2. Reliable understanding of market opportunity
Each market is different, and not generically so. One product may be a hot-ticket item in one locality versus another, but the next product might fall flat. It isn't just the size of the economy, population density, shipping costs, point of production, or any single factor that determines what you can charge for a product in a given region. Culture, market realities in the region, and other factors play a huge role in how a given product is received there. If you haven't had pricing research conducted on a locality, there's a guarantee that you are missing out on an opportunity for more growth there. When you're ready to implement geographical pricing strategy, you want to make sure you have a firm understanding of the market opportunities unique to the regions you are targeting.
3. Lean initial rollout
One of the advantages of localizing from the startup stage as outlined in the first item of the section is that there's a built-in lean initial roll-out. This gives a company time to test each variable of the process in isolation or near isolation. You want to make sure you're focused on the optimization of every aspect of your localization, so this type of lean roll-out aids in keeping everything optimized as you continue to add more elements. You can do the same at any stage by localizing in steps as though you were just starting out.
4. Test and adapt
Another big problem businesses face is assuming that prices are something you just set and forget. Instead, you should view pricing as an iterative process. After the initial localization, you test out your new geographical pricing and adapt if it does not bring the results you were looking for. Additionally, you should re-evaluate all of your pricing, not just the localization, every 6 months to ensure you're continuously accounting for changing market dynamics.