Researching competitors

I’m launching a new coaching business and was wondering how helpful it is to research other coaches with similar niches to decide whether the market is already “saturated” (a term I’ve heard in other business contexts). Is it helpful to understand what other coaches are offering to help distinguish oneself in marketing materials? Although competitor analysis seems to be a key step for other entrepreneurs, I haven’t heard this discussed in the context of life coaching. The advice from Brooke just seems to be–pick a niche and test it. I’d appreciate your perspective! Thank you.