How do you deal with your product's competition?

It's important to be across what they are doing to an extent where you know what is similar, what is different, where you are stronger and where they are, but beyond that the focus should be on what it is your product does that provides value to the customers, and doubling down or complimenting that as much as possible.

Regular competitor analysis and understanding of key product parameters, that participate in users' choices.

First off, competition should not be looked at negatively. The fact that you have competition probably means that the market for your product exists. Second, use them as inspiration to keep getting better. See what they do well, and make sure your product does not severely lack in that aspect. See what they do not do well, and improve your product to stand out in that area. Having competition means never getting complacent. If they do better than you ( market share, revenue, etc ) don't let it get to you. Just strive to improve each day. Now, it is easy for me to sit here and type this on a screen. I am sure this question has some type of background to it but I hope with all the inputs of our beautiful community here on Product Hunt that you get the answer you are looking for. All the best for the future! Cheers!

Try and ignore it as much as possible!

Ignore it otherwise you'll lose time and energy for nothing

Ride the wave, if everyone is competing, the set of products will be known