There is a common saying in the corporate world that we should always keep an eye on those behind us. It is because whenever we fall low, we will get outperformed by our competitors. As a profession, digital marketing is a highly competitive field, and we will not know what is in store the very next day or even the next hour. So we have to always be cautious of our competitors. Competitor analysis is therefore an important thing in digital marketing. The latest addition to this is the Facebook Ads Library.
Facebook Ads Library is a free and completely exhaustive database of every live Facebook, Instagram, and Messenger ad. Launched in 2018 to ensure transparency in ads related to political and social issues, then it was expanded to include all advertisers on Meta’s platforms.
Facebook Ads Library: Hidden Uses
How to Reach?
- Navigate to Meta Ad Library
- Start out by selecting the country you want to see ads. Select “All Ads” from the adjacent dropdown menu.
- Type in a competitor’s business name or a keyword in the search bar. You are all set.
- If you want to dig up more, click on the “See ad details” button. You will find yourself stranded in a world of meta-powered ads, which are running with various creative media, headers, meta descriptions, and more.
- When did the ad start running? If inactive, when did it stop running?
- Which platforms was the ad placed on?
- Whether the Ad was flagged or not
You can narrow down a specific element of the result as per your choice.
- Platform (Facebook, Instagram, Messenger)
- Media (Images, memes, images and memes, videos, and no image or video)
- Activity status
- Active date (Any timeframe from the past seven years)
Facebook’s Ad Library was a blessing in disguise for digital marketers. Created to bring transparency on Ads related to the US presidential election in 2018. Today it is of hope to transform the digital marketing landscape.
As some of you might have guessed, basically it is a competitor’s tool. When it comes to doing research on your competition’s Facebook Ads, there’s no better place to start than using the Facebook Ad Library.
- Surprisingly, you can see competitor ads, headlines, descriptions, and creative strategies.
- This can be a great tool to see which Ads have more longevity, discover effective media types, find the best time to run Ads.
Like a ship is not built to be safe in the harbour, the ad library has so many possibilities to explore the ocean of opportunities in digital marketing. Let’s take a look:
Find New Roads
- You all know the famous Chevrolet brand slogan, Find New Roads. It simply wants us to be different and become innovative. Digital marketing is no different. It is all about creativity. With the Facebook Ad Library, we can inspire new ideas for your own Facebook advertising strategy. This helps to see how other local businesses are using Facebook to advertise their specials, promotions, and so on.
- We will illustrate how. From the search bar, type in a keyword that is relevant to your business. You will notice thousands of recently created ads from other relevant businesses. But don’t get hung up on your competitors. There are hundreds of industries out there, and you can learn a lot from retail, insurance, or the law.
Find where you’re missing out
- Fear of missing out is not uncommon among marketers. This makes the field extra competitive. Digital marketers are working day and night to be at the top of their game to address the same. With the Facebook Ads Library, you can find gaps where your strategies are falling apart and take steps to improvise the same.
Over 10 million businesses advertise on Facebook and Instagram, and that number has nearly tripled over the past seven years. So winning this game requires off-the-books strategies. By spying on your competitors, you can adopt a new ad style, test new words and phrases that can capture your audience’s attention.
Find What Went Wrong
- Firstly, It is humane to make mistakes. But our greatness lies in rectifying them and never repeating them. So never feel shy about making them. Facebook’s Ad Library gives you this golden opportunity to look back, analyse, rectify, and be creative.
- Facebook Ad Library is a great tool to look at your business’s ad history. With the data on hand, you can analyse which ad performed well and which doesn’t. So split testing aka A/B testing is a fundamental part of succeeding with Facebook Ads, but working out what to test is easier said than done. Just like you use the Facebook Ad Library to spy on your competitors, they can also spy on you, so give them something exciting to look at.
Finding a Digital Marketing Agency
- Digital marketing agencies are everywhere. However, getting the most out of it requires proper evaluation and performance analysis. With the Facebook Ads Library, you can prospect a digital marketing agency with their current ads.
By spying on their ads, you can discover their quality, creativity, and performance. You will be in a better position for decision-making due to the information from the ad library.
Find Clients Past Campaigns
- Entering into a relationship requires trust. In business, either the client or the service provider might cover up some of the details. Through a thorough background check, this crisis could be eliminated. Agencies can use the Facebook Ad Library to check if the prospect is currently running any Facebook ads and to check the size of the prospect’s marketing team or agency.
- Right below the page’s name, click the “About” button to the right to see details about how long the business has been on Facebook and how many people manage that page.
In 2022, Meta announced that CPMs on Facebook ads had increased by 18%. There is no doubt that the world is a competitive space. Above all, winning any competition requires hand-held data to make informed decisions. Facebook’s Ad Library is therefore the best tool available to get the marketing thing rolling. I personally wish I had known it earlier. It would have saved me time and energy when creating Ads.
To ace this competition, you should have a growth mindset. Embrace the challenges and never leave any stones unturned. So spy on your competitors and not just copy, but make the best Meta ads than your competitors. This will make you a great digital advertiser and create a level playing field in the market.
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