Market Analysis for customers - what do you do?

There is only so far you can go with online market research for a client. What do the SEO pros here do?

I have an excel spreadsheet that compares a lot of statistical data that I manually (OUCH!) have to enter (I realy ought to write a program to do this for me!). This gives me a good comparison of the actual reasons why competitors rank where they do - this also opens up potential areas that can give larger than normal benefits.

Once I have done this I look at the SERPs in general and on all of the top 30-50 sites for the relevant keywords and note what the competitors are doing and particular industry trends. (some industries do not use PPC at all - so this option gives potential to further sell to the client).

I then search about for any related directories and or authority sites.

Then I look at traffic data and KEI from overture / wordtracker and nichebot.

Once all this has soaked in I write a report - in a structured form now. This gives a pretty good grounding on what is required and what the way forward is. I don't spend a lot of time on this and don't charge much for this at all.

What does any one else do?