Stop worrying about the competition.
Last week I bought a pair of "knock off" ear buds for someone.
They wanted a cheap ($30) pair, and in fairness that was their budget.
When we opened the box we realized how much different they were than the $200+ original Apple ear buds (which I own).
The construction was cheap, the ear buds were uncomfortably bigger, there was no indicator light!
Some people will always want CHEAPER no matter the cost.
But if you're doing great work and serving your customers don't worry about your competitors.
Focus on doing the best you can and providing a great experience and product or service. You will ALWAYS win!
As Smart Hustlers, we cannot afford to do inferior work. We must strive every day to ensure our work is so good that people want to talk about it (see Talk Triggers, by Jay Baer).
Is so good that our customers will never want to leave us and will tell others about how good our work is.
The piece helps you think about how to set your prices.
Be careful buying cheap products and be careful that you're not delivering inferior products.