Small and large businesses are harnessing the power of analytics systems to track inventory, monitor sales, and identify their target audiences. These platforms are tremendously useful for increasing sales and efficiency, and retailers aren't the only ones who benefit.
Analytics and the Publishing Industry
Technological changes have forced those in the publishing industry to take a different perspective if they want to stay relevant in the future, and analytics will be critical for the way the industry conducts business from here on out.
Taking advantage of analytics will enable you to gather more data on your customers. This allows you to better understand customer preferences—physical copy vs electronic format,—when and where they are most likely to make a purchase, genre interests, and any number of other critical data that can be used to increase sales.
The use of analytics for advertising purposes will be a significant source of revenue, as analytics will help segment markets, create pricing structures aimed towards those markets, and allow personalized recommendations and advertisements to be sent to those markets.
Determine Which Format Is best for Your Market
Not only can the data tell you where a particular genre is selling best, it can tell you what format is preferred regionally. Prior to e-books and analytical platforms, publishers had to take a risk when printing books. If the books didn't sell, they were sent back to the publisher or author, wasting thousands of dollars. E-books have given authors the ability to publish digitally and convert to print versions using a print-on-demand service. When readers want the physical version of your book, all they have to do is ask for it.
Gain Past and Future Insight into Your Book Sales
Through analytics you can explore the past and future of your book sales. Look at historical data to see how well your book sold during a certain time. Did your book promotion tour lead to increased sales in the following quarter? Did it sell better during a particular season or holiday? You can also look at the overall history of your sales, which makes it much easier to identify whether your sales figures actually met your goals for the year. Or, peek into the future by looking at trending genres, books, and authors. Find out which authors are bestsellers in their genres, and which authors are on the rise.
Analytics platforms are changing the face of the publishing industry. By monitoring sales and distribution chains, publishers can see where and when their books are selling best and identify the key factors behind sales slumps and spikes. This increases efficiency and budgeting significantly and gives you the power to market your books effectively.
How does this benefit you? Find out which books are trending and where. If you haven't thought about distributing your sci-fi novel in Germany, but you notice there's a huge market for it, you now have the insight on where to focus your marketing efforts.
Or, perhaps you're thinking about publishing your newest gourmet cookbook but aren't sure where to start. The analytics platform tells you where cookbooks are selling like hotcakes.
What Does CoreSource Do?
CoreSource, offered through Lightning Source and Ingram Content Group, has developed an analytical platform featuring reporting hand-tailored for book publishers. Combining a worldwide distribution system with powerful analytical tools gives publishers an edge over the competition, whether a large-scale publishing company or a self-published author. CoreSource can provide any of the valuable information discussed above and more.
At its very basic functionality, CoreSource allows you to embed print metadata in your digital book files. This means when and if it comes time to convert your book to a print version—say if you're selling to brick and mortar bookstore —all print metadata will be automatically converted. That's not the only thing this platform does. The online platform offers complete control over storing, managing, and delivering your book. The analytics component can be used in many ways—libraries, publishers, and individual authors can use this area of the platform to develop deep insight into their books. Take a look at how this can be used for each.
With Ingram Content’s CoreSource Analytics Tool, all this sales information about your book, across all retailers, is delivered in one easy-to-use interface. No more separation between distribution, sales monitoring, and publishing platforms—they're all in one place. From ensuring your book is still live and ready for sale with a particular retailer to receiving alerts on questionable transactions, CoreSource gives you complete control over every aspect of your digital supply chain. Not using CoreSource? Find out how you can join the market leader to take control of your metadata and digital asset distribution today.