It’s no secret that today’s traditional publishers are struggling. The long-held business model isn’t working anymore and innovation has become the new holy grail.
The larger the company, the more difficult it is to react in a timely manner to the rapidly changing market and demands.
One publisher that leads the way is Thomas Nelson. Their CEO, Michael Hyatt, has a blog, he Tweets and has the ability to come across as very personable. He talks about issues such as why authors need platforms, but he is also very forthcoming about the corporation, the publishing industry and the challenges.
One of the innovations they came up with is NelsonFree, in which the purchase of a hardcover book includes an e-book and audio book.This offers additional value to the customer without additional cost.
While everyone is scrambling to hang on to their market share, it makes good sense to look for ways to differentiate yourself. But that alone is not enough if people don’t know about your unique propositions.
I would not have known about the program except for Michael Hyatt’s informative blogging and Tweets.
Who in publishing do you think is leading the way or using innovation to maintain or grow their business?