Pricing strategy is the process and method used by businesses to determine the prices for their goods and services. Pricing plays a vital role in the success of a company.
Chinese customers are different from their Western counterpart due to their price sensitivity. However, Chinese consumers tend to spend a large amount of money when they are convinced of the product’s good quality or the value of the brand. Therefore, if a company wants to obtain a leading position in the Chinese market, it should consider carefully not only the company’s own business life cycle and competitors’ strategies, but also the behavior of Chinese customers and their purchase drivers.
Our steps for pricing strategy research in China:
We will conduct a comprehensive price audit of your product categories for both in-store and online.
Our experts will create benchmark metrics of key market players, along with brands from different sectors with similar revenue generation models in China.
Our team will also perform end-consumer research, both for need analysis and marketing mix validation.
To complement the information, our experts will research market-driven trends and devise a distribution and promotion model in China.
We will collect in-depth interviews with local professionals in your industry.
After gathering and analyzing all data and information, we will provide insights and recommendations for your optimal pricing strategy.