Value publishing helps build loyalty in shoppers looking for best bang for their buck

Price sensitivity among consumers is a trend that seems to have become all but permanent in today’s marketplace. Shoppers have grown accustomed to receiving free and deeply discounted products online and in brick-and-mortar settings and are trained to constantly look for the next big deal. 

So how can retailers accommodate these bargain-minded shoppers and still make a profit? One of the keys lies in looking to publishers with a value-priced model—and mind-set.

Consider the true meaning of value pricing, an oft-misunderstood publishing strategy. Many people frequently mistake value publishing for bargain publishing—which are two entirely different entities. When it comes to bargain publishing, price is the main component. Most bargain books are priced anywhere from 99 cents to $4.99 and are usually remainders. Some of these bargain books are printed on inexpensive paper with few value-added treatments like embossing, stamping or UV gloss. The quality is often subpar in an effort to save on production costs and drive the price of the product as low as possible. Bargain books tend to produce strictly impulse-only sales.

On the other hand, value publishing ties together price and quality. The core of this type of publishing is developing a high perceived value for the customer. It’s about getting the most quality for the lowest possible price—and those prices can range anywhere from 99 cents to $24.99 or even more. There’s no limit on the price as long as the quality far exceeds what the customer would typically be willing to pay for it. The ultimate goal of value publishing is for a shopper to pick up a beautifully packaged product, look at the price sticker and say, “Wow! I can’t believe I can get this for such a low price!”

BARGAIN-HUNGRY

Although not a new concept, the value publishing model has been growing at a slow but steady pace in the last few years. Besides Barbour Publishing, several other Christian publishers have begun implementing their own value lines in addition to their more traditional imprints. This comes, no doubt, in response to feedback from independent Christian retailers who continually ask publishers for more value-priced books to feed the appetite of their bargain-hungry shoppers. Many consumers are just not willing to pay as high of a price for their Christian books as in years past, due in large part to the vast number of free and discounted books now available online. 

That said, working with a value publisher can be extremely beneficial to the retailer who is in constant competition with the low-price e-book market. Many consumers still love to hold a physical book in their hands, and beautiful cover treatments and packaging are not something that can be achieved in the e-book format. 

Keeping a large variety of value-priced products in stock will give shoppers the opportunity to satisfy their “find a deal” mentality. They’ll walk away from the purchase feeling like they’ve gotten the most for their money, and those good feelings likely will result in repeat visits and purchases. By offering Christian products with a high perceived value, consumers will learn that if they visit “ABC Christian Store” they will be able to find top-of-the-line products for a very affordable price. They’ll start depending on that store for a large part of their casual and gift-finding shopping missions. 

So the big question is: How can retailers really take advantage of value-priced books in their stores? What drives the answer to that question is mainly merchandising, working with the publisher and engaging local churches. 

RETAIL-READY

Here are some retail-ready takeaways for how you can make the most of your value-priced titles:

Placement is one of the most important elements of a value book strategy. Impulse purchase decisions typically are made near the front of the store and when customers are already in line at the register. By creating displays in those key areas, you’ll have a better chance of catching your customers’ much-coveted impulse purchases. 

But oftentimes just placing the books in those areas isn’t enough. It’s also smart to label your value-priced book section with eye-catching graphics that really get the message across. Signage should say things like “Great Deals!”, “What a Bargain!”, “Big Savings!” or something similar. Your customers are looking for great buys, and you need to highlight them as clearly as possible.

Another important step is to work with the publisher to get the best-possible discount and terms. Several publishing houses, including Barbour, will offer a discount if you purchase budget-priced books in case lots. Ordering cartons at a discount will allow you to pass your savings on to your customers by marking them down even lower. 

These marked-down books also can be used as fun giveaways sent to your VIP customers or given as door prizes. Your shoppers will appreciate your generosity and will be likely to visit your store more often.

Remember that the church market is also a perfect fit for value-priced books. As you know, many small churches can’t afford to spend much on products for their congregations, but also feel that it’s important to provide resources for felt needs and also uplifting gifts for holiday giving. With value-priced titles, you can make some feel-good sales and build valuable relationships by becoming the go-to source for your local churches’ book-buying needs. 

Contact the churches in your area to let them know that you have many value-priced products available that would make affordable gifts for their Sunday school classes, pastors, administrative assistants and Bible study groups. And if you are able, offer them a church-only discount. You may see repeat sales from the church and its members.

Value-priced publishing continues to be an important part of the Christian publishing industry—and is likely to grow in the coming years. If you haven’t already dedicated space to these unique products, consider contacting a value-priced publisher to start taking advantage of these add-on sales opportunities.