The first step against competitor bidding is opting for your competition. When doing this, it’s vital you’re listing businesses that you agree with you’ve got a competitive competencies over, better value, a less complicated solution etc. You must then delve deeper to discover any weaknesses that you could later exploit through your ad copy, and expand your key phrases list to include more extensive terms: exact items or services, taglines etc. anything you believe can be entered as a question to find this specific brand.
Expand this analysis to what their customers are saying about them as well with a simple brand search on Twitter, or shopping via customer reports.