Maybe divine intervention will reverse the profit slide for religious book publishers. But industry experts believe it also would be prudent to consider scaling back on titles, reducing returns, making intelligent use of data, investing in digital opportunities and otherwise adapting business models for future success.
With a battered economy dragging down just about every retail sector, a salient fact making headlines has been the ability of discounters to maintain sales growth—a sure sign that the “Wal-Mart Effect” has permeated every corner of the business world, and that raising prices is probably not the way to realize profits. This leaves cost-cutting, which, for obvious reasons, book publishers would like to pursue aggressively without sacrificing either product quality or valued employees. Here are some tips from a cross-section of the publishing world for reining in costs without sacrificing too much in the process.