Advertising on Goodreads
One of my very first blog posts was on paying for advertisement as an indie author. You can read it here: http://bookbrouhaha.blogspot.com/2011/02/paying-for-ads-bottomless-pit-of.html
I posted the blog on Goodreads and Kindleboards. Several people made the comment that they had far more success with a Goodreads ad than with places like Facebook or Google Ads. Success being defined as a noticeable click-to-sale ration. They said that Goodreads has the advantage of being a reading website so your audience is already there.
Intrigued, I decided to fork over a few bucks and give Goodreads a shot. To-date I have done two separate campaigns. One had two stories featured with direct links to Amazon and B&N. The other campaign just had the Goodreads link.
For both campaigns I saw no noticeable click-to-sale success rate. Because I targeted my books to specific audiences, the clicks were very few and far between. Although I probably gained some exposure, I still stand by my original opinion: paying for ads is not worth it. As a mostly unknown indie author, it would take years (literally) to earn back what I would have to spend in a longterm ad campaign.