I certainly didn't have a $10MM spend, but I also had dismal results for my B2B campaign. My takeaway is FB is purely a social place where people unwind and don't want to do any 'work' -- whether that is considering a product for their job, or the effort involved in considering a large purchase as rio517 mentions.
I agree with you. Me and anyone that I know that uses Facebook already got used to ignoring the right column by default. Slowly but surely it gets to the point that it doesnt really matter what you advertise. I challenge you, if facebook approves it, to put and add "giving money for free" with landing page and see a click rate. It will be similar to advertising anything else, because users are getting smarter (thats good) nowadays and "sounds too good" offers will steer them away.
edit: for that reason, I think Facebook advertising does not work. Or at least, does not work for the _most_ of advertisers. Its just that Facebook is still new and here and there I hear my friends being exciting about "advertising to millions of customers" and they do give it a shoot with a poor results at the end. The point is you have so many people that havent tried that yet that they still bringing cash to FB. But unless FB does something for the ads to work (change its core product?), the $ numbers will only fall.
Sure, that seems to be the default for most things, but I guess what I really meant to ask was more about specific sites that do their own ads, outside of Adwords. I'm guessing industry vertical sites are good for B2B, but I'd love to hear about other folk's experience in that regard.
