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Facebook Promoted Posts are only available to pages with more than 400 Likes. And not all countries have Promoted Posts yet—they are still rolling out.

You can only run a Promoted Post on posts that are newer than 3 days old and the post will be pushed into the news feeds of fans for 3 days following the start of the campaign.

if you are typically getting 30% to 40% reach naturally with each post, then I don’t see many reasons to use Promoted Posts. You’re already doing a good job getting into your fans’ news feeds. But if your reach is below 10%, you need to try something new to make your page more effective.