There's a great business quote that I, unfortunately, cannot remember the source of, but it's not from me. It goes something like this:
"We were always so worried that our competition was going to eat our lunch until we realized that there was so much lunch."
While competitive research certainly has a valuable place, instead of obsessing over every little detail of what our competition does, our time is often better spent obsessing over delivering an incredible product/service experience. When that is done successfully, we may find that our market is larger than we thought.
There will always be plenty of lunch for exceptional products and services.