An example
The Acme Watches team looks up a competitor's page in the Ad Library and finds 40 active ads. Eight have been running since spring, which suggests they are working. The team saves those, notes the three angles they share, and briefs its own take on the strongest angle rather than a copy of the ad.
Why it matters
It is the one free, official view of what other advertisers are running. For most ads it shows the creative and when it started running, but not spend, targeting or results, so how long an ad has run is the closest signal of performance you get.
How to improve it
Check key competitors on a schedule, note start dates, and focus on ads that have run for weeks. Save examples with notes on angle and hook rather than loose screenshots. New ads usually appear within about a day of their first impression, and a long run is a hint, not proof.
