Hero power allows an easy comparison of players but it doesn't necessarily mean that player with higher hero power will win.
What's important is the proportion of statistics. Player with higher HP may not be stronger in combat than someone who focused mainly on Attack or Magic.
Therefore it's very important to choose a path of development for your character - a so called Build - and select items in a way, that would improve those statistics which are important for a certain Build.
Weapons and Talents are the most important, focus on those instead of your hero power.
If you want more info about Combat and Arena fight please visit our blog.