The irony is that every time you'll be keeping a close eye on your competitors, they'll most probably be doing the same on you. In light of this, there's a need to outsmart their every move and make sure that you are on top of things.Yes it would be very wise to keep track of your competitors,this is the strategy of all big businesses, they place a high priority on collecting information about their competitors. some times instead of wasting time on developing new marketing strategies it would be effective to move in the counter direction of your competitors.