What are you doing new today? New promotions, new feature launch, new metric defined for your support team etc. Awesome, as long as its a part of your original strategy.
When you start, the products launches, features, etc that you roll out are your brain child. Your are happy with these launches, and if they fail, there is a lesson learnt.
As competition heats up, do you start peeping in to your competitor’s brain and start countering his moves by being him? This is no fun. The learnings that await you are lost.
Markets change and so do the dynamics and you will have to counter your competition. Get inspired by it, but getting influenced is not a solution.
Side Note: Seth Godin shared a good post recently on accentuating differences between your and your competition.