1. Spy on Other People’s Ads
Many people’s biggest problem is finding something good to promote on facebook. the idiots at facebook have created an adboard which lets you view everyone else’s ads.  it has absolutely no clue why someone would do something so stupid, but they did.  Just refresh your normal facebook profile page until you see a facebook ad come up, and click the “More Ads” button.  There you go, a page full of ideas that are probably making other people money.
Keep in mind, however, that you will only be shown ads targeted to your demographic, so you may want to create a few fake facebook accounts for different demographics to see what’s being promoted to females/males/old people/young people/single people/married people, etc.
2. Make Multiple Ads
Many times, you will make a facebook ad that is getting decent traffic, but you’re not coming close to filling your daily budget because you’re not getting enough impressions.  There are two good options for getting over this hurdle.  First, you could do the obvious thing and raise your bid, which will in turn make facebook give you more impressions per day and end up filling your daily budget.  Second, and probably smarter, is keep your bid the same, and make a few more nearly identical ads.  Assuming your CTR is nearly the same on all the ads, you should be able to fill up your budget with 5 almost identical ads if your original ad was using 1/5th of your budget to begin with.
3. Use a Good Picture
The picture you use for your ad will literally make or break you.  You NEED to find a good one for your ad to preform well.  When making the picture for your ad, always save it in 110×80px with as high resolution possible.  Pick something eye-catching.  Something that definitely does not blend in with the facebook site.  Using mostly black works well.  Anything with hot girls is good as long as it’s related to your ad, and targeted to guys.  Stacks of money, optical illusions, and expensive cars have all preformed well.  Again, refer to tip #1 if you’re struggling and check what other people are using to get ideas.
4. Run Your Ads At Night
This one is pretty simple.  Ads just do better at night.  No idea why, but they do.  If you can afford to not get any clicks for the first half of the day, set your bid at 1 cent and wait until around 5pm EST or so and put your bid back to normal and watch the clicks fly.
5. Out of the Box Targeting
A big mistake that many people make when starting with facebook ads is targeting everyone in the US market.  Facebook may not have as many targeting options, but they have quite a few, and they’re pretty accurate.  The US market has a ton of people advertising on it, so try targeting Canada.  Most people don’t target by keyword, but doing so can convert to sales like crazy.  If you’re promoting some sort of health supplement, try thinking of keywords for people who work out and target them, or maybe vegetarians or vegans.  These targeting options, while they may give you a more narrow audience, and less traffic, will give you a great CTR which will make your clicks cost almost nothing, and will no doubt convert to sales much better.

The most important thing to remember when advertising on facebook is this:  It costs $0 to create an ad.  Make as many as you can until you find one that’s making you money.

Improving Your CTR

Use wide images, not tall. People accustomed to the old flyers system will be trying to use tall skyscraper style images for their ads. Don’t. Use something like 225w x 90h images for the ads. Use a dark background to make your ad stand out on the almost all white facebook page.

Run your ads at night. Any time around 8pm EST is good. You will see better CTR on your ads and better conversions in most cases. But facebook doesn’t allow advertisers to specify when their ads will be run! No problem. Just set your click bid at a penny until 8pm and bump it up a cent until you start seeing impressions and let it run.

Running Facebook Ads Without a Credit Card

Don’t have a visa, or did facebook ban the one you are using? No probs. Get a prepaid visa.  go here.

Cloaking Facebook Ads Links

So you wanna run that zip submit, but facebook isn’t approving your ad? Want to run adult friend finder or some porn affiliate program? No problem! Facebook devs do a manual review on all ads. For some ads they must review it before it goes live, and for some, they review it after it starts getting clicks. There are 2 ways to cloak it. Since you should be using a redirect to the url to begin with, you can wait till after the devs have reviewed your ad, and then switch it, OR just run my cloaking script:

<?php
$cloaked_url = “http://www.google.com”; // devs go here
$normal_url = “http://www.yahoo.com”;  // everyone else goes here

$tracking_ref = $_SERVER['HTTP_REFERER'];

if(strpos($tracking_ref,”dev.facebook”)){
Header( “HTTP/1.1 301 Moved Permanently” );
Header( “Location: ” . $cloaked_url );
} else {
Header( “HTTP/1.1 301 Moved Permanently” );
Header( “Location: ” . $normal_url );
}
?>

Note: Make sure when using scripts that modify headers, to remove any whitespace outside the PHP tags or you will get an error.

Just put it in the directory of your choice, enter the url you want facebook employees to see and the url you want the people clicking your ads to see, and use it for your ad url. Good to go!