Common Challenges Faced By The Book Publishing Industry

Books have been present around us for many centuries and almost in the last two decades the classic format of paper and hardcover books are fighting for its continuation along with a declining trend in its value. Now to get a book published is a painstaking path as the competition is becoming fierce day by day.

Using the age-old methods by the book publishers will not help them anymore as the affinity towards the digital format of the readers is on rise and one of the main challenges for the book publishing industry. There are many hindering factors and these can be termed as book publishing challenges.

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.

But the challenges faced by the book publishing industry are much more intense especially with changing mediums of consumption by the readers.

The prime challenges faced by the book publishing industry are:

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.

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. Piracy –well online piracy is an issue of big concern, for publishers and authors too. Millions of bucks are gone into the bin because of privacy in the digital medium. But because of the ever increasing demand of the books publishers are forced to adopt this method. If a book is freely available on the internet then it will affect the sale of the book as who will buy it if it can be downloaded for free. To avoid this publishers as well as authors should connect to the audience directly via workshops, webinars, etc and share the legal link with them where your book is available so that they can buy and read it.

As we discussed above, both the book publishing challenges and book publishing industry challenges, they both are intermingled with each other. But it’s still not an obsolete format, in fact for avid readers the experience of reading a book is very important. So, for such an audience we need to save the book publishing industry. This can be done in the following ways highlighted below.

How to Save the Publishing Industry

Well, the trends of book publishing show that people are deviating towards other means of reading rather than the classic paper and hardcover format. One of the main reasons is digitalization, as the medium of reading is evolving and the book publishing industry is facing so many issues like stagnant book sales, lesser profit margin, higher discounts, falling prices, etc all these factors are creating a polarized atmosphere for writers and authors, especially for the new and budding ones. This trend is not good for the audience (book readers) as it leads to a rat race between authors to become the best seller by compromising on content. So, to overcome these issues and to save the publishing industry these measures are important, which are mentioned below:

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.

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.

Also Read – 5 Common Book Promotion Challenges

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.

5. Don’t pile stocks And Publish Fast: printing on demand might be a bit costly process in the printing world but actually it saves in the long run. Because stocking up the books is a lethal practice to save money for printing. Publishing fast especially in the genre of non fiction books on current affairs, news, rising trends can help in encashing the opportunity.

Every medium is important to survive in any form of business or work. With changing technology, humans are changing their years old habits too. Once book lovers and book worms have shifted to podcasts, ebooks because of changing times and ease of getting the product to an individual’s end, are one of the reasons for the decline in printing and publishing of books in the last decade. Book publishing challenges and book publishing industry challenges can be overcome with innovative ideas within the digital world only. As we all know that social media is one such platform that can help publishers to reach millions and sell the book in the classic format of paperback and hardcover. Thus helping in continuing the ages-old method of reading alive and intact.