Is your product really different from your competitor’s? Even if it is not, you have a variety of ways that you can differentiate yourself. And as Reuben Swartz says,
Pricing power comes from differential value. If you offer more value, you can charge more. Value is perceived by the customer, however, so while you can suggest the value of your offering, the customer ultimately decides.
Obviously, the difference needs to be apparent in some way to customers, either visually with the product or through your packaging or advertising. The difference may not even be in the product but rather with the services your provide along with the product, such as delivery or maintenance. These, too, need to be apparent to customers. Making it so is providing what Swartz calls “difference cues”.
Spend some time figuring out how you are different, or how you can become different if you aren’t already. Then find ways in your marketing to communicate the difference to prospective customers. Will they pay extra for the difference? If you think it adds value, test the market by offering your product two ways at two different prices. Customers, if they are aware of what you offer, will let you know whether, to get your difference, they are willing to paying more.