Book-Marketing Tip of the Day – April 12, 2016

Don't automatically cut your price to sell more books – find a better way to make them valuable to buyers. For example, in the 2008-2009 recession, job prospects looked uncertain as many people were laid off. Consumers delayed purchases of durable goods, and car sales plummeted. Major car manufacturers slashed prices and sought government bailouts. Hundai considered those options, but took a different approach. It asked potential customers why they were not buying cars. The overwhelming answer was, "I could lose my job, so the risk of making a major purchase is too high." Instead of offering a price reduction, Hundai devised a risk-reduction guarantee: "If you lose your job or income within a year of buying one of our cars you can return it with no penalty to your credit rating." Hundai sales nearly doubled. It didn't innovate to sell better cars. It innovated to sell cars better.