Maryanne G. Jensen, Esq.Massachusetts CLE

Boston, MAUSA

ACLEA 46th Annual MeetingJuly 24 – 27, 2010

New York, NYUSA

HOW TO GET A BETTER RETURNON YOUR PUBLISHING

DOLLAR$$$

REGULARIZE THE PRODUCTION SCHEDULE AND SET REVENUE GOALS

Establish a monthly revenue goal; phase titles throughout the year to meet that goal.

Measure performance by looking at your current year’s activity in relation to the previous three years.

Plan projects so that you have a 10% “buffer zone.”

EXPLOIT TITLES WITH THE GREATEST POTENTIAL FOR FINANCIAL SUCCESS

Identify your bestsellers.

Frontload the production schedule.

Solicit book reviews.

Write press releases.

Plan a program around the new book.

Start planning the next update the day the new book goes to press.

EXPLOIT TITLES WITH THE GREATEST POTENTIAL FOR FINANCIAL SUCCESS

Get new books into a schedule of regular updates – the earlier the better.

Perform a makeover on each average seller in your collection. See every scheduled revision as a fresh opportunity to transform the

title into a bestseller.

Pour the same energy into marketing revisions as you would do for frontlist titles.

Consider as a “sunk cost” the money you spent publishing titles that never took hold in your marketplace.

APPROACH DISCOUNTING WITH CAUTION If you offer discounts on books, consider whether you are

leaving revenue on the table. Consider setting time limits on discounts.

Pitch the discount message as a special benefit to a select group, rather than an across-the-board policy.

SEGREGATE YOUR PUBLISHING AND PROGRAMMING DOLLARS View each program event as an opportunity for back-of-the-

room sales of publications on related topics.

Promote books most aggressively to customers whose attention you already have captured.

BEWARE OF “FIXED-COST CREEP” Cost-cutting initiatives that can impact margins may include: eliminating chapter tabs using generic book binders eliminating authors’ firm affiliations on our chapter title pages consolidating volumes using a 6 X 9-inch page format not indulging authors’ and editors’ formatting whims training copy editors to perform both formatting and copy edit eliminating cite checking stages Ask: “Will this cost-savings measure result in fewer book sales?”

KEEP AN EYE ON STAFF TIME PER PROJECT Consider assigning projects to staff attorneys based on their

past work on a title.

Do not underestimate efficiencies (and good will) that result from long-term staff/volunteer relationships.

Train publications attorneys to balance their time among the three major activities: immediate title development launching for the next six months meeting fiscal projections for the given year

TREAT NONPAYMENT FOR BOOKS AS ANY OTHER UNPAID BILL

Don’t worry that sending accounts to collections will damage your relationship with your customers.

Do work with a reputable collections agent – setting ground rules for communications with your customers.

Screen the collections firm.

Track the success of pre-publication postcards to determine whether they impact customer behaviors enough to justify the printing and mailing costs.

CONCENTRATE MARKETING $$$ WHERE THEY HAVE THE GREATEST IMPACT

Consider tracking these categories: sales from personalized letters to targeted potential customers in

practice area sales from print brochures sales from Web site sales responding to weekly emails sales from incoming calls sales from incoming mail order forms sales from incoming faxes sales from Bookstore (or on-site) orders sales from events (e.g., annual meeting)

CONSIDER THE IMPACT OF E-BOOKS ON PUBLISHING SALES Track your customers’ purchasing behaviors and compare

purchasing trends for online products with print purchases.

Determine whether your online product is suppressing print sales or prolonging the “ramp up” period of a new title.

Adjust sales projections based on what you learn about customer behaviors from tracking sales of online and print product lines.

Determine what percentage of new sales are conversions. Determine the churn rate.

Thanks for attending!

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