Find out top 20 pages which are top ranking in google for the desired keywords
Use any competition backlink returning software and find backlinks for those 20 top ranking url’s
Now send mail to each and every backlink page asking for a link.
This is my plan. Am I correct or am i missing something.
Please guide me in this regard.
Your plan won’t work. Why would those 20 pages, the people behind them give a link to your own site?
Because I have very good content associated with the keyword I am targeting.
But why would they link to your web site just because you ask them to? What benefit would it grant them?
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Don’t waste your time.
First, you’ve got to find the contact details of the person responsible for creating links. Even if you manage to contact the site’s owners, they might not be the individuals who you need to speak to about links, and you’d have to rely on them forwarding it to the right person.
If you do find the right person, the chances are that they receive dozens of similar requests every week. Most of them will just delete it without reading.
Worse, you risk irritating people - and getting put on their spam blacklists.
A much better use of your time and effort would be to develop fresh, original and informative content that other sites will actually want to link to.
Mike
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In case, if they are agree to add your link on their page, then they will ask you for link back from your website, So, it will be comes under reciprocal link exchange,
Nowadays, link exchange is considered against Google’s guidelines… So, better you move away from this idea and follow +Mike suggestion…That will be helpful for you…!
Just refine your strategy a little bit. Pick your competitors who rank in the top for your targeted keywords. Analyze their backlinks and take a list. Submit in the possible sites where they did to get backlinks. But don’t buy links or try to place in the exact websites where your competitors are!
Write unique content and thereby you can invite link baiting for your website.
I do agree with the comments here about link exchange. You don’t want to go to that direction. That no longer works. But you can still grab the sites where your top 20 competitors have link from. Try getting your link posted as well, if you can’t, then move on. You can Google more quality sites out there that’s related to your niche, where you could build your links from. Have you ever tried guest blogging? If you have interesting contents, then guest blogging should fit in. All you have to do is find sites (preferably related to your niche) that accept guest bloggers.
Also: to be better you probably need more links than your competitors have - not only these ones ;).
Unless you have other good site with high PR and you will tell them that you will put their links to the high PR site… this strategy is called 3 way linking.
Most of my competitors have more links than I do. Care to explain why I outrank them?
The best technique would be if you try to link to those 20 top result, it would help a lot.
Are you saying we should be linking to our competitors to rank well?
Are you looking for a practical answer that would give you better result?
Start at social bookmarking sites! When your content or site is new - you can hardly find someone to risk there own Page Rank to give you a link to their site. And if that’s applicable, many have done that “shortcut”.
So today, while you are producing quality contents, participate on social media or bookmarking sites. Look for friends, share their contents, and ask them to share yours.
Another point - stumbleupon, technorati and other giant social media or bookmarking sites received huge traffic daily and so your story got the chance to be seen by readers.
Look for dofollow social bookmarking sites - that’s the very essence. They are indexed by Google almost all the day long and so your links saved in there, make sure to use keywords correctly.
Anyway - you won’t come on up instantly - it’s hard work 
Do you want to buy links by sending them mails. At all the time it is not a good practice. Blindly follow some one is not correct approach. The purpose of link building is gaining trust and credit. The proper approach is to make reach of your content in those places where people are looking for same/similar.
Uniqueness, creativity and assumption of your visitors/targeted customers behavior, needs, finding is key of link-building.
Actually, they are not the direct competitors, the main competitors are top 5, after one page or two pages, you would see blogs, forums, ezinearticles, web 2.0 sites and kind of sites where you can create account and you can link to them, even if you have to go to 100 results, go this way… as they are too relevant to your site and they have already ranking in the same search engine.