How do I grow in a small market?
I've asked many questions here and the expertise on this platform has been really helpful in getting me the answers I need to start and plan my business. I am an author and editor of children's books. Maybe I am misjudging the size of my market, but I feel as though it is a relatively small marketplace. If that is the case, how can I grow? Or is there even room to grow in a small market? Thank you once again for your advisement.
I think you should focus on luring away customers from your competitors. As you said the market isn't that big (relatively, of course) which means your only way is not to grow the market itself but to entice current clients. How to do this? It's another question that deserves a separate discussion.
I think that in your case it would be a good idea to focus on content marketing. But not just experimenting with it, you should hire professionals to achiveve good results. When it comes to content marketing, I usually use Awesomic services to get all the visuals done and my manager takes care of launching the campaign. I assume you don't have an employee who would be capable of that so you can just hire a freelancer or do it yourself
There is really no such thing as a "Small Market" if you're doing things right. Take advantage of your social media accounts and start advertising there. You'll be surprised how big a difference it can make for your business. Here are some tips and tricks to grow your presence online.
Please let me know more about your books. Language, actual market. Bookstores, etc
I would recommend doing extensive guerilla marketing. Create a target list of every library, Montessori school, school district, pre-school, day care, etc. and offer to come in and do a free reading of one of your books. If you can create a free handout that helps the teacher's create a "take home" worksheet to send to the parents along that explains the message learned. If they will allow you to send an order form that shows them how to purchase other books that you have published, then do so. Make sure you are up on Amazon if possible as well and provide easy ways for them to order from you and provide you ratings online and reviews. If any of the day care centers are privately owned, you may be able to set up a table at a parent's night event. You could even sponsor a parent's night out and have a party for the kids, this would allow you access to the adults for drop off and pick up, since you would be paying for them to have a date night, they may be inclined to purchase a set of the books (maybe create a package deal). Just a few thoughts, you may be doing all of these things now!
To connect in small markets is very easy, be in touch with local businesses and you have to show your presence by contacting locals businesses and the association frequently.
Your presence matters the most and how you treat the businesses with importance and enthusiasm is the key to your success.
As you are working and taking care of kids; I believe you have already observed observed the behavior of the children's which is an advantage for you.
When it comes to the point of consumer behavior we always think couple of actionable parameters such as follows:
1. Who is the decision maker for purchase
2. Who is Influencing the decision
3. Who is paying the money.
I really don't know what kind of children's book you writing but have best wises and hope you have a grand sale out.
If you want to communicate for more insights
feel free to knock me up
Since you are writing for children, I would possibly talk to local libraries and even churches to do book signing and readings. The other is set up your book on Amazon both regular and digital. Set up as much social media concentrating on your books such as a Facebook page and Twitter.
Best of success, Gil
Well never see or address a market as a small. Every market has a potential for growth. Now let's deal with your problem as you are targeting young people you have to decide which age group you are targeting at. I.e. toddler, child ...Etc. After being concluded on the age group you start to meet the targets. To do that you can go to various schools to just give an introduction about your product, advertisments on mom's magazines...Sometimes mom or dad may buy books for their kids. Just purchasing a time slot in kids network would help you to catch attention to your product.
If you feel that you'll have to live off a small market there are a couple of tricks that might help you:
1. Create something that requires monthly subscription - this way the same clients will continue to pay you each month.
2. Create complementary products (cross-selling) - and sell them to the same clients. For ex. If you write books, create stickers with the characters, or colouring books, etc.
3. Create collectibles and sell them to the same clients.
The basic rule is to find something new to sell your clients to keep the money pouring.
Just a suggestion - Could you perhaps expand your market by exploring editing children websites & hold training sessions for kids at schools?
You can definitely grow in a small marketplace; but it's important to note that in order to grow, you may have to re-market yourself. There are plenty of folks that both author and edit childrens books, many of which are on specialized platforms like Elance and others of that ilk. I just did a basic "Childrens Book Author" search on google and it came back with over 60 million returns so, I'm not sure if your market is small, or whether or not folks are using alternate marketing strategies. Are you looking to gain more clients to write or edit for, or are you looking to gaine exposure for your own books?
Have you written and published a book? I look at all your questions but I am really guessing you are asking more questions to us then writing to the kids.
You can grow in small market using 5 step
1-Quality of product should be high with attractive packing
2-complete feed back to your customers
3-Any one buy or not your customer service should be for every one
4-Be honest with your business
5-Use social media and forum site like Mosaic Hub in a effective and aggressive manner work hard on this segment
It is evident that the other commentators have provided some very insightful advices and have already clarified that the children's book industry is not a small market. If you are thinking a small market, you are probably thinking of yourself being in a saturated market with limited growth, which gives you the illusion that your market is small. Differentiation would be a very good approach to consider. However, in your case, you are in a very large market and in order to gain market share, you'll have to offer something new, different and attractive enough to add values that your customers are interested in. Market research will provide you with the information that you need to make sound decisions. You will need to have a clear idea on whether you want to compete locally, nationally or globally. You won't be able to differentiate your product until you identify your main competitors, then you can start thinking about what you can offer that will place you in a better position to compete with your competitors, in your market.
Hi Caitlin, before I began building WP websites and handling SEO for clients I wrote a middle reader. During that time I was teaching myself about the Children's Book Publishing Industry and how to market the book. (I am foremost a marketer) I found a place called VerlaKay.com, a forum strictly for children's book authors. It is a huge place and very busy and they know everything there is to know about publishing and marketing your book. I would highly suggest you join and take advantage of the free expertise, networking, and friendships you will make there. Good Luck!
I am wondering ...your market is the children, the parent of the children, or the author (from editor view point). I think make the above clear first before determine the size of the market.
At the beginning, marketing will be more critical to get a specific market to target on - to focus resource to shorten time to shape a viable business model. Once you are stable than start thinking of expanding within the market. Whatever market of the above you start first should be ok and I think they are rather quite big.
Horizontally, you are limited by physical location, culture & languages (though this will turn into opportunity if translation into different languages). Promotion mode may via electronic (which many people already provide very good advises) or traditional books signing events or other similar activities. Do the necessary considerations to choose the correct combination based on your resources to market your business.
I like to remind this - how you want the deliverable to be? a physical or electronic? Although your target customers are not Children, but the Children are the ultimate beneficiaries -therefore please design your deliverable with the Children in mind. If ebook not attractive ...how about video ...how about physical book?
Lastly, a quick dirty approach - you need to be very good in marketing to do this. First complete a book, then develop your intention to build a physical 3D book, ebook, video, and event perform a play on stage ...next promotion your intention into Cloudfunding organization such as kick-starter. Your sponsors will support all the costs of development + buy your packages + they become your first target market!
Without having done any market analysis first hand, I found this on the web by doing a quick search , quoting: "The market for children's books is huge: Consumers buy $3.1 billion children's books annually ..." And, judging from the popularity of Harry Potter series, I could believe these statistics. I am in the process of writing several publications myself and developing materials for training workshops so I understand fully how building a business is very challenging. I read dozens of books from Amazon to bridge the gap when needed, especially on marketing techniques/platforms/practices. My recommendation is to first acquire basic knowledge on your own (independent reading), which includes doing independent research using the internet to develop a 10 page business plan for example (longer is unnecessary to get started in my opinion since it will change/evolve over time). The next level is to hire consultants/ experts to refine your plan to avoid unnecessary risks and costs (both business and legal). It's impossible to do it all alone so I call colleagues to help when I don't know and I can't find answers to my questions, remembering that some questions don't have answers. I think that the options for marketing products/services are too many, which makes it more challenging. Marketing options will depend on your marketing budget. At minimum, you will need an engaging website for your personal bio, a distinctive brand if you wish to form your own publishing company, and a trademark to cover the brand if you want to go large. We should get in the habit of thinking BIG! Also, I heard that selecting a particular niche for authoring is also a good idea. For example, my sister who is a nurse is thinking about writing books for children with cancer since she encounters many in her profession. Like most things, I believe CONTENT is everything so if you have the talent, you would be able to find others who will be able to help. I am building a network of colleagues and mentors because the process is more efficient when someone with relevant skills and experience can provide guidance or exchange ideas for collaboration opportunities. Reach out to an author who has been successful to mentor you. Best of luck!
Is your company publishing or are you yourself writing and editing? Because its two different worlds...If its the former, then your market is pretty small, most of children's books that I know of published by like maybe two dozen giant companies that own a bunch of smaller companies. If its the latter, then your market has the potential to be enormous, because you have the oppurnity to have E books and the like. Theres also local bookstores, and indie places in the world still, they are few and far between but invaluable resources for things like this.
But in answer to your initial inquiry, you can grow your company by doing many things. Reach out to existing publishers to see if they will partner with you, you can contact schools and colleges for publishing, or see if you can schedule story times and things. You can also promote your stories though Podcasts and E-pub. Don't forget about the power of social media. Behance for example, is an amazing site filled with graphic designers and artists, of whom you can contact for illustrations and networking. www.behance.net
But like any business, start with a business plan, and consider every penny. Brand your company and network your rear off! Always remember that very contact you have is a potential client or business opportunity. If you need help, Im always available for consultation. Feel free to connect at 914 920 9828 https://marthalynnlaskie.squarespace.com
The best thing you can do to grow in a small market is produce something that is different from all the other books out there, whether it be a niche subject you cover, or something along those lines. The way to set yourself apart in any business is to have something your competitors don't have, create your edge.