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.