The trouble with competitive analysis is that, often, the end result is that you define yourself by your competition - and that's a recipe for commoditization.  Recently, I was at a business conference where a speaker was talking about "analyzing the competitive landscape."  He talked of finding the "open spaces" where your competitors aren't.

I've found it's far better to pay attention to your customers and desired customers.  Understand their world and determine the critical results they are struggling to achieve.  If they're struggling to achieve them, and your offering promises to overcome the struggle, then it doesn't much matter if someone is competing there or not.