I haven't tried them myself yet but there was a good reddit thread on this recently - http://www.reddit.com/r/Entrepreneur/comments/muf82/ok_just_ran_a_couple_week_test_with_linkedin_ads/ 

Great insight with that article David,

I personally have tried all things from Facebook Ads, remarketing, LinkedIn Ads and personally found that:

* Facebook is a great way to test messaging not really to convert

* Google ads/remarketing is the way to go for actual customers and conversion

* LinkedIn ads are very hit and miss and quite expensive and is only useful for B2B mainly. 

When testing an MVP you should also consider participating in forums and communities that are your target market and getting a discussion/feedback session going. This will not only give you opinions they will be curious enough to visit your landing page and maybe sign up as well.

I also have built facebook pages to drive traffic to landing pages which worked quite well. For example I was testing a men's fashion concept so started a Facebook page that posted daily outfit looks for men that were quite trendy. I supplemented this with a twitter account, blog articles with tips and tricks on how to dress better or find clothes that fit well and then used Facebook ads to drive "likes" to my Facebook page (note I'm not trying to convert them on my landing page because this does not usually work). 

Facebook ads that are used to grab "likes" are more successful than Facebook ads that try and send a user to a website to convert. Thats because Facebook users don't want to leave the platform which they are still using it. So then you just need to convert your fans with content once you have their like.

Feel free to comment on this answer if you have any follow up questions :)

To clarify, you want to test a minimal viable product using SM? How do you measure the viability of it? Through number of likes? Payment? Engagement/conversation? I'm just wondering how you will set your parameters?

The idea would have been to test engagement through a short video or visual explanatory and use conversion as a success factor. But it was just a more general question around paid for advertising on social media.

I have tried this over weenend workshops and it has works just fine with google adwords. I have never tried it with Facebook or LinkedIn Ads, reason being they are costly. We usually gathered email addresses and then had a "Buy now" or "Pay now" button, amount of people clicking this button gives you some clarity. Also gathering phone numbers and taking permission to call them has worked pretty nicely for us. We did all this as we did not want to put money for LinkedIn ads :-) We also tweeted big wigs and ask them to retweet out landing pages, this has also producted really nice results..