In this technological era, improving your business has become very easy. All you need to do is to spy on the Facebook Ads of your competitors. Discover the strategies they are using for their businesses and use them for your own.
The reason why I am emphasizing on Facebook Advertising is simple. Nowadays most of the people are on Facebook, thus making it a brilliant platform to get recognition.
There may be a number of marketers selling products and services similar to the one you trade on. Analyzing their Ads may help to attain a targeted group of onlookers and enhancing your conversions.
There is a wide range of alternatives to spy on your competition on Facebook. Find the best marketers on your niche and visit their Facebook page. You’ll see Info and Tab button over there. Just click on it and get an idea of whether they are utilizing on any paid promotion. If the answer is Yes, you can understand their approach by catching a glimpse of their Ads. There are numerous tools that you can utilize to perform competitive analysis on Facebook Ads like PowerAdspy, Social Ad Scout, AdEspresso, Connect Explore, etc. Ascertain the winning tactics from your competitors, but do not imitate them.
What Is Competitive Analysis?
In general, competitive analysis is nothing but analyzing rival businesses working on your niche. What are the types of advertisements published by a rival on Facebook? Do research on the same and get to know about this.
Most of the people have a misconception that competitive analysis simply means spying on your competitors. But, it’s much more than that! It is a wonderful tactic by which you get an opportunity to reach the targeted audience of your competitors. Note the feedback of the customers of your competitors and determine their preferred genre of products. Knowing this would be a great assistance in making your business more productive. This analysis would abstain yourself from spending time on valuable Ad spend and split testing.
Benefits Of Running Competitive Analysis
It helps to find your competitors
You may be unaware of the number of startups started on your niche. Your adversary may be living near your location of residence, or miles apart. Use a reliable spy tool and learn what’s operating in the marketing world. Be in the know of where you’ve gone wrong in the business by analyzing the strategy of your competitors.
You can begin utilizing keywords or services used by your competitors
For a successful advertising campaign, finding the right group of onlookers is very imperative. Spy your competition and gain knowledge of the age groups they use to target for their Ad campaign. You can also visualize the buyer persona profile and use that information to initiate the campaign with the same group of onlookers.
Provide Your Customers With Alluring Offers
Now that you are aware of the offers provided by your competitors by means of your spy tool, you can offer something extra and be a step ahead of them. For instance, if your opponent is fixed 20% discount on a certain product, you can attempt to provide more VAS[Value Added Services] for the same price. Researchers have found that people don’t get fascinated by discounts, but for the services and features, you provide. In this way, make good use of the same and improve your conversion rates.
Advertising campaigns are not a one-time thing which is created and left for optimizations. You should modify your campaign every once in a while by executing A/B testing on the advertising Campaigns. Your fellow online marketers may also be doing this and so spying on their campaign will provide you with a notion to optimize your Ads. Evaluate the campaign by following up your results. I would recommend you to spy on a couple of competitors and record the best strategies utilized by them.
How to Run Competitive Analysis?
Ask individuals how they presently get the task done
You can think about your products and services by with the tasks-to-be done scheme. In this scheme, we try to know the expectations of customers. Determine if your product would help accomplish their tasks easily.
You can inquire your targeted audience about how they currently execute a particular task? What are the brands, apps or services they refer to? What tools are they presently using? With the help of blogging, email signups, personal networks, and paid advertisements, you can find and contact the individuals of your interest.
In this manner, you will get to know the alternative solutions of your targeted audience.
Identify your competitors with the best product-market fit
This refers to the competitors who have successfully discovered the best market for their products. You need to watch out the targeted groups of onlookers of such competitors, as they are the ones that are interested in the class of products offered by you.
You can run a survey on the group of individuals and ask, “What would be their feeling in case they could no longer utilize your competitor’s product?”
The responses of the individuals will help you determine if the product is a perfect fit for the market.
Interview the customers of your competitor
Some of the customers of your competitors may be unsatisfied with the product offered by your competitors. Ask them numerous questions and judge the weak points of your competitor. This will give you an insight into the way you could improve your product.
This was a brief about why competitor research is crucial for running Facebook advertisements. There are several spy tools for Facebook available on the market, choose a legitimate one and generate higher revenue from your advertising campaign. The one I prefer is PowerAdspy as it offers valuable features that can greatly improve the productivity of any business.
Which spy tool do you currently utilize for Facebook Ads? Drop a comment and let us know!