I think if I don't pay attention to what's going on with the competition, I'm not doing my job. If you think you can figure out all of the latest tricks and utilize all of the latest tools to get the job done well and fast, and recognize all the newest trends, you're fooling yourself. Many of my competitors are really smart. I'd bet yours are, too. I try to learn from them.
I do all I can to make my company better than the rest, and I always check to see that they aren't doing the same.
You might wave to your competition. I stop by and talk to them. I watch what they're doing. I ask them questions. About what they're doing at this job. About business in general. About anything I can think of.