5 Tips for Higher E-Book ROI
We all know that e-books are on the rise. If you had any doubts, Amazon squelched them with its recent announcement that the company's e-books sales surpassed sales of hard copies for the first time. E-books are definitely experiencing impressive gains, but even with that revelation, e-books only make up a small portion of total book industry sales.
Today's e-book sales and forecasts are sufficient to give pause to any bookseller. There’s no more putting off decisions about whether you're going to offer e-books. The question now is how are you going to survive and profit within this rapidly evolving marketplace? Here are five tips to help your business realize a higher return on investment from e-books:
1. Get the scoop. It’s not just the book world that’s changing, it’s every world. Consumers want channel choices. But “choice” is the operative word. Consumers are using lots of channels depending upon where they are and what they’re doing. They may prefer print in one instance and digital in another. The more choices you can provide, the better.
2. Get a partner. Unless you’re a megabookseller like Amazon or Barnes & Noble, you’re not going to have the ability to develop your own e-reader or negotiate rights with publishers. Yet you can’t afford to be out of the e-book game either, so you need a partner. A good example of how smaller booksellers’ needs are being met is the Canadian Booksellers Association (CBA). The CBA recently announced that it's offering an e-book solution to its membership. The solution empowers book retailers to create new revenue streams and bring more titles to market with easy-to-use, intuitive software designed with online bookstores in mind.
Similarly, consumers can purchase Google eBooks directly from the Google eBookstore or from independent booksellers and retail partners, which include Alibris and Powells and participating members of the American Booksellers Association.
3. Get the stats. Make sure that your online sales partner can provide you with the consumer statistics you need to help you understand your sales and make better decisions. Some e-book delivery systems can provide in-depth online analytics and sales information that will help you understand more about who your e-book customers are, what they're purchasing and which titles are performing best.
4. Get platform neutral. Consumers have lots of different reading devices, so the ability to access e-platform neutral downloads is important. You want to be able to cover the major mobile devices and e-readers, as well as Mac and Windows computers.
5. Get an e-book marketing strategy. A good marketing strategy can make or break the success of an e-book. ROI is dependent on the number of copies sold, margins and profit. Without a solid plan, all can be lost. Take advantage of traditional and social tools, whether it's leveraging websites or profit sharing. Take the time to plan your e-book marketing strategy carefully. Look and see what works, what doesn't and modify accordingly.
Perhaps the most important tip is simply to get in the game. As a bookseller in today’s market, you can no longer afford not to provide an easy way for your customers to discover, read and purchase e-books at competitive prices.
Bruce Jensen is group vice president of sales at Transcontinental Printing, a Saint-Laurent, Quebec-based provider of a full range of print and online personalization services. Reach Bruce at jensenb@transcontinental.ca.
