Two of the largest advertisers don’t think Facebook ads are effective. The latest, P&G, specifically call out how narrow targeting is ineffective.

> After cutting back on certain digital ads, “we didn’t see a reduction in the growth rate,” said Mr. Moeller during the call. “What that tells me is that the spending we cut was largely ineffective.”

https://www.wsj.com/articles/SB10001424052702304192704577406...

https://www.wsj.com/articles/p-g-to-scale-back-targeted-face...