I will say something opposite to people in this thread.
Of course you want to look at competition but at the end, the ad must convey a message which is relevant to your audience but also with the tone of your brand. You don't want to copy competition or you are also a "me too" brand in the shadow of your competition...
It's communication 101, it's logical.
Create powerful creatives based on the previous messages which resonated with your customers in the past. Be sure to respect your brand positioning.