With almost 2 billion daily active users, Facebook is still the most recognizable and prominent social media platform in the world. This makes it the most globally influential and sought-after platform for advertisers. And Facebook Ads’ ability to hyper-target advertisements has made it a staple in a marketer’s life. Additionally, Facebook Ad impressions saw a 37% increase in 2019 alongside a 6% decrease in the average price per ad. Given this tremendous reach, analysing competitors ads can be extremely beneficial for your brand. This is exactly what Facebook Ads library allows you to do! Today, we are going to highlight the features you should be taking advantage of, so let’s get started!
1) Overall Insights into Competitors’ Ads
Using Facebook Ads Library, anybody with a Facebook account can search for a page’s name and see their ads, both active and inactive. Seeing past and present ads run by competitors allows you to compare those ads to your own and potentially gain content inspiration from them. What’s more? You can filter the ads to see which platforms they were run on: Facebook, Instagram, Facebook Messenger, etc. Along with that, you can use inactive ads to gain valuable insights like:
- The proportion of male to females who saw the ad
- The target demographic
- The targeted cities
Hence, researching competitors’ ads will help you gain a better understanding of how your competitors are engaging with their audience. This will thereby allow you to identify and address potential shortcomings in your own ad campaigns.
Source: Nike Facebook Ads Library
2) Insights into Top Performing Ads
Impressions and costs are two things that will immediately come to a marketers’ mind when thinking of advertisements. One of the most insightful features of Facebook Ads Library is the ability to see how many impressions a particular ad amassed and for how much ad spend. You can do this by clicking the button below an ad, saying “See ad details.” However, the real benefit of Facebook Ads Library is seeing patterns in your competitors’ ad campaigns, i.e. you’ll notice how brands are performing A/B testing on these platforms. This will showcase in the ads being tested, such as in these Nike shoe ads. You can see how the same post copy was run with different creatives. Then, if you check the ad’s runtime, you can see which ad was giving the best results and which ads weren’t. It is, however, important to note that this data is only provided for inactive ads.
Source: Nike – Facebook Ads Library
3) Adjust and Optimise Your Own Ads
While having an inside look into competitors’ marketing strategies is great, the goal is always to improve your own ads. The aforementioned features of Facebook Ads Library can be what makes the difference. Now that you’ve seen this data, you can:
- Determine what kind of ad will work best, which platform the ad will work best on, and its projected results
- Observe your competitor’s Calls to Actions to get an idea of their current business goals and interests
- Get a better idea of which cities to target your advertisements
- Set realistic budgets and targets
We hope that these insights will help you make more informed decisions when advertising online. And with help of Facebook Ads Library, you can really get the best bang for your buck. If you wish to know more about our insights and tips regarding social media marketing, you can check out our post here! For anything else, give us a shout at firstname.lastname@example.org!