In order or to creative a well-performing ASO strategy, you first need to understand your competitors. See also: How to do a Metadata update (Step-by Step guide).
Add all relevant competitors in the Competitor Section.
Check out their store listing (Competitors → Overview) and over all performance when clicking on their name:
You will find:
Search Ads Score
Featurings
Top 100/ 30 / 10 / 1 Rankings
Ratings
Reviews and Answers to reviews (for this you need to go into the actual store listing)
Check out their Creatives (Competitors → Creatives) and see
if they are localized in multiple countries (translated text etc.)
their Creative strategy (overlapping creatives, in-app experience etc.)
Their preview/ promo videos
Check out their update frequency
Go to the App Timeline feature
Select a timeframe, e.g. last 3 months
Check out what kind of updates they did (Version, Metadata, Creatives, etc.) to understand their ASO strategy
Find out on which keywords they are ranking
Go to ANALYZE KEYWORDS → Keywords → Rankings and select your wished competitor(s) on the drop-down menu on the top left side
Gather information on their keyword strategy
Add/Track relevant keywords your competitors are ranking on for your own ASO strategy.