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Chuka is a managing partner at Alexander Moore Partners Ltd, a digital media and online advertising company with special focus on Africa, he is very passionate about social media and digital technology as tools for driving Business and Marketing in the 21st century, you can find some of his articles at Afrodigit and Answers Africa Blog
After my first comment here, I've decided to do some experiments on this.
After spending a couple of thousands on Facebook's so called direct targeted advertising with lots of fans and very little to show for it, I can now confirm that this method no longer works as it used to be some years back when 5,000 fans were actually 5,000 real people, today, most of what you find on faceebook are dummies. Chasing after likes is no longer the in thing in today's marketing, no wonder corportations like GM have decided to pull out from FB campaign.
Likes are highly valued if they should come from real people, it appears the only reliable way to achieve this today is by growing it organically, using the old traditional method: high quality articles, high quality backlinks
The overall idea of targeted ads on Facebook to be fair is a good one but not when they are coming from suspicious fans as BBC puts in their highly recommended report here
Striking a balance between the two: Great content, SEO and marketing is the key. There are times when it makes sense to get some likes from Facebook, correct me if I'm wrong but I think if you have a gadget review website for instance, and can target users that like engadget or gizmodo and can provide the same quality of content they provide, I think you'll get genuine likes that can keep on revisiting your site and therefore not completely a waste of money