Watching the competition is important, but once you've got a lead on what others are doing, plan your work and work your plan. You shouldn't ignore the competition, nor should you get carried away with trying to second-guess what others are doing. A lot of corporations spend too much time looking at what the competition is doing. Too many people worry so much about their competitors that they forget what they are all about. Instead of becoming leaders in their industry, they become followers of the competition, and that almost guarantees that they'll never be No. 1 in their fields. If you're confident in your vision, don't go overboard with worry about your competition. Let them worry about you.
Excerpted from 303 Marketing Tips: Guaranteed To Boost Your Business