As we all know, studying our competition is necessary, and one of the most important things to study is their ad strategy. You can understand a lot about their messaging, creative and funnel strategy when you look at their ads.
Here's a simple way to understand what your competition is doing in terms of their ad strategy:-
- Google "Facebook Ads Library".
- Write your competitor's page name.
- Look at their ads, and scroll to the bottom.
- If an ad is running for a month, or more, chances are that they are getting good conversions from it.
- So study their copy, their creatives, click on the ad, and see what their funnel is, what their landing page looks like, what action it wants you to take, what mail you get when you do that action, etc.
This will help you learn from them, get creative ideas, and actually do things better than what they are doing.
I've done this for multiple businesses, across various industries, and this always saves me money (and time) to test things, especially in the initial stages.