I love destroying my competition. I'm quite adept at it. I even have celebrations when one of my competitors bites the dust, and have a "scalp" belt of printouts of websites I've demolished over the years. And I'm in a very competitive industry.
And I've done it w/o bh
seo, though I could get scripts coded to proxy-serve click on ppc ads and all of that if I wanted to, too. But that would be too easy, so I don't.
1) Look at their OFFER. What elements are strongest? Outdo them on it.
2) Look at their POSITIONING. Do they have any credibility? If not, make a big deal out of it.
3) PRICE - if their price is higher, make that a big deal. If it's the same, make your extras a big deal. If it's lower, make that a big deal.
4) BENEFITS - the most important part of it, and what I do here, I keep to myself. Suffice it to say, my launches outdo my competitors', though I act as though they don't.

And I grind 'em down til they fade away.
Remember the "house of the green tea leaves' scene in Kill Bill? That's how I envision myself, surrounded by competition, and I make sure to have the sharpest katana/skills, and slice n dice my competitors til they drop. I am a ruthlessly competitive marketer, and rather enjoy the game. I don't need the money anymore (I could stop working for 2-3 years and still be flush), but I like the chess game. Well-played. I like being dominant in my niches, and wealthy. It makes me happy.
I am the Conan the Barbarian of my niches and utterly destroy my competition, loving every second of it. Done so with ZERO affiliates.
It's easy, if you can write rockstar copy. And if you're honest and credible and overdeliver and EARN the trust of your list.
-ken