In consulting, I don't place too much value on a client's competition.
A lot of other consultants care very much about competition, and that's not wrong. However, I believe that competition can be a distraction.
I like to focus on the company I'm consulting instead. More specifically, I like to focus on their customers.
When it comes to growing a business, being better than (or as good as) the competition is less important than being perfect for the customer.
I'm not saying I ignore competition, but I look at it like a race:
If you run faster only when you're behind, then you weren't doing your best initially. If you slow down when you're ahead, you're inviting your competition to pass you.