Book Publishing Industry Challenges

1. Book Publishing Industry Challenges

2. Some of the main book publishing challenges are as follows: 1. Keeping your target audience intact- the main aim of every author, writer and publisher is to sell the book to its target audience. With increasing footprints of the readers on the digital medium which gives instant access to the book has led to a decline in paperback and hardcover format books. Thus increasing the book publishing challenges. 2. Fake reviews and fake ratings- for every author or writer, reviews are an essential form of feedback about the quality of work. They are also a direct connection between the reader (consumer) and the writer/author (producer). But with digital and social media the fake reviews and ratings are getting more and more in numbers. According to a report, even amazon has 9% to 40% fake reviews. So the authenticity of reviews also creates additional book publishing challenges.

3. 1. Digital interference – the digital decade has changed so many things for us around us, in both good and bad ways. In the world of books, the book publishing industry is facing disruption in the way books were published earlier. In the digital and social media age books are now available as audiobooks, and paperless books(ebooks); this has led to decline in paperback and hardcover books. Therefore affecting the old classic format of the publishing industry. 2. Cut throat competition – the competition is fierce on the digital medium, every second you can see multiple book promotion ads on Facebook, Twitter, Instagram, Amazon, etc. So to lure the audience is a mammoth task for publishers and to survive this competition, various offers are on display including sales, slashed prices, free samples, etc. In the long run, this cut throat competition leads to smaller profit margins and limited revenue.

4. 3. Dynamic nature of consumer consumption –as human lifestyle is dynamic in nature. So every industry has to cope with this situation and this shift has led to changing policies of the book publishing industry too. Audience shifting to audio books, e-books has forced publishers to follow digital marketing, optional methods so that they can easily reach the audience via these mediums for their classic printed books. 4. Demographics –it plays a crucial role in book publishing as the publishers are interested to know for whom the book (product) is written, they are not much concerned about the book itself. Publishers can gather this information through advertisers which can give ideas about the income segment, purchasing power, age etc This kind of information helps the publisher to find its target audience.

5. How To Save The publishing Industry 1. Understand the Consumer demands: the core of the book publishing industry has to be the reader only, as selling directly to the readers will earn more profit and a loyal fanbase. Changing trends can be easily understood with the previous databases publishers and publishing houses have with them. Then, according to the demand of the consumers (readers), strategizing is done. 2. Update the editing and designing section: although there are various aspects when a publishing house is selling a book right from designing the promotional strategies and marketing key points, still editing and designing are very crucial factors for the book. Good editing keeps the content crisp and sharp, this helps in engaging the readers and a well-designed book attracts lots of eyeballs.

6. 3. Keep prices within a good range: one trend which is on rise is the discount race to garner more and more customers by slashing prices. But this trend actually in the long run is ruining the publishing industry. Also if a book is touted as a “Must Buy” then the reader will not consider the price tag for buying the book. 4. Sell globally: with the increasing connectivity in the distribution network, selling globally is the new reality. This means a book printed and published in one geographical territory can be dropped by the local postal system, for cheaper and faster distribution.

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