I'm looking at website that are currently on page 1 for a niche I'm considering trying to rank for. I've put the top 5 non "big-brand" websites into both opensiteexplorer and ahrefs. Both tools showing all the top 5's having under 2k backlinks, not very diverse anchor text, etc.
What am I missing? What do you guys do when researching competition.
When you analyze competition you have to compare against your own site.
You've stated that the competitor sites have under 2,000 backlinks and lack diversity in their backlink profile, then ask "what am I missing"?
We don't know since you didn't provide any stats about your website.
I assume these sites you've looked up are ranking above you, which would lead me to assume further than you have even less backlinks than them, and that is probably what you are missing.
You'll also want to do a content gap analysis between your site and theirs to determine which keyword phrases they are ranking for that you aren't, and develop content around those topics.
This will increase your keyword coverage.
Additionally, you should do a technical SEO analysis on your website and the competitors websites to see if their sites are loading faster than yours, and discover any other issues that might be present.
If their sites don't load as fast as yours, and still rank above you, then it's safe to say PageSpeed is a ranking factor you need to focus on.