Focus On Figures: The Use – And Misuse – Of Market Research Michael K. Norris Senior...
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Transcript of Focus On Figures: The Use – And Misuse – Of Market Research Michael K. Norris Senior...
Focus On Figures:
The Use – And Misuse – Of Market Research
Michael K. Norris Senior Analyst/Simba Information
Editor/Book Publishing Report
Topics Of Interest
• How To Destroy Your Business By Misusing Market Research
• How To Use Market Research To Make Informed Decisions And Gain A Competitive Edge
Mistake No. 1
• Not Using An Independent Source
Mistake No. 2:
• Seeking Out Only A Certain Finding
Ask Me No Questions…
DON’T ASK:
• “Why Are Licensed Titles The Hottest Growth Area For Your Company?”
DO ASK:
• “To What Extent Do You Publish Licensed Titles?”
• “How Does Your Licensed Book Program Compare To Last Year?”
Mistake No. 3:
• Oversimplifying The Findings
Title Output By Category
Category New Title Output 2004
New Title Output 2003
% Chang
e
Biography/Autobiography
5,861 7,706 -23.9%
Business 4,782 5,399 -11.4%
Computers 7,933 10,329 -23.1%
Cooking 3,107 2,936 5.8%
Graphic Novels 2,166 1,683 28.6%
Religion/Inspirational 11,658 10,343 12.7%Source: R.R. Bowker’s Books In Print
Mistake No. 4:
• Not Putting Data Into A Historical Context
Est. Business Book Revenue(in millions, U.S.$)
$845.1
$828.6
2005(P) 2004
Source: Business Of Consumer Book Publishing, 2005
Est. Business Book Revenue(in millions, U.S.$)
$845.1$828.6
$817.2$833.9
$911.0
2005(P) 2004 2003 2002 2001
Source: Business Of Consumer Book Publishing, 2005
Mistake No. 5
• Not Using Research To Balance Short-Term Strategies With Long-Term Growth Plans
Final Point…
Research Should Guide Business Decisions, Not Make Them