Now, evaluate your competition's product or service. How does your product compare to your closest competitor's product? What features and benefits are unique to your product? To theirs? The more unique features and benefits your product has, the stronger your market position will be. For example, if you produce and market an office copying machine that staples collated copies together and your closest competitor doesn't have this feature, you have an advantage. You can then sell the same market segment the benefit of added convenience and time saved. However, your competitor may have developed a feature that you don't have on your copier that gives him/her a selling advantage. 
Furthermore, 70% of consumers are willing to share their location information if they believe they are getting something of value in return like coupons or loyalty points, according to LSA’s Local Mobile Search Study.  This dynamically moving consumer base is only going to be more receptive to search results and ads that are specific to their location.

WebSite Auditor scans pages for code errors, duplicate content and other structure-related issues they may have. Other than that, there is this on-page optimization module, which allows determining the ideal keyword placement and researches page elements that can be optimized. In WebSite Auditor you can also analyze competitor’s pages to compare of to improve own on-page strategy. There are actually more features, I just won’t be listing all of them here. But this is the best solution with regard to on-page optimization I found so far.
Some super awesome points here no doubt. What I like about this approach is it is hands on and not just ran via a site being scanned by a third party. Also when a new client comes to you and has these thoughts of ranking the highest in their particular industry you need to know that baseline of who is at the top. Many times when I have conducted a much lesser analysis than what is above I see some items right off the bat that can make that strong competition not so strong after some minor changes.
You will likely run into some difficulties along the way, and you may need to develop a hybrid strategy to achieve your goals. For example, I have often broken out campaigns between profitability focused keywords and brand focused keywords in order to satisfy clients. This is especially useful when someone demands visibility for certain keywords but does not give enough budget to achieve that visibility. The same goes for balancing visibility and profit.

It would be unreasonable to run a full technical audit of each competitor, but take into account your own site’s technical SEO performance if you know there are outstanding technical issues to be addressed. In addition to the previous checklist items, I also like to use these Chrome extensions from Ayima: Page Insights and Redirect Path. These can provide quick checks for common technical SEO errors.
The errors in technical SEO are often not obvious, and therefore one of the most popular. Mistakes in robots.txt and 404 pages, pagination and canonical URLs, hreflang tags and 301 redirects, http vs https and www vs non www versions: each of them can seriously spoil all efforts to promote the site. One quality SEO website analysis is enough to solve all the main problems in this part forever.