This article was originally published at http://www.globig.co/blog/how-to-develop-an-international-pricing-strategy.
Developing a pricing strategy for any market is a complicated task—there are so many different factors that go into creating it. Developing an international pricing strategy can be even more challenging. It still involves the many domestic pricing factors, but also includes unknowns, often making it an even more difficult task. Additional factors could include unexpected taxes, currency fluctuations, unfamiliar banking structures, and regulatory and compliance differences. Developing a well thought-out international pricing strategy is vital to the success of your international expansion. Globig’s step-by-step guide to Developing an International Pricing Strategy will help you through the process.
Why is it important to have a country-specific pricing strategy?
International pricing is one of the most challenging pieces of international marketing. To be competitive in a new market, you must adjust your prices to the local market. And because each market is different, you will need a different pricing strategy for each new market you enter. These variables include the factors listed above, i.e., taxes and currency, but also customer and cultural differences.
How can the Globig Guide help me create an international pricing strategy?
Globig’s pricing guide was created by experts with years of first-hand experience creating pricing strategies for new, foreign markets. The guide aims to help you to identify market-specific factors that will impact your margins, select your international commercial terms (Incoterms), and calculate your international price. The guide includes step-by-step details about the creation of your international pricing, along with links to other resources such as podcasts and expert tips. And, when you download the Guide, you will also receive Globig’s Top-Down Pricing Calculator, which allows you to input key factors to model different pricing options.
Because it is important to get your local pricing right the first time, create your international pricing strategy in advance of entering any new market.