Myth 2: Your cover photo should be an ad for your business
It might seem natural to use the big photo at the top of your brand page as an advertisement or promotion, but that's not what Facebook has in mind for that banner-sized photo. According to Facebook, the cover photo may not include price or purchase information, contact information (web address, email, mailing address), or other information intended for your page's About section. It also may not include references to user interface elements ("like," share, or any other Facebook site features) or calls to action, such as "get it now" or "tell your friends."
A better option would be something like a high-quality photo of your product or a lifestyle photo that reflects the attitude of your brand. A company graphic works well, too. This way, you are still advocating for yourself by sharing what you're about without the selling factor.
Myth 3: You can promote anything you want on Facebook
Even though it is a social site and feels laid back, there are still rules to abide by when it comes to content and promotions. Let's assume we are discussing legit businesses and offensive or spam-like content is not an issue. If you want to run a contest, which is always fun for fans and a great way to engage them, there are guidelines. Beyond guidelines, there are laws and legal ramifications associated with contests, gaming, and sweepstakes that you should seek counsel on before running a contest of any kind. Rules shouldn't be an obstacle, but just know what they are so there isn't any backlash.