At TechCrunch's Crunchup conference in Silicon Valley on Friday, two prominent people, well-acquainted with Facebook advertising, took the stage to address the advertising strategy followed by the social network --- one of them was longtime adman Tom Bedecarre, who is the chairman of digital agency AKQA, which is now a unit of ad conglomerate WPP; and the other was Greg Badros, Facebook's VP of engineering and products and the head of advertising engineering.

In his address to the conference audience, Bedecarre - hinting that Facebook still has to make notable attempts to win over advertisers - revealed that, despite WPP's recently-announced increase in its spending on Facebook ads from $200 million to $400 million this year, the ad giant was spending only 1 percent of its total $65 billion ad expenditure on Facebook ads.

Furthermore, though Bedecarre acknowledged that there are abundant creative opportunities on Facebook Pages, he also added that advertising in the right-hand column appears to be "very restrictive" creatively, and said that advertisers apparently wanted a little more "elbow room" on the social network. He also added that advertisers want more data, and additional ways to act on that data.

Meanwhile, Badros largely offered some of the Facebook perspective on advertising, including the Sponsored Stories which come up in the users' newsfeed, and said that though Facebook's business model pivots around advertising, the company is also "exploring lots of different ways to help drive value in the world and help drive our business."