Your price is high…
When you enter the new international market.
What can you do?
There are typically four ways to solve this problem:
1. Lower your price
Pros: You might have more price advantage.
Cons: You will lose margin.
3. Communicate the value of your products to fill the price gap
Pros: You don’t need to lower the price.
Cons: It requires some time to educate potential clients.
2. Find the segment who are not sensitive to the price and has demand for your products.
Pros: You don’t need to lower the price.
Cons: The segment might be competitive with a long sales cycle.
3. Localize your products with a new product line.
Pros: You can have more price advantage and product portfolio flexibility.
Cons: The manufacturing requires much more investment.
There is no perfect solution for this market challenge.
It all depends on the market and your business strategy.
