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How do you price your product, if it's targeted for foreign market?
Hi everyone, I am a 3rd-year student and new to product hunt. I want to provide my digital services like Digital Marketing, Web Design & Development, etc to western market businesses where I haven't been before.
I want to target the western market because they can find my services pocket friendly (I belong to Asia). So I want to know how much, or how should I price my services so that they can't find it too high than their own market & be pocket friendly for them?
Your answers can really give light on my entrepreneurship journey since this is the first business idea I want to build upon.
Thanks in advance
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@ozan_yalcin1 How to know who are my global ya local market competitors? 😅I only know big service based MNCs. Sorry if my question looks silly, I am very new to entrepreneurship and I am just starting out.
When pricing a product for a foreign market, it is important to consider the economic and cultural differences between the local market and the foreign market. Market research should be conducted to understand what pricing would be competitive and attractive to the target market. Finally, the company should consider its own cost structure and profit margins in order to price the product appropriately.
@jaynmehta How to efficiently conduct the market research? Any method, or tool that can be used?
Have you considered using a tool to experiment with different pricing tiers and features? This can help you cater to a wider audience by allowing customers to choose the tier that fits their needs and budget.
@charlie_lee1 Sounds interesting but I haven't used such tools. Are there such tools in the market?
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