I was wondering if there's a way to spy on competitor's ads (like be able to know things about their campaigns, such as who are they targeting, their budget, etc.). I've googled around and I don't seem to find a good way to do it. Thanks!
It wouldn't be easy, quick, or super accruate, but you could create a bunch of different facebook profiles, and then use each one to do searches for certain things on facebook, certain companies profiles, etc. Make each profile a different age, different sex, different income (it guesses income based on education level and job title). Then see which ones see ads, and which don't.
I Googled it and found this tool https://adespresso.com/academy/ads-examples/ (I have no affiliation with them). It seems okay for big brands but doesn't seem to work very well for smaller brands.
Another way that is more stealthy is if you do see the competitors ad then click the X in the top right corner of the ad and then Facebook will tell you why your seeing it including demographics etc.
But if you're not seeing the ad yourself then you may want to do something like Lee said where you create profile/s you think might have the demographics more like what they'd be targeting.
similarweb.com is another site that will show you where competitors' traffic is coming from...if they are large enough. It can be quite educational, especially paid vs organic traffic info.
AdFinder is a tool I use pretty regularly (along with a few others) to find all keyword (branded or otherwise) relevant posts and ads on Facebook.
Another similar hack is to use GrowthBot from HubSpot (installed on facebook messenger or Slack) and ask GB what keywords a competing company is buying in adwords.
I hope this helps!