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Raed,
Thanks for asking.From the choice, I would do Keyword research. However I prefer SEM Competitor Analysis and Research to find niches and opportunities to get better ROI. Thanks!
Best,
Faizan
Hello Raed,
Im not sure what do you mean by "Ads" , if you mean the "Display Ads" or the "Ad" Design, then for sure I'll go with Keyword Research and Optimization First, will also give a special attention to long tail keywords.
Best