For social networks still worried about attracting advertisers, investors and ad agency executives appearing on an afternoon session at Ad:Tech stressed advice they’ve surely heard before: give us better targeting opportunities and build your audience. The news that has been dribbling out the past few weeks about Facebook’s meeting today with advertisers on how it plans to sell ads using specific information from its members hung over the Q&As, though there were more questions than answers. Example: “Will Facebook form its own ad network?”, asked moderator Oliver Ryan of Fortune magazine. “Why not?” was the consensus answer.

-- Larry Harris, President, Ansible Mobile (Interpublic Group): How much data do you have on Facebook? You list your favorite TV shows, movies, music. You identify yourself as a college student in the northwest or you work for a technology firm. That data has value. Plus, Facebook knows where people are looking and sharing articles. That’s the value.  Suddenly you’re a student and you’re looking for a flight to Florida.I can connect Delta airlines to you and with a special offer. That has incredible meaning for an ad agency.

-- Gene DeRose, Co-Founder and CEO, House Party: : What was so magical about Facebook? They were able to figure out the right execution of software that made them really own the concepts associated with Web 2.0 while others just flailed around.

Ad networks: Are there enough ad networks to go around?

-- Bob Davis, Managing General Partner, Highland Capital Partners: “We’ve had ad networks for 50 years. The difference is we have so many more publishers. As an advertiser, I can choose any number of options of where to place my ad: on a sports net? Do I want behavioral targeting? The sure thing is, we will have more ad networks.”

-- DeRose: “I keep thinking (that) Time Inc. having hundreds of titles under one roof to target different audiences is finally becoming a reality online thanks to social networks.”