Recession, Marketing, and the Publishing Industry

Publishing is an industry of storytellers—from the authors we publish to the marketers that get us to buy their books. While it’s important to believe in the stories we tell, it’s not always beneficial to believe all of the stories themselves. Case in point: the story’s long been told that publishing is a recession-proof business. A little research can tell you that this story might not be entirely of the non-fiction variety.

 

During that other recession in the early 1990s, The New York Times ran this story full of less than positive assessments of the industry by the very people hoping it turns out ok. There’s a widespread belief that during an economic recession books offer a cheap and accessible form of entertainment, but the latest Publishers Weekly reports that Amazon, the behemoth of all things retail is showing significantly slowed growth. It raises the question that if consumers don’t have money to buy most things, why would they have money to buy books?  

 

The slow foot traffic at Frankfurt this year might be an indication that the industry itself is feeling the crunch. According to this insider blog from the UK’s Guardian newspaper, “There are fewer exhibitors here than there were last year (7,373 compared to 7,448), and a recent survey of 90 German publishers shows that business was down 3% in Germany over the first nine months of the year.” Luckily, the same blog goes on to describe some of the optimism coming out of the industry.  

 

There is actually plenty to be optimistic about. Publishing isn’t all that different from many other industries. After all, we have a product that we’re trying to sell to a consumer. And many experts say that, while a recession might mean slower sales, it also means opportunity. According to this article from Folio Magazine that asked several publishing professionals their approach to marketing during the recession, “a downturn is the time to reinvest and gain market share while competitors fall back.” Essentially, a recession is the time to up your marketing efforts, because the playing field has shrunk. In publishing, this especially holds true for small publishers competing for attention amongst each other. Harvard Business School professor John Quelch agrees, claiming that, “This is not the time to cut advertising. It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times.”

Another Folio article details some Recession Marketing Strategies, which include ideas like, “Don't cut your advertising budget, increase it,” “Develop a strategic marketing plan,” and “Maintain continuity to sustain awareness,” among others. 

 

While publishing might not be as “recession-proof” as we’d like, a creative industry like ours has more than enough resources to weather the storm. And even though a time like the one we’re facing right now, there’s still plenty to be optimistic about. To learn more about getting the most out of your marketing efforts, click any of the links in the above article, and also check out MediaPost.com’s “Marketing Daily” column. If you have any ideas or techniques that have worked for you that you’d like to share with our readers, please email me, and I’ll spread the word.