26/10/2020
The value of the backlist was highlighted as part of a wide-ranging discussion around the importance of data to publishing at last week’s BookUp Online.
Justin Ractliffe, Publishing Director of Penguin Random House Australia, revisited his 2019 Copyright Agency Fellowship report on Consumer Insights in a fascinating conversation with publishing industry veteran and commentator Mike Shatzkin.
In a session which highlighted both the threats and opportunities witnessed in other book markets like the United States, Justin and Mike discussed how publishers can utilise the power of data to not only survive a changing media landscape, but to get the upper hand.
With a growth in backlist sales seen by many publishers during the pandemic, there was plenty of discussion around the importance of deeply knowing and understanding your backlist. There’s great value available in being able to manage your backlist, and having the resources available to capitalise on opportunities that can arise long after publication and the value in being able to promote backlist titles to niche audiences as they arise.
As COVID-19 has exacerbated some of the extant pressures on the industry - particularly the shift to online retail - Mike and Justin stressed the importance of changing the way you see publishing if you hope to survive the shift - particularly across marketing, publicity and sales. They also dived into opportunities to change how you publish in the future, and the opportunities that data can provide in highlighting areas of consumer interest where there could be unmet demand.
Managing and making use of your data was also highlighted as an area highlighted for investment. Not only for managing titles, but also the huge value of contact databases whether they be readers or potential readers, media and bookstore staff - particularly when combined with additional information on their reading habits and interests.
They finished by exploring how publishing is so different to other industries in being able to use data to predict success, with Justin noting that “data can help us make those guesses a little more educated, but part of the magic of publishing is that nobody knows”, while Mike emphasised that given the volume of books published there’s actually very little risk involved in trying and testing new approaches in their promotion.
Justin's report titled Instinct, Input and Insight: Reader-centricity in Publishing can be downloaded from the Copyright Agency website while members can
watch back this and other BookUp Online sessions here
These events as part of BookUp Online have been made possible by the
Copyright Agency Cultural Fund, and BookUp will return in April 2021 with plans for both an in-person and online conference ahead of Sydney Writers Festival.
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Read more about the other BookUp Online sessions: