How to study my competitors? What are the ways?

Speak to your customers, they are a valuable source of information, and it just takes to spend some time to get to know them and their likes. You can always ask them questions such as what other products were they using before, or what places do they use to visit and why they stopped going. Also if you lose a customer, you can ask them what do they preferred about your competitor. Understanding your customers' stories can help you get an idea of what your competitors are doing good and wrong, and it will be a great contribution to adjust your product or service to beat your opponent.

Google is a good start, visiting your competitor's website and social media is a good way to see how do they market themselves and the way the interact with customers. Track also review sites such as Yelp and Citysearch and find out what others are saying about them.

Talk with your suppliers. Perhaps your share same suppliers as your competitors, therefore it could be a great opportunity to ask them some questions spending some time with them. You don't need to ask them directly about your competitors but instead make smart questions about their units and pre-orders they received, information that can help you find out what your competitors are ordering.

Studying your competitors can help you understand your target market and how to price your products. By looking at how your competitors have priced their products you can learn what is your customer willing to pay and understand what prices might work well for your business