Market Research: Conduct thorough research to understand the pricing strategies of competitors. Look at both direct and indirect competitors. Cost Analysis: Understand your own costs, including production, marketing, and distribution, to ensure you can compete without sacrificing margins. Value Proposition: Consider the unique value your product or service offers. If it provides more value, you can justify a higher price. Customer Segmentation: Different segments of the market may be willing to pay different prices. Tailor your pricing strategy accordingly.