Facebook is the most influential social media channel since 2004 when it was launched on social media platforms. And, Facebook Ads where advertisers & marketers are charged based on clicks, impressions & actions.
Facebook Ads provides various different formats to create Ads such as Sponsored Ads, Carousel Ads, Slideshow Ads, etc.
Strategies to set-up Facebook Ads Campaigns are as follows:-
Set Marketing Goals first
Choose Marketing Objective
Target your Audience & Budgets
Select effective & best Facebook Ads Placements
Place your Ads, etc.
Rather than the mentioned strategies, you can also use an automation tool for spying on Facebook Ads of your Competitors.