Read the whole article (or listen to the podcast) at: Why You Should Ignore Your Competition then come back to discuss the points he brought up....Simply trying to monitor the competition is fine for inspiration, but if you don't know why the competition is doing what they're doing, you are simply creating a nasty scenario for yourself...
...your efforts are much better used trying to create your own uniqueness, than worrying about what others are doing in your own space....
...focus on your clients, instead. Clients have a problem they want you to solve. If you can solve that problem extremely well, there's more than a chance that clients will choose you.
All the information you have about the competition isn't going to change the fact that clients will make their own decision based on the information in front of them. Plus the client sees the world differently than we do as business owners....
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