital to long term sustainability, and it's tough for big conglomerates to have a connection with each customer. Thinking small is again the answer. Focusing on one-on-one relationships or smaller group marketing makes each customer feel special. When they do choose to spend their money, those customers are more likely to do it with companies who continually earn their business by caring about them on a personal level.

Technology and the wonders of online retailing and brand management make one-to-one connections possible and more available than ever before. The smaller the effort the consumer needs to put forth to buy from you, the better your business will be. Thinking small also applies to requiring small distances to travel to get your products (maybe just between the living room and the home office to order something from you online), small hurdles to overcome to get the products to each end user (showcasing lower priced product options, free shipping and value-added packages) and small gestures to connect with consumers in more intimate ways.

With a tiny twist on the Aesop fable, perhaps "small and steady" wins the race this time around.