The Book Pre-Order Market
As we have previously discussed in other blog posts, there are a number of ways to market a book. An additional strategy is the ‘Pre-Order’ market which is a great technique to boost sales for businesses. Pre-ordering a book is when you release the option to order a book online or in a bookshop that has not yet been printed. The strategic technique is aimed at creating a buzz or ‘hype’ around the book before it has even been released to increase how much the book is being talked about. Customers will have to pay for the book prior to its release which allows them to ‘reserve’ a copy and then receive the book as soon as it is released.
There are a number of techniques to pull off a successful pre-order release which must be considered or else there is risk that you will not receive as many sales as anticipated, resulting in a great loss of money with no publicity for the book.
It seems there are a number of approaches you can take when building a pre-order market:
· Promotion- Everyone loves a good bargain so adjusting the pricing for the pre-order market with a discount is a great way to push up sales. If people are aware that it goes back to full price when the book is released, they feel more inclined to buy it earlier to save money.
· Planning- Creating a plan and timeline of events is key in order to time the buzz of the book, the resulting advertisement and the launch date.
· Marketing the pre-order market- Emailing the customers on the database about the exclusive offer on the upcoming pre-order book launch.
· Campaigning- Just like the launch of the book itself, the pre-order market needs marketing and awareness brought to potential customers through advertisements.
· Exclusivity- Offer customers a section from the book or a chance to win a competition prize so they feel as though they are getting more for their money.
· Countdown- Using the website and social media pages, have a countdown with regular posts reminding people in order to build excitement.
The pre-order market does not always run smoothly for some businesses as the strategy can be risky, which is why it is more common for larger businesses to invest their time and money. This is because they will usually have a larger following and have the resources to market the release successfully creating a lot more publicity.
If a pre-order market is not campaigned successfully it can result in a loss of sales. There is no guarantee that the desired outcome will happen, for small businesses, it is not always worth the money risk as it could cause many dents to the company.
There is a large pressure to meet customers’ expectations, especially if the company is well known. If the expectations are not met it can result in a loss in the customer’s loyalty. The pre-order campaign must be perfectly timed otherwise excitement and interest in the book can be lost.
To conclude, we have seen that the book pre-order market can be a very good strategy to make early sales, particularly for larger businesses. This results in spreading the word of the book, converting into later sales. However, setting up a pre-order for customers is not simple as we have discussed and there are a number of strategies to take in order to ensure a higher chance of hype around the book and subsequent later sales.