While you can't duplicate a competitor's content, you can copy what they're doing to earn backlinks. You can also use your competitors' content to get backlinks.
You'll be surprised at how quickly your page will climb in the SERPs. You can then take advantage of their success and use it to your advantage.
If you're looking for free backlinks, many SEO tools are available. SEMrush is one such tool that shows you a complete backlink profile of any website.
You can enter your competitor's domain, and SEMrush will display a list of their link sources. Look for websites with a high number of backlinks from these sources.
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jvranjes
Premium
Thing to consider: last year Google announced they would take measures about link exchange practices. They will i) instruct bots to ignore such backlinks, and ii) if a site has them many, they would take a manual action, and this means punishment. This may hurt site's performance in long run.