From formats and advances to platforms and markets, these shifts need watching
When we were first asked to speak on trends in Christian publishing for an international audience of Christian publishers and retailers, we set to work researching it. With the aid of about 50 colleagues in Christian publishing, various periodicals, popular business books and publishing surveys, nine trends rose to the top.
1. Customers are buying in a variety of ways
How do you purchase books? Drive to your local bookstore? Log on to your computer and order through CBD or Amazon? Pick up a book while shopping at Wal-Mart or Costco? Download a book on your e-reader?
"Books are not dead," said one publishing agent we interviewed. "They're just shifting in how they are published and where they can be purchased."
Implication: We need to review channel strategies.
Action: Begin to serve one new channel.
2. Digital publishing is growing rapidly
Have you read about the woman who was given an iPad for her 99th birthday? Mrs. Campbell uses her new iPad for rereading classic novels and writing limericks.
For readers, this is the best time in history. We've never had more choices, media types or better quality. For publishers, it's a time of big headaches and wonderful opportunities. We're trying to figure out multiple formats, digital rights, contract e-rights and internal corporate complexity.
Will books go away? We don't think so. Think about how we cook. More than 90% of U.S. households have a conventional oven and a microwave, but we use each of them for different purposes. Reading is like that. When curling up on the sofa, we might choose to read a book. While riding public transportation, we might prefer using an e-reader or smartphone. Readers have choices.
Implication: E-publish or perish.
Action: Begin creating digital versions of your products, if you haven't already.
3.Print on demand and self-publishing are expanding
Two methods of publishing we're seeing more of are print on demand (POD) and self-publishing. POD improves product availability, reduces operational costs and risks and helps older titles whose future sales might not be large enough to justify another print run. Almost 75% of the books published in English in 2008 were self-published. The trend continues.
Implication: New methods of publishing offer opportunities for new voices.
Action: Locate and establish a POD relationship.
4. Marketing is shifting
In March 2009, social networking sites such as Facebook, Twitter and YouTube overtook the use of e-mail. Marketing will continue to shift, while "word of mouth" continues to sell.
In addition to traditional "outbound" marketing—periodicals, radio—"inbound" marketing, in which consumers make the first contact with businesses, is on the rise. We use it regularly—such as when we read on TripAdvisor.com that a hotel we were considering had rats in the air-conditioning ducts. Inbound marketing helped us avoid the rodents.
When asked recently what advice he had for the publishing industry, Wired co-founder Kevin Kelly recommended looking where people are spending their attention and doing things for free.
Implication: We need more than traditional marketing.
Action: Promote a group of titles using social media.
5. Publishing categories are changing
What types of books are popular these days? Memoirs, niche publishing such as sports and health, leadership, Amish and repackaged classics, among others. What types of books will always sell? We agree with Chris Johnsen, president of Christian Art in South Africa: "A publication that addresses the fears and anxieties of the consumers will sell."
Implication: We must know our market and our place in it.
Action: Explain your rationale for having certain categories. Add or delete as needed.
6. Publishers are focusing on authors' platforms
Publishers are looking for big names and successful authors. This can be good—and bad. Big names sell a lot of books, but there's danger in publishers making decisions based on the audience the author brings with him or her at the expense of the content in the book.
New voices are needed—authors who can articulate the gospel of Jesus Christ in compelling ways to new generations who lack a basic knowledge and understanding of the Bible.
Implication: We need to be careful about content and find some new voices.
Action: Publish one new author this year.
7. International markets are growing
Publishers continue to see encouraging global growth. English is spreading, companies from around the world are entering into partnerships, the China market is emerging, low-cost books and Bibles are being produced for developing countries, and publishers in other countries are cultivating indigenous authors.
One of the biggest challenges in international publishing these days is distribution. We're wise to listen and learn from our customers and employees in regards to new international opportunities. Nestlé seems to be doing that well. It recently launched its first floating supermarket—on the Amazon. It's a retail barge that takes their products to more than 800,000 customers.
Implication: Visits to our global partners and clients are essential.
Action: Establish a two-year travel plan to visit key global markets.
8. Companies are reevaluating staffing
Especially in an economic downturn, we're seeing more young and inexperienced employees, fewer senior employees and more contract employees. According to a survey by Human Capital Institute last year, 90% of U.S. companies outsource at least some of their work. In the last 20 years, the average amount of work outsourced has grown from 6% to 27%.
Whether we're employees or consultants, collaboration is a vital skill. Learning how to work well with other staff is a must.
Implication: Contract employees might save us some money.
Action: Consider hiring contract employees for a particular job or task.
9. Advances and royalties are being structured differently
Many publishers and agents are looking for the top 20% of best-selling authors to generate 80% of the income stream. This raises the bar, yet makes it more difficult for talented new voices to come forward.
As e-book sales increase and hardcover sales decline, advances are shrinking. Some publishers are splitting advances—25% on signing, 25% on acceptance, 25% on release and 25% a year after release. New structures will continue to unfold.
Implication: Evaluate advance/royalty structures regularly.
Action: Review the past few years of advances and royalties. Consider where you might save money.
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