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Yeah, I don't disagree, but OTOH this year I'm not spending a dime on promotion and seeing how many sales I can get through SM alone.
So far the answer is a few dozen (but the experiment continues.) That's about 10% of the sales this time last year when I used paid promos.
So, 10% of the sales, but all the income is in the black. Make of that what you will. I'm happy to have a few dozen sales from free SM self-promotion.

I think targeting is useful, with the caveat that social media is not awesome (just free) to move books. So, frex, on twitter I can search for people (posts) who want climate fiction. To them I can say "Here's a cli-fi title, free on KU."
I think it works to make a sale about 1- 3% of the time. Again, make of it what you will.
I've heard that social media is more about interacting with your community than making sales. I tend to agree with that. I don't know anyone who has made social media work for generating sales.