Steal your competitors SERP

Hey, something just came to my mind. What if I see my competitor has done a KW research and wrote an review article on low comp KW in my niche – then I decide to take that same KW, write similar article, optimize it, add some more LSI KWs and then start adding few quality backlinks to it. Could I just outrank my competition, is it easy as it sounds, has anyone tried it?