Want to see the detailed version with in-depth analysis of Facebook banner campaigns and screenshots? Check out the full post on Facebook Advertising Tips.

Here's the Coles Notes version:
11 Facebook Advertising Tips

1. Choose your landing page wisely. The rules of Pay-Per-Click apply to Facebook marketing! Make sure the offer matches the landing page.
2. Include calls to action.
3. Don’t use wacky fonts or low contrast font/backgrounds.
4. Keep your offers up to date.
5. Less is more when it comes to text/copy and graphics.
6. Don’t be vague. Cute/clever doesn’t always come across right to customers who are are not inside your head.
7. Contests may appeal more to social media users who aren’t in buying mode.
8. Geotarget your campaigns well. If you don’t ship to Canada - don’t advertise there. If you do, make it clear for your international visitors. If you offer free shipping in the ad, show different ads to locations that don’t qualify.
9. Segment your campaigns by gender if necessary. New Egg’s football pitch is more of a guy thing, let’s be honest. (To be fair, Facebook users have the option of displaying their gender to other users or not. I don’t know if the ads, when targeted by gender, appear to all “registered” males or just males that display their gender on their profile.)
10. If you split test ads, make sure they are similar enough - same offers, with different text/design.
11. Use people in your ads when you can. Facebook users are in people-scanning mode, and you’re more likely to catch attention as people pause to figure out who these people are (this is only my theory).