Every startup I see invariably puts up a competitive analysis slide that plots performance on a X/Y graph with their company in the top right.The slide is a holdover from when existing companies
I always feel like I've made a small step toward PM enlightenment when I get Steve Blank validation on the methods I employ.
Competition review really requires honesty and empathy.
Don't do yourself injustice by holding fast to your strengths and discounting the competition. Look closely at them, understand their SWOT, strategies, and focus points. Lay it out clearly and keep these graphs updated. It is only by doing this can you really systematically do better.
Steve Blank is the guru and master strategist of Product Management. Sun Tzu said the same thing a long time ago (with his often misquoted quote)
"So it is said that if you know your enemies and know yourself, you can win a hundred battles without a single loss.
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself".