5 Tips To Conduct Competitive Ad Analysis On Facebook
After the new Apple privacy updates, now the iPhone user can choose whether to provide app access to track their mobile activities. And it badly affected the advertising business because most users don’t want to share their information having privacy issues. That is why, most brands have experienced a significant rise in their Facebook ad expenditure. Still, you know, there are marketers getting better value for their business while advertising on Facebook.
Now marketers also have the option to use competitive ad analysis tools and learn about their competitor’s marketing strategies. It helps them learn about more creative ideas, exploring which you can gain much better through Facebook ads.
Even with the problems you might be facing after the iOS 14 privacy changes, you can still not ignore the impact of Facebook marketing since over 2.11 billion people around the world are reachable through Facebook ads.
With over 10 million active advertisers, Facebook is one of the biggest spaces for marketers. And if you want to beat the competition to win a space for your business, here we are showing you some tips that would help you knock out Facebook competitors ads.
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The Importance Of Competitive Ad Analysis
In layman’s terms, competitive ad analysis is a way marketers can snoop on other brands that they are competing against. There are many social media ad research tools available in the market, which you can use to check competitors’ ad campaigns not only on Facebook but on other social media platforms like Twitter, Instagram, Linkedin, etc.
If you plan to do competitive ad analysis, Facebook should be your top priority. Since Facebook retains a vast user base getting you max opportunities to reach your target audience. Moreover, it also provides you with valuable audience insights using which you can fine-tune your targeting and optimize your campaigns.
However, due to the Apple App Tracking Transparency framework, Facebook has to ask the permission of the user before tracking their app activities. Due to that, the effectiveness of audience intelligence insights is not the same as earlier. And that is the reason why we recommend marketers to spy on best-performing competitors ads on Facebook.
Here are some tips that you can follow to do competitive ad analysis to improve your Facebook advertising.
Develop A Creative Concept For Your Brand
Initially, you should determine what kind of Facebook ads suit your business. Nowadays, companies also utilize user-generated content in their advertising, which seems less polished without a brand logo or identification. However, it helps them to create a trustworthy image for their brand.
There are also other approaches, as you may create short sponsored videos to promote your brands. The main thing is that you need to make your brand stand out in front of your audience. So they would find your brand’s ads more relevant to their interest than other Facebook competitors ads.
Know Your Target Audience
By analyzing competitors’ ad campaigns, you could know about the audience who might be interested in your brand and services. Moreover, competitor research would also help you to learn about their pain points targeting that you can attain better conversions in your business.
Also, knowing your target audience would help you create a conversion funnel for your business. So you can reach your potential customers to generate leads and convert those leads into sales results.
Learn From Your Competitors
If you fear committing mistakes strategizing your Facebook marketing, we suggest you snoop on best-performing Facebook competitors ads. It would help you learn about their strategies and even mistakes from which you can learn and enhance your own ad campaigns.
Having the right social media ad research tool like PowerAdSpy could help you to leverage the most from the Facebook ad insights from your competitors’ ad campaigns. It would help you find out the demographic details of the target audience, using which you can make improvements in your own advertising.
Try Out Advantage + Campaigns
These are the automated campaigns on Facebook that optimize themselves to generate max revenue. If you are an advertiser not having much time to analyze your target audience, this could be the best option to ensure better cost per revenue with Facebook advertising.
You can use these campaigns for Catalog ads, app installation, and conversions based campaigns. In fact, many brands have utilized Advantage + campaigns to ensure better conversions for their business. And Facebook is also continuously working to improve the performance of Advantage + campaigns, making it more profitable for advertisers in the foreseeable future.
Track Your Cost Per Acquisition To Manage Ad Expenditure
Facebook also provides advertisers with competitive ad analysis tools using which you can enhance your targeting to reach more valuable audiences. Accordingly, if you can customize your marketing strategy, you could create a reliable method to ensure getting better cost to result in value for your business.
You can also utilize the Facebook ads library to check on the best-performing competitors’ ads. Here are the steps that you can follow to do competitive ad analysis using Facebook’s Meta ad library.
Search for “Facebook Ads Library” on any of the search engines, or simply enter facebook.com/ads/library/ on the search bar and get started.
Choose the relevant country, then choose “All Ads” from the ads category and enter the keyword, brand, or advertiser on the search bar. After adjusting relevant settings, hit the search button.
Now, pick the ad that seems relevant to you and click on “See Ad Detail” given at the bottom of the ad.
Although you can use the Facebook ad library to find relevant competitors’ ads, it won’t help you find other relevant insights. In that case, you can try PowerAdSpy– an AI Powered ad intelligence platform.
Basically, PowerAdSpy is an analytical solution using which you can research Facebook competitors’ ad campaigns. It has ad intelligence functions that allow you to search for relevant ad campaigns and check their ad insights and performance history.
Using its competitive ad analysis, you can filter ads by their positions (whether its a news feed or side column) getting you millions of ad data from over 100+ countries around the world.
Here are the steps you can follow to find your competitors’ Facebook ads using PowerAdSpy.
Open the PowerAdSpy website. On the right-hand top corner, you will find the option to Log in or Sign up to your PowerAdSpy account.
After the login select Facebook for your competitive ad analysis. Go to the search bar and type keyword, brand name, or advertiser name on it, and adjust your specifications using four filter tools.
Hit the search button and wait for the results.
Pick the most relevant ad and click on “Ad Analytics” given below. A whole new page of analytics will open and go through it.
No one can deny that the profound analysis of Facebook competitors provides a better opportunity to plan your own ad campaign. The data you get is the core of you to gain more benefits from Facebook advertising.
You should always receive a deep insight into your competitor’s advertising strategies and schemes to make the right decisions. While you can also use the Facebook Ads library for that, however, it has fewer features. And you won’t get much information about their budgets and ads’ performance reports using that. But you can surely analyze the success of their ads by looking at their engagement metrics.
Nevertheless, you can also utilize one of the best ad intelligence solutions PowerAdSpy that not only searches for your competitors’ ads but also provides you with analytical reports using which you can easily gauge ad performances. In fact, it is a tool that any marketer can utilize whether they are advertising professionals or solo marketers. And it would really help them to get a competitive edge over their Facebook competitors.