Competitor brand name monitoring helps you to be informed about every mention they have in the Internet as fast as possible and react on these mentions appropriately.
Social mentions tracking allows you to analyze your competitors’ activities on Facebook, Google+ and Twitter and to set realistic social benchmarks for your brand.
Remember that your competitors are changing and improving all the time. They will be adjusting their approach and updating their campaigns in order to try to improve results. That is why your competitive analysis should be an ongoing process. It’s not something that you can do once and then forget about.