How Do You Determine What Link Buiding Campaign To Use And Determine The Competition?

In episode 301 of Semantic Mastery’s weekly Hump Day Hangouts, one participant asked how to determine what link building campaign to use and determine the competition.

The exact question was:

Say you are getting to a new niche. How to determine the link building should we use? What is low/medium/hard competition? Which tool do you determine the competiton?