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A new entrant to the market is not actually a bad thing. It validates the usefulness of the offering, and draws attention to the market. There is lots of room for segmentation and specialization in this space. Find something that the competitors are doing poorly and beat them on that. For a certain subset of the market, that feature is vital, and you are the only one doing it right.

Entry(or Discovery) of a player into the market essentially validates your concept and is a proof that their is a demand for your product in the market. Nothing around is perfect and there is always room for improvement ;)

A Competitive Density Matrix(http://www.khaitan.org/blog/2010/10/competitive-density-matr...) to size up your product against competitors will help.

Duiker101, connect with us at http://www.apptegic.com. We are working on this problem as well. Let's talk about how we could work on it together. There is plenty of room for differentiation from Mixpanel.