The Facebook Ads Library is a powerful tool for competitor analysis. Simply search for your competitors' names or keywords related to your industry, and you can see all of the ads that they are currently running on Facebook, Instagram, and Messenger. Take note of the ad copy, images, and calls-to-action that your competitors are using, and use this information to inform your own ad strategy. You can also use the engagement metrics of your competitors' ads to gauge how well they are resonating with your shared target audience.