I think you misunderstood the reports' purpose. You can use the report to know your competitors strength, so you can tell yourself, "if my site want to be as big as (or bigger than) them, I should do this and that". You have raw grasp of your niche/keywords choices.
You also can look at where their backlinks profile come from, and if possible replicate them to be used on your site.
If you use Ads (Fb and Google ads), you will "fight" them through paid channel, not organic one (SEO). And it will only last as long as you money to burn.
If you want more traffic, you should make a better content that give your reader a better value than them. You also can copy their keywords to use on your content.