16 Tips for Steering Your Company Through an Evolving Industry
8. Keep a tight rein on receivables and cash flow.
It’s even more important today than ever. (Check out the tips for improving your cash flow on page 37.)
9. Strengthen your Internet business model.
Free is what people want, but free is not a good value proposition. Many publishers—primarily scientific, technical, medical and professional publishers—are successfully monetizing their content through the use of subscription models, payment for downloads, and other such strategies. Trade publishers are having a much more difficult time implementing such strategies because buyers only want defined pieces of content, and they don’t want to offend their regular retail and wholesale customers. Some, however, such as Harlequin, with a defined niche, do seem to be making inroads in this direction. Still, the question is one that all publishers continue to grapple with.
10. Take advantage of digital.
Digital is facilitating a broader and faster distribution network, thereby increasing sales potential for products. It also enables the purchase of pieces of content, such as chapters, which expands the revenue potential and base of products.
TIPS FROM …
Marji Ross, president and publisher, Regnery
Regnery Publishing (Regnery.com) was founded in 1947 with a mission to contribute to the rebuilding of Western civilization after World War II, publishing works of cultural recovery, including establishing and sustaining the postwar conservative intellectual movement in America.
11. Be relevant.
It is increasingly challenging for a book and an author to be relevant and unique, and for any book to stay compelling over a long period of time. Certainly, for our market, the presidential election affected our business. As we got closer and closer to Nov. 4, the media was more and more unilaterally focused on the presidential race, and we had to work even harder to make sure our books and our authors were relevant.