Don't set your prices too low

Although it may seem a relatively simple – and to you, pain-free - process, putting up your prices can be a fairly traumatic event for your customers. I have often been amazed at how often customers can remember a price increase to the very day on which it was implemented – real elephant memory syndrome.

Even worse, they may well not tell you how they feel about it, and simply alter their buying behaviour accordingly.

But, if you are going into a new market and you have distinct competitive advantages, you may well be able to command a price premium which you could not enjoy in a more competitive home marketplace with well-established tender regimes.

And reducing prices if and when you have to is a whole lot easier than putting them up!

So, if your new market starts to plateau in terms of sales, it is a well proven tactic to move from promoting unique product benefits to introducing tactical pricing strategies.

Pricing your products in any market is often an evolutionary process!