I find exposure compensation useful if there is a specific part of the image that I'm concerned about overexposing or underexposing.
For instance, I might do spot metering on a darker-colored flower but be concerned that a light section of foliage will be blown out. But if I meter off the lightest foliage, the flower (my main subject) will be grossly underexposed. So I meter off the flower, deliberately underexpose the entire image a little, to avoid blowing out the foliage. The result is a slightly underexposed flower that can often be corrected in post-processing, with detail preserved in the light section of foliage.
By the same token you can slightly overexpose the entire image to bring out detail in a black area or deep shadow that might otherwise be lost.
Exposure compensation can help you get the entire dynamic range of the image inside the camera gamut.
working on it in Middle TN Nikon D3100
35 mm 1.8 Nikkor 18-55 mm Nikkor VR 55-200 mm Nikkor VR 55-300 mm Nikkor VR 150-500 mm Sigma OS MeFoto Road Trip w/Q1 ballhead Feisol CT3471 & Markins M20 ballhead