Use 'tremendously useful' data, Raccah urges IPG forum

Dominque Raccah, founder and c.e.o. of Sourcebooks, has urged publishers to invest in data collecting to make their titles more successful.

Speaking at the IPG’s International Forum event, in conversation with Boldwood Books founder Amanda Ridout, Raccah said harnessing data was “tremendously useful” for all publishers, and opened up the possibilities for “competing in a new way”.

Commenting on the industry as a whole, Raccah said: “Our failure rate in publishing is extraordinary — 60% to 70% of the books we publish are not commensurate with the effort we put it in. How do we help to make that more successful?”

Explaining her methodology, she described how Sourcebooks collates data from a number of sources, integrating creative partners, customer information, retail analysis and online users. The company also use Microsoft analytics software Power BI, BookScan, their own internal testing, Net Galley, tailored focus groups and interviews.

“I think it’s something every publisher can do, be aware that this could make a real difference. You might become expert in a very narrow part of your field but that expertise will change everything,” she said.

Established in 1987 by Raccah from a spare bedroom in her home, with $17,000 and a Mac computer, Sourcebooks is the largest woman-owned trade book publisher in North America. It is based near Chicago and publishes more than 400 titles each year, more than half of them children’s books, in multiple formats across 12 imprints.

In May 2019, Sourcebooks sold a 45% ownership to PRH, but still retains 55% and its independent status with a female-led team. Commenting on this, Raccah said the set-up enabled the company to “take risks on authors that other people aren’t going to", and put them in a position to “respond to the market very quickly [which is] fundamental as that is what will make us successful".

Raccah added the hallmarks of Sourcebooks' success were focusing on author-driven processes, involving investment and strategy in their career, signing multiple books and strong marketing campaigns. In a similar model to Sourcebooks, Boldwood only publishes authors on multiple book contracts, “at all stages of their careers”.

Commenting on the future of the industry, Raccah said: “The pandemic has been horrific for us as nations,” she said, adding that “keeping the supply chain aligned has been extraordinarily difficult".

She added: “I think people are going to retain the joy of stories they have found in these dark times — the pandemic a surprising growth time for our industry. The industry has grown year over year — not bad guys, perhaps we should say it’s a good thing to be a book publisher.”