Let me first start of by saying that I apologize for having to censor or be vague about some parts of this case study, but I have to protect my personal interest.
On one of my low budget FB accounts my advertiser added their applications to my account, which in return gives me the option to specifically target people that never connected to the app, or people that have connected to the app.
I created identical campaigns to test how this targeting feature can work to my advantage.
So this advertiser has several different applications in the same niche, and they added all those to my account. What I did was create a campaign that specifically targeting people that connected to one of those apps, but never connected to the app that I'm trying to promote.
To make this easier to understand, the advertiser has applications X,Y,Z.
I told Facebook to show my ad to people that connected with app X, but never connected to app Z.
My reasoning behind it was that I would be able to only target people that have clicked on ads before, and that have gone through the process of connecting to an app. I really wanted to see what the results would be if my demographic was filled with just these people.
Take into consideration that this demographic size is only 100k, so it is a very small demo.
Well here are the results:
Targeting people that connected to Application X but not Z:


Spent: $61.03
Earned: $255.00
Profit: $194
ROI: 300%+
Regular Ad:


Spent: $94.85
Earned: $175.00
Profit: $80
ROI: 85%
These are the stats for today so far. Please excuse the low volume, but I did have the adv add their apps to one of my new accounts since they mentioned that I might risk getting banned.
As you can see, by targeting people that once clicked on an ad and connected, the CTR and ROI are much greater. In the next couple days I'll follow up with a post with the CTR and ROI of an ad that is only targeting people that never connected. I already have some stats for that, but it's insufficient.
Hope you guys enjoy, this is definitely something interesting to look at. I don't plan to focus too much on it at the moment though until I receive a quality report from the advertiser on these specific ads. I want to make sure that my quality isn't being hurt by this sort of targeting.
Thanks,
Martin
That is a sick case study bro... gave me a bunch of ideas. Thanks!
You're a fucking beast man
Big thanks!
nice case study Martin!
and no wonder lately I have to increase my bids in France in order to receive more volume... Now I know why! 
Very interesting, thanks!
Awesome case study - I've had some great campaigns come from re-targeting on Facebook apps/pages...Sure volume can sometimes be an issue, but the CTR's are crazy...Thanks for the share!
You're welcome guys. I may post another update tomorrow.
And kokofai, the fight for volume in FR will only get worse. 
This is really interesting because it can be used for high ticket priced items!
I've done something similar with games before, usually people who play 1 game, play many games
DAMN! I've never tried this before. Grunin - you are a G.
Nice share bro... Thanks a lot
Great stuff, thanks for this.
Nice stuff really
. But, can you do the same thing without promoting an App?
We're actually going to start looking into this for some of our other properties now, I just spoke with another businessman and he's been making most his profit (atleast ROI wise) from retargeting now too.