Ah, those pesky competitors. They're like mosquitoes in the woods of New Hampshire in July, always buzzing about and occasionally biting you where you can't slap them. So it seems.
You don't have to spend thousands of dollars or days on end to analyze your competitors. You can get most of the information you need by spending a couple of hours online and using a few free tools and, maybe, one paid tool to get a full picture of their strengths and weaknesses. Based on this information, you can craft a plan to exploit their weaknesses to your advantage.
Here's a simple 8 step framework about how to do a competitive analysis: