I work at a marketing agency and I wholeheartedly agree with everything on this list. While some people will read the article and think "advertising on Facebook is a bad investment," the real takeaway should be "advertising anywhere will be a bad investment if you have no clue about marketing."
And as a side note -- thank you for mentioning social proof. I'm constantly stunned at just how often this powerful concept is ignored or disregarded in marketing!
That's fine, but then it also reduces the addressable market for Facebook's advertising offerings.
And lets face it, things don't look good if both GM and an independent business don't have enough of a clue to do a successful FB marketing campaign at this late date.
And as a side note -- thank you for mentioning social proof. I'm constantly stunned at just how often this powerful concept is ignored or disregarded in marketing!