Did you segment your users and check their conversion rate. Looking for conversion rate overall is a bad idea, try to segment logically and look for conversion rates.
Under that premise, the way to sell that sort of service is with regular B2B practices: cold calling, trade shows, industry publications, etc. The targeted demographic from Facebook is not primarily people who are empowered to make strategic business decisions. The decision makers at the media companies are going to be fewer but have much more influence. At the lower end of the employment hierarchy, marketing staff are mostly just trying to keep their job and will be risk adverse (and depending on a new service is a risk).
Good luck.