Buyers rule when the economy stumbles — and the current global economic downturn is no exception.

The dailies and the Internet news services are abuzz with good news for purchasers in virtually every category. This “buyer’s market” mentality is particularly acute in the industrial manufacturing sector, where the general economic malaise is prompting imaginative promotions to the delight of savvy customers.

Most businesses selling machines, equipment, supplies, or services to other businesses are in tune with the current “buyers market” mentality, since their own businesses are being driven by the same concerns: control costs, increase revenue. It’s the “how’s” that are making the market interesting.

The most common methodologies for controlling costs and increasing revenue are:

• Direct cost reductions on existing categories of products or services
• Creative financing strategies to help cash-starved customers find the capital they need to take advantage of the bargains that are available
• The introduction of new product and service categories that are more price-sensitive or that increase revenue and/or reduce costs for their customers

Initially, direct discounting may seem the most attractive option to purchasers. But beware: the devil is in the details. Make sure you are comparing apples to apples, and that the promoted “discount” only applies to price, not to features or benefits. A stripped-down product or service package is no bargain.

In the financing arena, strong, financially secure suppliers may be willing to negotiate special terms for good customers. Before postponing labor-reducing or income-generating solutions because of cash flow slowdowns or the tight credit market, find out whether your supplier can help with financing. Creative financing solutions may include lease-to-own arrangements, the elimination of down payments, or interest-free borrowing.

Ironically, tough times frequently drive innovation, as manufacturers and service providers respond to customer demands for reduced costs and increased revenue streams. Now is the time to engage suppliers in a creative discussion of product and service options that can help you differentiate your products from those of your competitors, reduce process-related costs, and increase your profit margins.

Finally, keep in mind that those who are aggressively looking for opportunities are the ones most likely to find them. The glowering clouds of difficult economic times gave birth to IBM, the Heinz Company, and Proctor & Gamble. For a dose of inspiration on how smart companies are responding to today’s economic challenges, check out the recent Wall Street Journal supplement, “Weathering the Storm.”