Finding new ways to increase your sales doesn’t mean you have to make this life-altering decision, or stripping down and changing your entire business strategy.
In fact, finding new ways to channel sales can be something as simple as understanding your company’s core strength, and to build on that. I mean, let’s face it, we all dream to get on that same destination, which is to sell a lot of books!
But, different titles and different publishing companies also meant having different strategies. This is what we have listed down nine creative ways to help you brainstorm ideas for your next meeting.
Now, let’s dive right in!
For our first three suggestions, it all caters to helping you achieve short term goals.
1 Targeted marketing. Different groups of people can profit in unique ways from using your content. Communicate directly with buyers to remind or inform them of how well the information in your book can benefit them in some way.
2 Product redesign. You may need to enhance your product to meet additional needs and boost your sales. That might entail changing the delivery of your information to an ebook, booklet, or a seminar.
3 New product development. If sales of your current product line languish, you may need to replace exiting titles or extend your product line.
Line extensions can be made into one category (Chicken Soup for the Soul books), or into several categories such as Weight-Watchers services, books, magazines, and foods.
On the other hand, these suggestions can give you long-term opportunities., however, it also entails making those big steps into your business strategy.
4 Distribution extension. Instead of distributing your books only to bookstores, expand your distribution to other retail outlets such as airport stores, supermarkets and specialty retailers. Your existing trade distributor may already have access to these outlets, so your objective becomes harnessing existing non-traditional channels that can quickly and easily reach more consumers where they shop.
5 New channel creation. If you do not have trade distribution or if your distributor does not reach non-traditional markets, your objective becomes building parallel distribution and sales channels to penetrate new segments. This might entail partnering with a library wholesaler, finding sales representatives calling on gift shops or selling through book clubs, catalogs, display-marketing companies, or home-shopping networks.
6 New business-model development. Some publishers sell exclusively through bookstores (bricks and clicks). Distribution discounts, returns, and mass-market promotion can reduce profits significantly. In addition, seek sales to non-retail buyers such as those in corporations, associations, and government agencies.
Since there is no existing distribution to these segments your business model must be adapted to sell directly to these buyers.
7 Overcome competition. It may be difficult to go head-to-head with a market leader in a new niche based on content or price. Employ a “flanker” strategy by creating a unique value proposition, or through brand or author extensions.
8 Market expansion. You may be adequately serving a segment now, but there could be ways to mine additional sales in the same segment. If you are selling to college bookstores, you could penetrate that niche further with sales to instructors, students, alumni associations or personal presentations. Similarly, if you are selling to public libraries you may be able to increase your revenue with sales to children’s, hospital, prison or school libraries.
9 Newmarket creation. Focus on your content and how others might benefit from using it.
If your content is about helping people find employment, you could reach buyers through state departments of labor, college career-placement offices, high-school counselors, recruiters, parents’ groups, or even internationally.
These examples are intended to stimulate your creative thinking.
They are not mutually exclusive so you may adopt several opportunities simultaneously. Take a portfolio approach to your business, implementing each concept as it fits your skills, mission, manageability, and potential for return.
This content was originally published here.