A social networking system generates an advertisement, a recommended budget, and recommended targeting criteria for an object maintained by the social networking system for presentation to social networking system users. Information associated with the object by the social networking system is used to generate elements of the advertisement, the recommended budget, and the recommended targeting criteria. Different budgets, each associated with a predicted return on investment, may be determined, allowing an advertiser to select a budget based on the return the advertiser receives from presentation of the advertisement. Additionally, an advertiser may modify the recommended targeting criteria, recommended budget, or elements of the generated advertisement to customize presentation or distribution of the advertisement.