If you want a chance to rank for your target keywords, it helps to know who the competition is. What are other sites trying to rank for those keywords? They're probably linking out to them. That means if we can take down some of their links. Then maybe we'll have a chance at ranking for those keywords! That's pretty much the gist of it.

https://www.nickmetrics.com/blog/2023/02/09/link-building-competitive-backlinks-analysis/

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