As a person who meets with an extraordinary number of startup teams, it is clear that too many entrepreneurs don't want to be confused with the facts surrounding their competition.

Some rationale rests on the fact they they want to stay focused and not be distracted.  Others use the excuse that it is always changing, so it would be impossible to keep up.

My belief is that there is no excuse.  All entrepreneurs should know the daylights out of the competitive landscape - even their peripheral competitors, if that's all there is.  It should be graphically represented on their walls, in pitch decks, and even, perhaps, in the value proposition offered to their customers.

Some advice:

1.  Look at international competitors as well.
2.  Make "complete competitive landscape awareness" part of someone's job. It is that person's job to update the entire team every month or so on precisely what's happening in the competitive set (and to add /delete competitors).
3.  Look at the competitors' talent.  What kind of people do they have on their roster?
4.  Try to understand the logic behind the shoulder offerings/ features that they offer / you don't offer / you also offer.  No two companies offer the exact same thing.  Find out what and why.
5.  Know competitive pricing.
6.  Know competitive sales and marketing strategies.  Like them or not, they are trying to convert leads and shorten the sales process, just like you.
7.  Know how each competitor is capitalized.
8.  Don't be afraid to interview folks who used to work at your competitors.  You'll often be surprised by what they'll tell you.

The bottom line is that the folks who are running competitive companies are also smart, like-minded people who have likely looked at the same issues you have.  By seeing how they have dealt with it, you can avoid making mistakes.  At a minimum, you'll promote a culture of critical thinking.

It is a good habit.  You'll like the product differentiation it forces.