In order to sell a product, companies have to first come up with a great value proposition. Buyers first evaluate whether or not an item is worth its price by providing the desired benefits. When someone is looking on vacation options, they have to evaluate the benefits for each place and their value. It is up to each location to convince the customer to visit their city. The same applies for companies; before creating a strategic plan, they need to develop a value proposition. Basically a value proposition can be an elevator pitch describing the benefits the product or service will fulfill for buyers. It has to be compelling enough to make them buy your product over your competitors’. It has to answer the question as to why I need to buy from you instead of somewhere else.
Just by presenting your target audience with a compelling value proposition, it can increase sales by 30-50%. No need for your staff to work overtime or take a hit on their work/life balance. Notice how I mentioned target audience in the beginning of the paragraph. If you send your message to the masses, your return on marketing investment will be a discouraging. It is best to segment the markets and pick the best target market to reach. But keep in mind that for each target market, you should develop a different value proposition.