You have to start by determining who you see as your competition, this could be an obvious or indirect competition. You may also consider a business or person that you aspire to be in competition for clients with. consider the following ideas as a positive approach to looking at your competition through a different lens.
Do And Be Better
By looking at your competition you can use what you see and learn as an opportunity to challenge yourself to do and be better at whatever it is that you do. Seeing how they do things can help you to see what you think they might do better. You could also see what you think you do better at and work on that, you might have an advantage or an idea that you can capitalize on. You can always improve, but you might not always know what aspects of your business are in need of improvement, seeing what you are up against can challenge you to strive to be the best.
Your competition might be really good at getting out the word about what they do through marketing. They can be a great point of reference for what you can do similarly and differently to stand out and get noticed. If you want people to know about your business, you need to give them an opportunity to learn about what you do and how you can improve their life. You need to get the word out into the world, share something they can learn about your business from. Your competition can give you perspective on this, you can see what works for them and get ideas from that as you make people more aware of what you do.
By looking at how another similar business presents itself, through marketing material and their website, you can get into the mindset of a customer and how they learn about the business. This can give you an idea of what to include and exclude in your own materials, you might not want to reveal too much information right away or include photos of every single project or product you have worked on. The content that you are editing will vary by industry, but your competition can give you an understanding of what the essentials are.
Ultimately looking at your competition can certainly inspire you to selectively share more of the right content and materials that will help you towards being the best at whatever you do.