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New Product Launch [E-Book Plus]: Analysis and Business Plan


Phrases 5 | -   Freelance Writer
May 09, 2017 | #1
Executive Summary

With digital media becoming the industry trend for media distribution, there has yet to be a full revolution for electronic books (e-books). Though the market has presented itself, it has not been embraced by consumers in the same way in which digital music has become standard in Mp3 related technologies. The technology for electronic books already exists, however, with extended features and additional content not available in the print media format, it is possible to entice more customers to download digital e-books and also potentially entice people who have purchased the standard print format of a book to also purchase an e-book to receive the additional content. DVDs have been using extended features and additional content to entice buyers to want to own the film and to regenerate interest in a film in which the consumer may have already seen or already own a previous copy. By taking this same concept and applying it to e-books, it is estimated that a considerable amount of more attention can be focused on e-books and generate interest in this growing division of media distribution.

E-Book Plus: The Content



E-Book Media MarketE-Book plus is the product that will take electronic books to a level that is more in tune with the demands of the Twenty First Century Consumer. Consumers live in an age of high definition television, push of the button convenience and multi-media dimensions. An E-Book Plus would have the standard written content of a conventional book plus: additional image, additional content (extra forewords, prefaces and afterwards), interviews with the author(s), visual aids, interactive media, audio content and an infinite number of additional material that is related to the work of that author. Though some author's have been skeptical of digital media because of its potential to be reproduced without compensation to the author, additional author friendly mechanisms like book previews and introductions to other work by the same author could be used to gain critical inside support for such a system. It can also be stated that print media has a harder time captivating younger audiences, particularly those who have grown up with Internet. In those situations where a book may not entice the young modern dweller of the information age, an E-Book Plus would be better to suite the expectations of the young consumer. For example, a fictional book that blends multimedia elements that could easily be transported on any electronic media device could erase the "boring" stigma many young people have on traditional print book media forms.

On an educational level, it has been common knowledge by educational professionals that the best learning mechanisms are ones that are auditory, visual and kinesthetic. In this capacity, E-Book Plus adapted for school and general classroom use could traditional written word, visual imagery and active movement to better convey information and concepts. For students who are visually impaired or who have learning disabilities that make reading difficult, the E-Book Plus would also have "read aloud" options where auditory media that actually reads the word content could be employed by the user as a learning scaffold. For those who are not learning disabled but who are low on time, E-Book Plus formats could also be used like an audio book in or outside of automobiles. A book could potentially be read to an individual why they are commuting to work.

Marketing Environment Analysis



There is a demand for E-books, there is a demand for digital media in all forms and there is a demand for print media. E-Book Plus combines all of these existing demands and puts them into a singular product. The marketing environment would have to be a three themed structure. Portion (A) would be a more general portion that would draw people who may not have otherwise been interested in purchasing books or perhaps only marginally interested in purchasing books. Portion (B) would be those consumers who are already considered or users of E-books [The E-Book Plus would then further add to their satisfaction with the product]. Portion (C) would consist of those consumers who are already in the market for books, but could be enticed to try an E-Book Plus or who would purchase and E-Book Plus in addition to general print books in order to gain the additional information. Marketing for E-Book Plus would necessitate created a brand and then putting the brand in places where people who buy books look and also in places where people who do not buy books look. E-Book Plus marketing could effectively employ marketing in radio, TV, the Internet, print media, newspapers and other non conventional areas that are directly linked to print media like libraries.

Potential Customer Segments



From a marketing standpoint, the book publishing trade constitutes a 40.3 Billion dollar a year industry that can be divided as follows: Adult Trade (27%), Juvenile Trade (9%), Religious (6%), Professional (22%), Scholarly (4%) and College (14%) (Trends 2009). In each of these niches, E-Book Plus content and marketing efforts could be used to generate interests in all of these sub categories. In addition, general marketing would be used to drive new potential consumers toward these categories that they otherwise may not have been interested in if offered only in standard print book format. The specific marketing for each of these categories would be aimed at explaining additional benefits to the standard print form. For example, the adult trade E-Book Plus would offer - audio additions, additional material, author specific content/interviews and other features. The same would be used in the Juvenile Trade platform. For the younger consumers, the extended content would be equivocal to the content of the book and be more age appropriate in nature. For example, songs and sing along elements could be added to a children's E-Book Plus. For younger consumers on the educational level, the closer that the E-Book Plus comes to being entertainment media the more likely it will be that they enjoy and embrace it. If it seems like they are not learning and doing something fun instead but learning is actually taking place, an astounding motivator has been reached. Such an element would be easily sellable to parents, teachers and other educational stakeholders.

For the Religious, Professional and College dimensions, the E-Book Plus could use the afore mentioned auditory, kinesthetic and visual learning elements that have been proven efficacious for retaining information. Since these types of content are for learning purposes, linking them with sound multimedia learning principles would only make their intended usage more potentially effective. For scholarly research, E-Book Plus could offer researcher explained and demonstrated experimental processes. This would better enable future researchers to replicate the experimental process and extend the literature available from a given field without the potential ambiguity that would be possibly present if only words were used. For students and potential researchers, the scholarly E-Book Plus would be as close to being able to interact with the actual researchers as possible at the present time in a mass media distributive dynamic.

New Product Verses Competition



The only real direct competition for the E-Book Plus would be regular E-Books. Generally E-books are confined to respective e-Reader. The E-Book Plus, however, would not be reader specific and instead would operate with e-Readers and standard PDA devices. Readers would be able to use E-Book Plus on Blackberry devices, iPhones, iPods and other forms of popular personal media products. Virtually any portable device that can either connect to the internet or sync with a computer would be potentially compatible with E-Book Plus. The vision for the E-Book Plus would be compatible with many machines, however, accessing all of the additional elements will be contingent on the ability of the machines. Popular E-Book readers on the market now include: Amazon's Kindle, Sony's PRS-500 and Bookeen. For the E-Book plus to cater toward the existing audience, they would also have to be compatible with such devices. For conventional E-Book readers, the competition would be marginal as essentially the E-Book Plus has the same content as an E-Book. The price could actually be the same in most cases [unless specific media requires more money for licensing] as the overhead for distributing and producing E-Books is non existent.

Once the product is finished, it doesn't have to be manufactured per say. It can simply be distributed electronically to databases that will broker the transactions. Though there are different prices for E-books, around 10 dollars is the standard rate for a full book and once downloaded, the reader instantly has access to their purchase much like the popular iTunes model for music. Historian Howard Zinn, for example, has a book called Twentieth Century that can be purchased through the Kindle store for 9.99 . A similar work by the author, A People's History of the United States, sells on Amazon for around 25 dollars. In this regard, the E-book format is a great deal cheaper than the conventional counterpart. The E-Book Plus would also retail for around 10 dollars as well. The profit margins for publishers would also be higher due to the single nature of the product creation through the elimination of the manufacturing phase.

Distribution



The primary distribution mediums for E-Book Plus would be Internet retail websites. In this model the distributor would take a portion of the profit made from the product. It is also possible that the publisher could have E-Book Plus available straight from their website thereby eliminating the middle person if they so chose. The suggested model, however, would be to make agreements with Amazon.com and all other online vendors that typically carry E-Books already.

It would also be potentially advantageous to reach out to iTunes and popular digital music website distributors to tap into audiences that may not be commonly surfing on book related websites. While this is the general approach to distribution, there is also ways in which to bridge the gap between a physical product demand and the E-Book Plus phenomenon. This method would be the download card. Much like a gift card or the download cards provided by iTunes, a small credit card with the title of the book and book cover on the front and the E-Book Plus extended content on the back can be sold at books stores, coffee shoppes, libraries and possibly even vending machines in certain locations.

One of the main problems associated with E-Book platform is the impulse buy and perusal factor that is generally associated with large retail book chains like Borders or Barnes and Noble. At such chains, E-Book Plus could be put by the counter in a display that would capture the customers eye. For gifts, it would be an effective and easy to transport method for giving someone a book. They could be sent in cards and they can easily be carried in a purse or wallet. Once the card is given to the individual or taken home by the consumer, a scratch off number would be present that would give the consumer a 1 time download of the product from the designated website(s) listed on the back. For these versions of E-Book Plus, it is very likely that the download platform would be directly from the publisher. Even if these were the only ways to get E-Book Plus directly from the publisher, that would still be a sound method of distribution. It is necessary to note that there would be additional cost in manufacturing the cards and making the number system so the books could not be downloaded multiple time. Regardless, however, the cost per unit would still be under 1 dollar per card that would sell for 10 dollars thus offering a potential 900% profit margin per unit sold. It is estimated by the researcher that having physical copies of the E-Book Plus available in download card form would greatly enhance the entire E-Book platform and allow for users to become familiar with the product. E-Books are still unusual to people, having marketing and download cards available will increase the visibility of the product and make consumers more confident in the legitimate nature of the platform.

E-Book Plus Overview



To rehash the E-Book Plus platform, the following specification parameters would give an accurate overview of the salient characteristics discussed:

Product: An E-book with additional features and multimedia potential for extended content

Brand: E-Book Plus

Price: Around 10 dollars per unit [consumer purchase price]

Communications

Mix: Traditional online digital media distribution, content targeted to specific book audience.

Distribution

Channels: In pure E-form: Amazon, publisher website, iTunes other online download source. In Download Card mode, Book stores, coffee shops, libraries, specialty stores catering to the book subject. [i.e. a Christian gift store could offer E-Book Plus forms of popular Christian books]

Conclusions

At the present time, E-books have not captivated the consumer market in the same way in which digital music has. The problems with this are related to many contexts: familiarity with the technology, non standard readers and a new generation of readers more concerned with multimedia than print book reading. The E-Book Plus has the potential to assuage this situation. Though it not likely that the E-Book Plus will ever compete head to head with traditional book formats in the near future, The E-Book Plus can supersede the current e-book model and create a niche market demand for the product. In addition, it has the potential to captivate young readers and learners in a way that would be difficult with traditional print book texts. The E-Book Plus is putting together a series of existing demands into a singular product using available technology. The E-Book Plus is a product and marketing plan [when considered in the download card capacity] and is essentially recommended to generate interest in a slowly growing market. Branded the right way and with the right product distribution, it is possible that E-Book Plus's could become quite popular and even potentially trendy. Reaching out to digital outlets like iTunes could further bolster the credibility of the product.

References

Book Industry Trends. Slide Share: Marketing. [Internet Research].



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