With the prominent decline in print advertising and the overwhelming popularity of online media and other traceable online marketing opportunities, it is no wonder that organizations are moving away from paper-based models and investing in digitalization of their businesses.
It’s important to note that though there is an obvious need for publishers to provide content in ebook format to fulfill consumer demand; consumers are still buying print books as well as ebooks. However, focus needs to shift towards developing digital portfolio and devote resources to bring next-generation interactive experience to multiple mobile devices.
Digital developments are a challenge. Understanding new trends in the publishing industry, such as mobile learning projects, ebook delivery methods, commercializing data and establishing analytics services are crucial to the big question of how to monetize this transition of the publishing industry.
Mobile is the future. The coming years will see more independent publishers launching digital-only publications specifically for tablet and mobile devices. As the mobile and tablet industry matures, social media engagements will have to move beyond “likes” and comments to empowering consumers to share their opinion, content and engage with brands.
Content is currency. Delivering content via mobile apps and social media is becoming more popular every day; this transition offers publishers a much stronger opportunity to invest in end-user satisfaction and successfully monetize content for numerous platforms.
Pearson, for example, has been one of the few publishers that has embraced digitalization with open arms. Recently, it has invested in adopting lean user-experience and lean start-up models to develop accounting education products which will integrate pre-built social networks with educational material. This mode of content curation across platforms will provide relevant content to students with a game-like experience, where students react to feeds while role-playing accounting scenarios.
Data interpretation is the key to wider audience satisfaction. As part of developing digital services, publishers are acquiring analytics start-ups to strengthen their technology stack and at the same time measure the effectiveness of online and digital services. Earlier in April, Elsevier acquired Mendeley, which supports storing, sharing and the recommending of academic content to over two million people; its sophisticated analytics provide data on sales rates and can show measurable proof of online successes or failures. With Elsevier providing the content and Mendeley supporting analysis of distribution, the company has opened up an array of potential investment opportunities as well as created a window into what content customers are using and how they are using it.
The challenge for publishers and marketers today is to embrace these emerging technologies and find that right formula to use the trends for a complete digital transformation. As schools in the UK and in America move towards more digital and online learning experiences, academic publishers look to invest in multi-channel digital content distribution, acquiring sophisticated analytics tools and consolidation of profitable services.
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