Disclaimer:
The following thoughts are valid, in my opinion, for a US made artisanal product of high quality that is not intended to be sold en masse and is the creation of a real person.
Basic Premises:
First, your product has to be good—ideally, it’s very good. Second, it’s better if it looks good too. If you're pushing something average, it’s going to be a long and expensive battle that is likely to fail (honestly, it should fail; the market is already filled with sub-par products).
Price Setting:
Profits: Figure out the profit per bottle you need to make; it will be the key of your strategy. Obviously, it should be aligned with the type of product, its quality/packaging, and how it is intended to be used. From there, have a solid 30-40% margin built in for both wholesale and retail. This way, people will have an incentive to help you out should you need them to. You could consider adding a few extra $/btl as a marketing cushion (might come in handy; if not, that’s just more profit).
Suggested Retail Price (SRP): I wouldn’t necessarily be too stuck up about it. Sure, a price point like $9.99, $19.99 or $99.99 can make a difference in a volume game, but this is not what is being discussed here. I think that not hitting an exact SRP is not the end of the world. I believe it is not worth the time debating endlessly if your product should be $105, $115, or $145. Outside of some key SRPs, whatever choice you make, be it $5 or say $25 around the original idea of what that SRP should be won't make or break you. Yes, $600 instead of $110 is vastly different. But i feel the difference between $165 and $125 is not that much of a deal.
DTC:
When it comes to going Direct-to-Consumer (DTC), the aim is obviously to be able to ship to as many states as possible. Your marketing strategy should make that 'Buy Now' button the epicenter of anything you put out, everything linking to that one page. Build up your social media outreach on as many social media platforms as you can. Don’t try to sell all the time. Provide content that has no call to action and every so often, ask for the sale. Collect all data you can gather from the analytical tools those platforms provide. Have patience. A lot of it. Nobody is waiting for you.
If DTC doesn't work out, you always have the three-tier system to fall back on, and luckily your pricing aligns. Have a backup: even if you're committed to DTC, and while pursuing that route, it wouldn’t be stupid to familiarize yourself with the key wholesalers in essential states. Start making some friends. Have a plan B.
Say this product is part of line of other skus: think that one sku could go DTC while the other could go through the traditional system. Learn DTC, get to know your end customer, have wholesalers build your brand/tell your story. Don’t compete with your wholesalers by selling DTC the same stuff they peddle, it will piss people off.
Regardless of the distribution path, your personal brand is your most valuable asset. Build it relentlessly.