If your business is not advertising on Facebook, you’d better start. I don’t care what type of business you have in 2020, I’m not sure there is a business that can’t leverage the Facebook platform. Even if you have a B2B business, there is so many ways to target business owners and employees of businesses to promote your service or product.
In trying to see what competitors and other companies are doing on Facebook & Instagram in relation to running ads, my new addictive tool from Facebook is Facebook Ads Library.
WHAT IS FACEBOOK ADS LIBRARY?
The ad library provides advertising transparency by offering a comprehensive, searchable collection of all ads currently running from across Facebook apps and services, including Instagram.
Facebook made this tool live to try and provide complete transparency with issues such as politics, elections, and more.
HOW TO USE FACEBOOK ADS LIBRARY FOR COMPETITOR RESEARCH AND IDEAS
You think you’ve seen all the ads your competitors are running? I think you’d be surprised when you check the Facebook Ads library. Chances are you’ve not seen all the ads that have run and are currently running.
But..here is where this gets REAL good. I am giving you a REAL GEM here. A real one.
So…here is how you can really leverage this tool and maximize the use of it.
STEP 1: Put in your competitor name and search for their ads
STEP 2: Look for only active ads
STEP 3: Look at the oldest ad that is currently RUNNING.
What does this info tell you? It means that ad is performing very well of the company and it’s still running it most likely due to its performance.
From this, you can gauge that things such as the copy, the image, and other factors such as the type of content being advertised that are performing well so that you can use that as inspiration for your next ad and how you approach Facebook ad.
YOU’D BE A FOOL TO ONLY LOOK AT WHAT YOUR COMPETITORS ARE DOING
Sometimes the best strategy for your business is not looking at what your competitors are doing but what other brands or companies you love may be doing in other spaces to win customers. There are so many great products and brands doing very engaging and great things on Facebook that you need to spend time looking at them to and take pages from their playbook to hit your space with something different than the competition.
For the most part, big players are constantly competing so they start having similar messages and advertising. Look to have something a bit different on that end and this is a great tool for that inspiration and research.