1. Competitive research on social media allows you to get ideas on how your brand can engage customers, gauge the market for your product, and identify opportunities competitors may be missing. 2. It is important to study what types of content on which networks are most liked, commented on, and shared by competitors, and to follow their press releases, social media strategies, and key influencers. 3. Gathering information from sources like press releases, email lists, social media profiles, and analytics tools allows you to better understand competitors and dominate your market through effective social media engagement.