The secret to attracting new customers is understanding how to offer something that the customers value more than what the competitors offer, the Inc.com “3 Keys to Winning a Retail Customer” explains. There are several different ways to provide better value – you just have to choose the formula that works best for your business. Check out these tactics that Inc. contributors Karl Stark and Bill Stewart suggest:

• Determine where you have the “right to play,” but deliver more than your entitlement.  Basically, figure out where you fit best in the marketplace, and then exceed the expectations of that position. Is your value based on price, convenience, or luxury? Who is your target customer, what do they want, and why would they choose you rather than competitors? Is being the number two choice for some customers viable, or do you have to be their first choice?
• Determine what you can be best at. Hopefully you’re on par in all aspects of your business, but you need to find one or two ways to really differentiate the customer experience you offer.
• Tune your 4Ps toward attracting and maintaining the target customer. Do you have the products they want? Are they priced correctly for the target customer’s budget? Are you in the right location to reach this target group? Are your promotions and the media you feature them in geared toward that group?

Click here to read the article from Inc.com.