The Facebook Ad library is a well-established friend of sales and marketing experts. The ability to know which creatives your competitors are running is an absolute treasure trove of information that can provide both insight into what’s working for them and inspiration for your own upcoming ads.
Getting to know the competition
Previously, it was possible to see the ads per advertisers—you were able to search the ads for a specific account. If you’re already wise to a particular competitor, this can definitely help you understand how they are currently operating. With a recent update, though, you can now search for ads using a specific keyword. By utilizing only an individual word, you can access an overview of the advertisement from different pages. If the keyword appears in the ad, then you can also find it via the search.
Keywords are king
This is a huge win for competitor analysis that can help you better understand what companies are active in your market. As a new search type, it offers many possibilities:
Quickly identify who is active in the same market
As a basic starting point, this new tool provides you with an enhanced ability to map out active players in the market and situate yourself amongst them.
Expand knowledge of your competitors
You can also glean insight into what’s working for your competitors. For example, if a competitor is running an ad for a couple of months, you can assume that that specific ad is working for them.
Understand how similar products are marketed in other markets
Once you’ve had a chance to dig a bit deeper and see what is working for others, you can take these key findings, such as different angles, hooks, type of content, etc., into account when planning your own creatives.
CPM is a marketing term that refers to the cost an advertiser pays per one thousand advertisement impressions on a web page. Recently, we used the new keyword search feature in a current market competitor analysis.
Instead of looking at the SEO or SEA competition, we used keywords to find new competitors for paid social marketing. We were able to better understand how many ads are running per country and how many competitors we would potentially have. This gives us an understanding of what CPM we could expect when investing into paid social media.
Doing your research will always help set you up for success. Navigating the Facebook Ad library by keyword is a tool you can use to get a handle on your competition and the overall market more quickly. It also expands your field of inspiration and will generally enable you to be better equipped to spend your marketing budget wisely.
We’ve always got your back when it comes to getting the most out of your marketing efforts, and this is why we’re continuously on the hunt for new features and tools that help you make the most of available data.
If you don’t know the Facebook Ad library yet, you can familiarize yourself with it here. Likewise, to stay up to date on current social media trends and growth marketing hacks, follow us on LinkedIn, Facebook, and Twitter for the latest digital marketing news.