I first found out about Wattpad from Lindsay Buroker's blog, and jumped in with the goal of connecting with other writers and building a readership. About a year and a half later, here is what I learned:
- Wattpad is a truly amazing dynamic network for readers and writers which gives voracious readers plenty of material; writers, in their turn, receive feedback, validation and, hopefully, following.
- Don't expect to have tons of reads soon. There is an ocean of stories on Wattpad, all vying for readers. Admittedly, not all of it is high quality material (to put it mildly), but it's hard to stand out.
- If you think that you will get book sales by posting some of the chapters and telling people to go to Amazon and buy the rest, think again. There are tons of complete book length works on Wattpad, all free.
- A good way of getting traction on Wattpad is applying to be featured but, again, you can only do this with complete works. I got only about 500 views on Paths of the Shadow before it was featured. Once I applied and the book got accepted as a featured story, the number of views grew to close to 20K.
Wattpad can be a good marketing tool for series if an author chooses to post all of the first book: it will attract more readers than just half a book. I have the first two books of my fantasy series, Paths of the Shadow and Warriors of the Realm, available on Wattpad in complete form. People who get hooked on these first two books go on to check the sample of the third.
However, one must keep in mind that the direct buying power of Wattpad readers is relatively low, as many of them are teenagers. You might get some very loyal fans this way, though, as many of us tend to stay loyal to books we have grown to love early on.
Summary: Wattpad can be a part of an author's long term strategy and of building a following, but other forms of promotion, such as Amazon or Facebook ads, are more effective for short-term sales.