Thursday, January 2, 2014

Advertising on Goodreads

Goodreads

Marketing on Goodreads, the one place where everyone is unsure if it's helpful or not.

In December, to help bolster the amount of people signing up for my giveaway, I bought two ads. One targeted genres people liked, while the other targeted authors users have rated favorably. What does buying an ad mean? Goodreads allows a self-made ad to be put up on the lower left hand corner of the website. The process is simple and quick. It can lead users to the Goodreads page or to another site. The user sets a fund limit, in my case it was $30, and a click through rate. The CTR can be priced from $0.10 to $250.00 and is up to the user what they want to spend. Every time someone clicks the ad, the fund limit, my $30, would go down by the CTR. I can reach 300 people at $0.10 a click, or 10 people at $3.00 a click. The higher the amount of money, the more of a priority Goodreads gives it to put where a pair of eyes can see it.

Mileage may vary, but a CTR at $0.10 caught zero people's attention. Every day I put it up ten cents to try and find the cheapest number where Goodreads gave it enough attention. At $0.50 I received my first click. I ended up going an extra step and put both ads to run at a CTR of $0.60 to get a steady rate of people looking at The Dragon's Tear's page.

The author ad has had zero people click on it at the time of this posting. No one was interested. All clicks came from the genre ad, which seemed to grab people better. I have hope this will improve in the future, but there needs to be more users. The price of $0.60 is too steep for the little traffic it generates.

Another strange note about Goodreads. My giveaway numbers started dropping after it ended. My 901 requests have almost dropped by 50 people. Maybe it clutters up space? I took a picture when I noticed it happening, but I wish I grabbed it at full requests.

That's been my experience with Goodreads so far. I will say it's worth it for the self-serve ads, while they may be a bit expensive, this is a website for books. A site like Facebook can do the same thing, cheaper, with more traffic, so keep that in mind when deciding. My experiment going in the future will be putting $20 a month to see if it has any noticeable impact on sales.

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