Hi, I'm Ray Evans. I'm a certified copyeditor and proofreader.
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Free days and promotions can cause the algorithm to put your book in front of more people.
The people who wait for free promotions and only get free books are never going to buy your book so you're not truly losing any money on them.
Any publicity is good publicity and giving your book a quick boost in amazon's algorithm will potentially putting it in front of more eyes.
But if it's taking advantage of their desire to have something free to get your book in front of people who will pay or leave reviews some people feel like it's worth it.
It's just one tool in the marketing box. Generally people who hunt down free books are not the same folks who regularly buy books.
Hopefully a few of those eyes that land on your book will want to buy it.