If you want to do link building then there are many guidelines of Google, so first of all read them and some useful blogs related to link building as well. Link building is not only about making links and provide hypertext for your website, It has been changed a lot in recent years after of some new Google updates according to which if you do not follow Guideline then your website get penalize. On the other hand there are many online tools available from which help you can do competitor analysis and these tools are as ahrefs, backlink checker, Raven, SEO spy glass. These are free tools which you can use and check links of competitors.

http://technosoftwares.com/

Link building is a process to create backlinks for your own website. It help to create popularity of your website. Link building from irrelevant websites are not added any advantage to your pages. Like if you have products/shopping website then links for your website should be taken from shopping webste. If you take from other web development or sports site then there is not any advantage of that irrelevant link.

Also, check before that where you submit your link that page should not have "nofollow" attribute. There are various rules to link building. Social bookmarking, guest posting, social media, forum discussion all are included in link building.

Competitors analysis include:

It is like a positive identification of your competitor's strengths and weaknesses.

A mechansim to develop effective strategies in your market.

An understanding of how your existing and potential customers rate the competition.

We can easily get an idea about traffic generated to our competitor's website.

Like various tools are there to check it: ahref and many more.

Competitor Analysis: There are many ways for competitor analysis

1. Check thee web presence by keyword ranking

2. Technical analysis of the website by checking the content (tags like bold), sitemap, robots.txt, 404 custom page, canonical issue

3. Backlink analysis using various SEO tools. Eg. Ahref, Magestic SEO etc

Link Building

For a new website the first step to link building is Search Engine submission in order to get indexed in search engines. The other techniques include social bookmarking, guest blogging, forum participation, social media sharing etc.

Hope these points help you and let me know if you want any further explanation

You can use free trial tool called "market samurai" to know your competitor's backlink profile, then you can create a link building campaign better than your competitor.

I totally agree with RAHUL. But you will get some software that do theses things very easily.