Deoxit is great.
A good substitute is Isopropyl Alcohol, readily available at pharmacies.
I also use a scouring pad (not steel wool) to remove oxidation (tarnishing), especially from silver connections.
A very simple thing to do is to simply rotate the jack in its plug back and forth a few times, although this technique is not as reliable as the others mentioned.
Balanced connections are a bit more difficult, but the above methods are still effective,

