Data is the buzzword in publishing today. In this tough retail market, to get the edge, publishers need to use market data to get ahead. To compete.
Meta-data, Big Data, Amazon data, SEO data, NPD Bookscan data, PubTrack digital data, AAP data, Data, and more data.
Datapine has an article on “The Best Big Data” books. The managing and use of data can get overwhelming. But it must be managed.
It is a core competency for all publishers. The numbers will set you free. Open up opportunities. Publishers are competing for the attention of the consumer today more than ever. Using the trove of information will help publishers be that much smarter about the market.
The 4 A’s necessary to use DATA:
- Accessible – the user must be able to get the data in digestible nuggets. To be able to “play with the data.” It also needs to be easy to read and analyze. There should also be transparency throughout the organization. Much of the systems and sites should be open to everyone. Never know when a new person, looking at data, might come up with an effective plan.
- Accurate – bad data leads to incorrect predictions. So, it is necessary to review the data and give it a check. Research is made difficult because of incomplete or inaccurate meta-data. It is frustrating and time consuming to manually fix. So, always question the data. It needs to be right. But, also don’t get bogged down to get “perfect” data either. Move on.
- Analyzable – the data must tell a story. The data needs to be put together and reviewed to find the patterns and the openings. Basic “gap-analysis” can uncover opportunities quickly. Help inform what to publish using data and where to target the titles. Come up with a plan of action. Make it an all year plan.
- Actionable – must be easy to execute. It also helps if the impact can be accelerated. Some of the hits can be immediate, others may take a year or so to develop. But keep them in the pipeline, so that each year there is a new plan to act on the data. A lot of data can be “that’s nice to know” but can not led to additional sales. There is value in the learning aspect, but is not immediately helpful. Those should be kept to a minimum.
A fifth A could be Amazon. To be used to increase sales on the site but to also to diversify sales away to other accounts. As Amazon wields data as a weapon, and as the account eats up market share, publishers have responded by building up their resources.