Recommended pricing localization by stage of company growth
Like we always say, pricing is a process, and depending on your current stage and resources, your approach to localization should differ.
Early stage: Cosmetic localization and potentially localizing page and software copy
In the early stage, you likely are pushing to keep the lights on, as well as still finding your ideal product-market fit. This doesn’t mean you shouldn’t optimize for monetization, as pricing research will help you determine your ideal buyer personas. Yet, over-optimizing for localization and internationalization will likely not give you the ROI you’re seeking.
Therefore, in this stage, we recommend you use a localization product to cosmetically localize your prices in a few major regions, and think about making your whole marketing site localized. This allows you to explore the buds of internationalization, while also expanding your pie across the globe.
Growth stage:True localization and definitely localize your copy and software
In the growth stage, you need to be worrying about monetization and pricing heavily, because that’s where you’re going to get the best Lifetime Value (LTV) to Customer Acquisition Cost (CAC) ratio. If you haven’t evaluated your pricing in the past 2 years, I guarantee you’re losing money.
Localizing at this level means you need to have true localization and definitely the localization of your copy and software. You should also be re-evaluating your pricing every 6 months and making changes to accommodate changes in the international and domestic market.