Once the data for the specific FB ads of the desired competitor is retrieved, you can use this to firstly understand what steps the top-performing ads are following. Additionally, you can get ideas of the best KW to target, display creatives that work well, which countries will work best for your brand, the budgets you need to allocate for your brand and the impression share you need to surpass to beat your competition. 

Consequently, the Facebook ads spy tool will help you design more unique and targeted ads to get higher conversions and business growth.