Danger zone of competitor analysis

The danger of doing competitor analysis is that you could become complacent.

If your website ever becomes 'good' and 'better than' your competitors, you might stop improving.

If your social media strategy ever becomes 'better than' your competitors, then you might stop improving.

To avoid this, also add into your 'competitor' list some big hitters. Identify and add individuals who are so high profile you could never hope to compete. Add companies with an advertising budget that you could never hope to match.

Keep improving, so that you edge towards competing with them.

If you'll never reach their level that is fine, you'll keep improving.