This document discusses Facebook advertising and optimization strategies. It notes that early Facebook ads were limited to static banners but now offer more options like paid search ads. Marketplace bidding allows for unlimited ad variants and rich targeting. The document advocates moving from broad demographic targeting to more granular microtargeting of audiences based on interests, age ranges, gender and pages liked. Case studies show how optimizing ad combinations for relevancy across different titles, images and copy for Vodafone increased click-through rates, delivery and lowered costs per action. One strategy involved testing 27,000 ad variations simultaneously on Facebook.