How can competitive benchmarking be used to refine targeting and bidding strategies on Bing Ads?

Competitive benchmarking can be used to refine targeting and bidding strategies on Bing Ads in several ways:

1. Identify high-value keywords: By analyzing your competitors' keywords, you can identify high-value keywords that you may have missed. This can help you refine your targeting and bid more effectively on keywords that are likely to drive conversions.
2. Optimize bids: By analyzing your competitors' bids, you can understand how much they're willing to pay for certain keywords and adjust your own bids accordingly. This can help you stay competitive while also optimizing your ad spend.
3. Improve ad relevance: By analyzing your competitors' ad copy and landing pages, you can understand how they're positioning their products or services and improve your own ad relevance. This can help you improve your Quality Score, which can lead to lower costs and better ad placement.
4. Identify new audiences: By analyzing your competitors' targeting strategies, you can identify new audiences that you may not have considered. This can help you expand your reach and capture new customers.
5. Optimize ad frequency: By analyzing your competitors' ad frequency, you can understand how often they're appearing in search results and adjust your own ad frequency accordingly. This can help you avoid overexposure and improve the effectiveness of your ads.
6. Identify new ad formats: By analyzing your competitors' ad formats, you can identify new ad formats that you may not have considered. This can help you differentiate your ads and capture attention in a crowded market.
7. Monitor performance: By regularly monitoring your competitive benchmarks, you can identify trends and adjust your targeting and bidding strategies accordingly. This can help you stay competitive and optimize your Bing Ads campaigns over time.

Overall, competitive benchmarking can provide valuable insights into your competitors' strategies and help you refine your targeting and bidding strategies on Bing Ads. By understanding how your competitors are allocating their ad spend, targeting their audiences, and positioning their products or services, you can make informed decisions that can help you capture market share and grow your business.