Publishers:Do You Know Your MQ?
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In last month’s PMA Newsletter, I introduced you to a new concept, your “FQ” or Financial Quotient. I proposed that many publishers may have an excellent IQ and still fail miserably at the business of publishing due to poor planning, undercapitalization, narrow vision, and naive optimism. I called these reasons, “The four tires that will flatten you on the road to success.” Book publishers are among the smartest people I know, but unfortunately they can possess some of the lowest FQs on the planet.
Your Financial Quotient is all about your record keeping, organization, cost controls, business planning, and a dozen other activities that make the difference between just surviving and flourishing. Now I would like to introduce you to a new and equally important determiner of your business acumen, your “MQ” or Marketing Quotient.
Read along and gauge for yourself if you have a high MQ or a low MQ.
You have a high MQ if you: Have a marketing plan down on paper, and update it on a regular basis. That is, any kind of marketing plan — for your business and for individual titles. Track your sales and marketing data closely. Rely mostly on your own hard work, self-marketing, and publicity to sell your books. View every book as a profit center and work to maximize the reach and penetration of each title. Make your authors into stars. That means pushing them into every book signing, radio interview, speaking gig, and public appearance that will benefit awarene…IBPA Members – Click here to view the full article (login required).
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