There's absolutely nothing wrong with learning from your competition.
Paying attention to what's in the market, seeing if there are new innovations you can adapt to your own business plan, understanding if there are product or service offerings that customers expect and that you can provide for them - this is all good business.
What's not good business, though, is taking so much from your competitors that you lose your own authenticity. Just because it appears someone is having tremendous success doing something one way does not mean that it's the only way to do things.
Before adopting a new method, rolling out a new product or service or changing the way you communicate, it is really important to ask yourself, "Does this feel like ME?" If the answer is no, or the new way of doing things makes you actively uncomfortable, take a pass. Figure out your own path - take what feels good, leave what doesn't, and be true to yourself, always.