If you've already established a solid Facebook presence and a number of connections, you can explore Sponsored Stories.

First, go to your . If you don't have one yet, you'll be prompted to sign up. Check "Sponsored Stories" rather than "Facebook Ads", and pick what you want to promote. Note that you're limited to fans of your company's page and their connections; this is why this is only a good option for businesses already established on Facebook.

You can either choose to promote a specific product or feature with a link to a blog post about the subject, or you can choose a "Like" ad where your devoted fans advertise to their friends that they like such and such a company. No word from Facebook on which is more effective, but both have their place. The first can be used for specific promotions, while the second can be used to get a broader following by encouraging friends of connections to like your page.

When Would I Buy Facebook Ads?

Right below "Sponsored Stories" in your dashboard, you'll see " that you see on the left hand side of your screen. You'll note that you can choose to target the ad to anyone you choose, including the Friends of Connections setting that is used in the Sponsored Stories by default. You would choose this option to build up your initial Facebook presence to a point where Sponsored Stories would actually work for your company. You can also only target local customers with the "Facebook Ads" option, which makes this attractive for local businesses that want to build a Facebook presence and let local buyers know they are there.