There is a ton of different pay per click software packages out their that basically claim to be a miraculous solution to every advertising problem you could be facing, and we all know this is so far from the truth. Pay per click marketing is all about the copy and the keyword research.
The tools on the web like SpyFu will allow you to actually look at a competitors URL and analyze it. The tool will bring back a list of keywords the competitor is bidding on, how many clicks he has a day, what the average amount of money spent per day is.. and so much more. SpyFu is of course limited unless you want to pay for a membership. Most of these tools are like this, where they give you a teaser, then want you to pay for more results. If you truly are using pay per click marketing to generate most of your revenue, you might consider trying one of these tools.
What this article is really about though, is the problem that comes to most of us mentally when we resort to using tools like this. Studying your competition is a good idea for market research, it is a good idea to study his keywords and see where is customers are coming from, it is a good idea to mimic what he is doing to an extent. Here, though, is something bad. You don’t want to simply rely on the information these tools give you and do no research on your own. That it what will ultimately make your business stand out from the next, doing something your competitors are not.
So in short, if you are serious about pay per click marketing, you might consider a spy tool, however, I would highly suggest you just use it to extend your other optimization and research efforts. Do not simply copy what they are doing and cross your fingers. You would likely fail.