Adwords is a Google platform that provides a programmatic way to advertise on Search Results. Multiple Advertisers can bid on different Ads on the same Keyword, and when a brand is advertising, it can happen that there are a lot of competitors. Brandverity, in a recent paper, says that the other advertisers are the Monsters of Paid Search.
The Monsters of Paid Search / Competitors on Google for the same keyword, can outbid in CTR the recognized brands, as they are more creative on the tactics to outperform the brands that can bid higher and have higher budgets.
The strategies to have better performance is to use refined geo-targeting and day partying, bidding on trademark keywords, using the better call to actions and better ads, and they manage to have direct profit with the investment, which allows the monsters to scale their spend on the same keywords.
Possible competitors of Paid Search:
These advertisers include authorized dealers, resellers. Good examples are rental cars or Amazon.
In many affiliation partners, you have the option to not allow advertising on search. However, many times, the affiliates can create a landing page. How affiliates have a better CTR than your campaigns? Many times they promise deals that they can´t fulfill, but with the false promises, affiliates end up getting more clicks.