You can figure out what your competitors are doing well (and then emulate it), as well as what they’re dropping the ball on (which you can then take advantage of by doing it better).
The best way to do this is to conduct a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. You can figure out what your competitors are doing well (and then emulate it), as well as what they’re dropping the ball on (which you can then take advantage of by doing it better).