How to make money as a Book Publisher
Publishers and authors make money from book sales through various ways. Advances in commerce and communication in the digital era have provided more opportunities for publishers to expand their sales channels and targets. Whether it is the traditional or self publisher, books are sold in a wide variety of ways. Here are the major ways book publishers make money.
Direct book sales
This refers to sale of books by publishers direct to consumers. This could be through physical consumer-facing market place or online platforms. Ecommerce platforms and some other channels including social media accounts make it possible for publishers and authors to use this sales strategy for a rewarding experience. Certain benefits come with direct to consumer book sales strategy. They include higher profits, since retailers and sales agents have been eliminated and the publishers keep the commission they would have given the agents; direct connection to the reader which provides opportunity to create a productive relationship with readers; collection of useful customer data such as email addresses, demographics, buying habits and such analytics that could be needed in future; and increased brand recognition as the consumers can connect the publisher with a positive reading experience. Selling direct to consumer means books are sold at a substantial discount compared to other kinds of retailers. Since the publisher or author is selling direct to consumer, they can play around with the price just to ensure quick turnover.
Selling books online, direct to consumers, helps to start building a reputation for excellence which could keep readers coming back for books marketed by a particular publisher. Direct book sales are mostly done via an online bookstore, usually connected to a publisher’s or author’s website, a blog, or social media platforms.
Publishers and authors expand the opportunity of higher profit through direct sales by creating books in different formats. These include digital, paperback, hardback, audio only, or audio/visual formats. This ensures the book reaches a larger audience, since each consumer could make a choice of the most comfortable way to access the book content.
Big Box Stores
This refers to sale of books through superstores. They are also called “big box stores” (Blaisdell, 2018). The term “big-box store” refers to a physically large retail establishment, which is usually a part of a bigger chain of stores. Examples of these big box stores include superstores such as Walmart and Target, as well as warehouse clubs (retail stores that sell a wide variety of merchandise where customers may buy large, wholesale quantities of the store’s products). The basic feature of warehouse clubs is that they sell merchandise in large quantities and are attractive to both bargain hunters and small business owners. Popular ones across the globe are Sam’s Club, Costco, and BJ’s Wholesale club. In Nigeria, PricePoint is a major warehouse club but sells to only members. Publishers can sell books through warehouse clubs or super stores. There are specific superstores in various countries which are channels for book sales using this strategy. In Africa, for instance, Shop Rite is a big box office for book sales with presence in a number of countries. Specialized distribution companies are used to deliver books to these types of stores. The stores each have a supply chain through which books are delivered to them and these books are sold at a substantial discount to consumers. Big box offices also have online platforms for books sales.
Independent Bookstores
These are retail bookstores that are independently owned, unlike chain stores that are scattered in several places and owned by large corporations. Most independent stores typically consist of only a single actual store (although there are some multi-store independents). They are either structured as sole proprietorships or closely held corporations or partnerships with a small number of shareholders). You find them in cities and they are destinations for many book readers. Owners of these stores sometimes have agreements with distributors they give books for sale in large quantity. Others sell to independent book buyers. Books are sold at both discount and at full price in these stores. Independent bookstores are closer to the people than big box office stores, in terms of availability within a neighbourhood (though not as close as local bookstores). They also sell through their websites.
Libraries
Books are also sold through libraries. Publishers supply their books to libraries which then sell them to customers in various formats – hard copy, e-books or audio books. Books are also sold during national Library Association conferences which provide opportunity to present books directly to many librarians. Publishers also display their books at the exhibition portion of the conference and provide advance reading copies to librarians to encourage them to accept copies of the book for sale in their libraries. Authors, editors and sales staff often attend such conferences also so as to help persuade librarians to review and purchase books.
One major advantage of sales through libraries is the possibility of your book spreading fast among other libraries once one library picks it and starts recording good sales. If the library that has your book is selling it well and the check-out rates start showing up on reports, this will make other librarians to start ordering your book. This will translate to gradual growth and spread of that particular book’s sales and popularity. Libraries are good channels for sale of hard copy and ebooks.
Online Retail
Most other stores discussed earlier also have online platforms for book sales. There are major websites for book sales the most popular of which is Amazon which offers direct publishing option for authors. Sellers are charged a percentage fee when their books are sold on Amazon. There are several online bookstores and general retail stores selling books existing today. This development reflects the growing popularity of online book selling across the world. In Nigeria for instance, Jumia and Konga are among the top online retail stores that also sell books. There is also universitybooksng.com which primarily sells textbooks used in higher institutions in Nigeria.
Local Stores
Local stores scattered across a city and in markets also provide good avenues for publishers and authors to sell books. It could be strictly a bookstore or any other kind of store that sells diverse items, including a few choice books to enhance their businesses. It could be local gift stores, museums or stores at airport and transport terminals.
Author Events
Publishers and authors create avenue for books to be sold at author events. These are occasions where authors are engaged to speak, such as book launches, conferences, workshops, inspirational talk sessions in schools, and book fairs. In organized societies an author has to operate as a small business to sell their books. In such climes, authors have to register with local and state governments so that taxes could be collected on sales. At author events, books may be sold at a full or discount price. One major advantage is that the author or publisher makes quick cash at such events and connects with consumers for brand identity. This could be good for future book sales especially works authored by that author that was present at the event.
Conferences
Publishers, authors and book vendors display their product at seminar and conference venues. They arrive before every participant and have the books on display at various stands at the venue, lining up with interested participants as they arrive. This is very common in Nigeria for instance, just like in other parts of Africa where academic conferences and workshops are held and book vendors arrive at the venue with books that are related to the discipline hosting the conference.
(Adapted from the Book: Media Economics and Sustainability)
