B2B products are not as price sensitive as B2C. Especially in SaaS, when you’re sure about the value your product brings, it’s easily justifiable to bill more. Don’t focus on your competitors, focus on your product instead and try to present its value the best way possible. Try to put it in perspective, something like: “By using MySaaS, which is only $99/month, you can bring in additional $1999 of revenue every month”. Pricing strategies and designing your pricing pages is a whole another topic, but I’ve also read and tested a great hack to better put price in perspective – compare it to things, you buy every day. Example: “Our lowest plan costs as much as your Triple Latte Frappucino Grande that you buy everyday”
Back to the idea of increasing your price. A simple hack, that does not take much time (we’ve changed pricing at least 15 times over the last 3 years) and it can be literally done in less than a couple of hours. Depending on your time to upgrade or trial periods, you will see results almost instantly. Also, the calculations will be exact so you won’t have to guesstimate the results.
Important note: I’m a big advocate of grandfathering your customers with old prices. If you feel like your old clients can handle the price increase, go for it, but I would not recommend it. When increasing your price, do it only for the new customers.