Competitor analysis in search usually produces a table. Their domain scores higher, they have more referring domains, they rank for more terms. All true, all unactionable, because none of it tells you what to do on Monday.
The useful version asks a harder question: for the searches that matter commercially, what is the site currently winning them doing that yours is not, and is that difference something you could replicate within a horizon you care about?
The answers separate into three categories, and knowing which category a gap falls into determines everything about how to respond. Some gaps are structural — accumulated over years and not realistically closable. Some are editorial — they published something better and you could publish something better still. And some are mechanical — they have done something straightforward that you have simply not got round to.