A couple of weeks ago we attended The Markets conference hosted by The Frankfurt Book Fair and Publishing Perspectives. So far we’ve covered two of the sessions on Indonesia, this year’s guest of honour at the Frankfurt Book Fair. Today, we’re back with some insights on two more emerging markets, Mexico and China.
Mexico
Fresh off a stint as the London Book Fair’s market focus for 2015, the Mexican publishing industry is turning heads and gaining interest on an international scale. It’s a market we’re eager to learn more about, and Livres Canada Books will be publishing a market guide on Mexico in 2016 in order to offer further insight for Canadian publishers about the export opportunities available.
The Mexican spotlight at The Markets began with a talk from José Ignacio Echeverria, President of the Cámara Nacional de la Industria Editorial Mexicana (National Chamber of Mexican Publishers), in which he provided an overview of the Mexican market. Nubia Macías, CEO of Grupo Planeta, then took us a step further in her analysis of five essential questions for a vision of the publishing industry in Mexico, in The Global Future of Mexican Publishing. As the CEO of the North and Central American office of Grupo Planeta, the worldwide leading Spanish-language publishing company, she provided valuable insight by outlining five key questions publishers must answer to find success in the Mexican market:
Who are today’s readers?
Macías urged that publishers must recognize and identify the many market niches among Mexican readers order to take advantage of the diversity found within the market. As the second largest market in Latin America, Mexico holds a plethora of possibilities ready to be exploited. Publishers must not be afraid to delve into new research methods in order to find specific market niches for their products.
Where are the readers and how are they grouped?
Books are a vital part of the cultural experience. They contribute to a rich culture that is becoming more multi-faceted by the day. According to Macías, the role of the publisher is to understand where the readers are, and to reach out to them and to new audiences in creative ways. At the same time, she said that in order to achieve success, publishers must understand their consumers by doing research and using online tools to address the market. In order to accurately comprehend the true preferences of readers, they must create products that will connect with them in a real way. She also argued the best way for publishers to capitalize on the vast breadth of knowledge available through online marketing methods is by sharing metadata across companies and borders. Knowledge and cooperation is power.
What content interests them?
In order to find out what motivates readers to pursue content, we must utilize the power of social media. Before we can be sure of what we can offer to readers and how, we must first understand their interests and habits. Twitter and Facebook are the key holders to this information, and we, as publishing industry professionals, must use the tools at our disposal.
What content does the industry come across today?
There are new communities of readers we haven’t yet fully explored, and who deserve to be heard. YouTube, online games, Wattpad – these are the groups that Mexican publishers should be penetrating to find new readers. These days, almost everyone has a digital life. We need to pay attention to the consumers in these new arenas of content and listen to their needs if we’re to succeed.
How can we bring our content to them?
Macías idenfitied three big ways publishers can introduce content consumers to their books:
- Export content: Our world is becoming more globalized with every passing day. Publishers need to break traditional boundaries and ensure the translation of content if we’re going to live in a globalized world.
- Change the paradigm: Publishers need to stop thinking about retail stores as the final consumers, and circle back to the importance of readers. They should be the ultimate audience for any publisher, across any format, and we need to publish products that are worthy of their attention.
- New products: We need to look to the millennials. They are the first generation of digital natives, and as such mark the beginning of a new kind of consumer. Publishers need to seek them out, and understand their motivations, if they have any hope of success.
China
There is no doubt that over the last decade China has grown to become one of the dominant players in the global publishing market. Companies such as HarperCollins, Penguin and Hachette have set up local offices, and China now boasts two of world’s top ten publishers: Phoenix Publishing and China South Publishing and Media. Interest in China was abuzz at The Markets, and Hou Minglang’s talk How to Establish a Successful Joint Venture in China drew a sizeable crowd. Currently Vice President of the International Information Content Industry Association (ICIA), Hou is a pioneer of successful Chinese joint ventures. Formerly Managing Director of Egmont China, referenced as the first and most successful publishing joint venture in China to-date, Hou shared some key pointers for how to reach success in the Chinese market.
He explained that the basis of a successful joint venture lies in achieving a perfect balance of the right people and the right circumstances. “1+1 is bigger than 2” Hou said, referring to the fact that strength in the publishing industry is often determined by team cooperation and market knowledge, rather than capital. He also stressed the importance of a strong brand – and even more important still – a conscious brand awareness, as well as the ability to respond quickly to gaps in the market. They key, he said, to establishing a successful joint venture is to be the first one on the ground. Otherwise, you risk losing out to the competition.
According to Hou, the most detrimental thing to a joint venture campaign is a battle of decision making power. To achieve success, companies need to foster a collaborative team and a trusting environment, and follow a clear plan of action. With the foundation of a strong team, clear rules and parameters to guide the process, and a solid long term plan, there are ample opportunities for success in the Chinese market.
11/12/2015 | Book Fairs, Events, Export, Rights