Understanding the supply and demand and the audience very well. Apart from that, having the decoy effect wisely in your product helps to price it properly

In our case it's our existing competitors :)

Competitor analysis naturally is a must. However you must take into account the current economic climate, the offering of your product (perhaps your product offers much more than the competitors and is primed to be positioned as boutique or enterprise level). Also the projected number of people belonging to the said target group is of importance. The more demand there is out there, the better