Great method – I would add to it that when you do go after backlinks that your competitors have it’s probably worth making sure your content is better than that of your competitors (say a blog post) – perhaps more recent, upto date stats. More authoritative (especially where Google’s E-A-T) comes into play.

This will give incentive for those websites to link to you over your competitor (which they currently are).

In addition SEMrush has a great tool that shows your competitors lost back links (links they once had but don’t anymore), if you have similar content on your site, that is also a great opportunity to reach out to those sites and get some links too.