Why do we need to watch on our competitors?

Heyyy guys! So glad to be here and excited to start the week with Indie Hackers, which is absolutely new for me, haha.

Guys, you know what? I was thinking about competitors for a few last days, we all think about them right? I’m sure we need to know our competitors and regularly research what they do. There are so many changes and features, we can find and right the next day create something by ourselves, even better.

There’s a small chain of acts for any product development. It’s the minimum of what we can do: know competitors - research them - analysts their new features and find fails - create something new more similar to perfect than they created.

What do you think? Are you agree with this short chain of acts or do you do something else? And do you already have the list of your direct competitors?