Facebook Places is essentially free word-of-mouth advertising for your business. When customers check in, they'll automatically be telling their Facebook friends about it. If you run a small business with a street entrance, there's a good chance that it's already a part of Facebook Places -- with or without your input.
By claiming your Page, you have the opportunity to customize that free advertising. It also makes it easy to purchase pay-per-click advertising for your Places page.
Here's how to get started.
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Important Questions
Can I unmerge my Page from Place? As of December, yes.
Can I advertise my Place the same way I advertise my Page? Yes. Click "I want to advertise something I have on Facebook" in the ad creation flow and choose your Place from the drop-down menu.
Can I target ads to people who visit my place? Not yet.