In business, if you spend millions of dollars on research and market study, chances are you will eventually lose money. You may hire expensive consultants, conduct focus groups, run focus-groups, talk to long-term customers, etc. It can all become pretty expensive quite soon.
Connect with others on Facebook
By using Facebook Social Networking and connecting with other people through the social network, this does not have to be a problem. Just set up an account and get connected to the Facebook site so you can start monitoring what your competition is up to.
Choose the product in Facebook ad library
When you first go to the Facebook Ad Library, all you need to do is select which type of product you would like to see ads for. For example, if you want to spy on your competitors for insurance, just select your insurance company. You will then receive the names, photos, contact numbers, and more about your competitors so you can go over their profiles, analyze what they are up to and what type of advertisement they are currently using.
For this reason, you will probably need to sign up for a Facebook account before you are able to use this function. After you do that, there are a few options available.
Check out this Facebook ad library report – https://www.facebook.com/ads/library/report/
Advertiser section of Facebook
To see your competitors’ products in action, just go to the “Advertiser” section of the Facebook website. Here you will see all the companies and products that you wish to advertise against. All you need to do is select the specific product you are interested in and see what they are advertising. You can select all the companies you want to see ads for and go from there.
Visit competitors Facebook page
If you want to learn more about what a particular company is promoting, then you will need to go to their specific page in Facebook. Here you can browse their product line and learn about the advertisements they are using, the people who are advertising them, and more.
Scour through business feed
The last way to spy on your competitors using the Facebook ad library is to go into their feed. Once you have done this, then you are ready to start digging into their profile. Once you have found something interesting, you should click on it to view more about it and read all about the person behind it.
When you have finished reading what they say, simply click “Like”Share” the feed. When you do that, you will have all the information you need to determine whether or not this person might be worth following up with.
Opt-in subscriber list
In order to keep track of where potential customers are coming from, you can add them to an opt in list. This is an email list that will allow you to send out emails to them and then follow up with them with future sales offers.
Once you have added them to your list, you will be able to reach them via any of the social media company you choose. All you need to do is add them to the people who you have followed. and then follow through with them by emailing them your sales offers.
Using the Facebook ad library is a great way to keep track of your competitors and find out who they are advertising against. This is a very easy way to monitor which adverts are being clicked
on and which ones are not. You will be able to get an idea of what is working for them and which one is not.
Finally, you will find that there are actually many other features that you can utilize when it comes to using the Facebook ad library. For example, you can choose which adverts you want to target based on certain demographics and geography. If you know anything about a specific product, then you can use the tool to narrow down your search.
By using all of these features, you will have access to a wealth of information about who is advertising against what in the market. This will help you to improve your own campaigns and put you in the driver’s seat.