When re-pricing what all one must consider in order to stay competitive in the market ?

I've found that it is a best practice to evaluate your prices at least once a year for most products. If your market changes very rapidly, you may consider bi-annual or quarterly pricing reviews but for most annually is great. You need to consider both outside conditions, like inflation, global/local economic changes, new competitive entrants, market consolidation or fragmentation, etc, as well as internal conditions. These can include:

• Have you released a lot of new features in the last year that would merit charging more for your product?
• Did your competition release any features you don't yet have that would merit maybe lowering your pricing to stay competitive?
• Have you been experiencing a lower win rate and do you have any actual indication that it is due to pricing?
• Have you gotten any feedback, actual observed or anecdotal, that the current pricing is not working?
• Are you planning on entering a new market or location in the coming year that would have different price expectations?
• Have you received any awards or recognition (analyst evals etc) that might support a price increase?
• Do you have any customer ROI numbers you could turn to to prove that customers are getting increasing value for their investment that might support a price increase? Or the opposite for a price decrease.

It's good to at least review all of the above external and internal factors every year even if you ultimately decide not to make any changes.

When determining if a product or service needs to be re-priced within your portfolio, below are some factors that I would consider:

1. Customer Value: Evaluate the perceived value of your products or services among customers. Assess how price changes may impact the value proposition of the offering and consider adjustments that enhance customer value while staying competitive.

2. Demand Elasticity: Consider the elasticity of demand for your products or services. Understand how customers will react to price changes and adjust pricing based on demand sensitivity to maximize revenue and market share.

3. Cost Structure: Review your cost structure to ensure that pricing changes are aligned with your profitability goals. Consider factors such as production costs, overhead expenses, and margins when determining new price points.

4. Market Positioning: Determine how you want to position your products or services in the market relative to competitors. Decide whether you want to be perceived as a premium offering, a low-cost option, or somewhere in between.

5. Seasonality and Trends: Take into account seasonal purchase behavior, discounts & promotions, and industry trends that may impact pricing decisions. Adjust pricing dynamically to capitalize on peak seasons or respond to changing market conditions.