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General
Some past
postings from Programme Updates
Page
contents
Printed
prospectuses and correspondence
Why don't we sell
our fine bindings and the Subscribers' Library edition of Seven Pillars
through bookshops?
Print-runs,
prices and production values
Card or cheque?
What is the right price for a book?
Note from Nicole
Printed
prospectuses and correspondence
We do not issue
printed prospectuses for our books, because we try to keep
non-publishing costs to a minimum. In general, the only prospectus we issue is on this
website.
For the same
reason, we communicate with customers whenever possible by e-mail.
Why
don't we sell our fine bindings and the Subscribers' Library Edition of Seven
Pillars through bookshops?
Any bookseller who feels
irritated about this should complain to the major British high-street
bookselling chains and supermarkets. In recent
years these have used their huge buying power to extort ever-larger
terms and profit margins from publishers.
For a
publisher who has to sell through these outlets, there are only two
possible consequences. The recommended retail price (RRP)
of books has to increase, and production costs must be cut. The latter includes,
notably, putting books in cheaper bindings.
If we
offered fine bindings or the Subscribers Library Edition of Seven
Pillars to the general retail trade, we would be expected to meet the
terms demanded by the big chains. The result would be an absurdly high RRP. We prefer
to keep prices lower and sell the books to customers direct.
If other
publishers follow suit, the physical difference between copies that
publishers sell direct and copies sold through chain booksellers might
soon mirror the traditional difference between trade editions and
cheaper book-club editions. Indeed, some publishers might choose not to sell
hardbacks through high-street chains at all.
Maybe
that's what will happen. Customers wishing to buy cheap books online or in
high-street convenience-stores will do so, while those wishing to buy
hardbacks in good-quality bindings will get them at a reasonable price
from publishers' websites. Some online retailers may even join in,
buying well-bound trade hardbacks from publishers on terms that don't send
the price into the sky.
17 January
2004
Print-runs,
prices and production-values
Back in March 2004, I remarked
that our subscription price is sometimes a bargain. For example, when we set the subscription price of our
1997 edition of the 'Oxford' Seven Pillars, we had no idea that we would
be able to include the colour portraits. With the portraits added, the cost of producing the illustrations volume
multiplied by four. Had we known sooner, the subscription price would
have been higher! However, we honoured the original price for those who
had subscribed.
This week comes news
that subscribers to our parallel text of
Le Gigantesque / The Forest Giant will get something better
than expected. We have reduced the size of the edition to 352 copies - a
little over half the number originally announced. That
will certainly affect its re-sale value in years to come, and the post-publication price is now higher. However, if you subscribed at £58, that is what you will
pay.
There is an important
message here: our print-run reflects the number of orders we receive in
advance. When we seek
subscriptions, we set the limitation at what seems to us a reasonable
number of copies. If advance orders say something different, we adjust the
run. When subscriptions are low, as with The Forest Giant, why sacrifice trees producing books people don't want? When
there is an unexpected demand, as
there was for special bindings (not originally
planned) of our 2003 Seven Pillars,
we try to respond by providing what subscribers wish. Subscriptions to The Forest Giant are probably
low because few of our customers read French. Also, few people seem to have
read the book, even in Lawrence's translation. That may be their loss.
When the Sunday Times asked Alan Sillitoe (author of Saturday
Night and Sunday Morning) to name a book that had changed his life, he
replied: "The Forest Giant by Adrien le Corbeau, translated by
T E Lawrence. I re-read it recently and see why."
Please never call us,
after the subscription period has ended, to say that you meant to subscribe, and would buy a
copy if we could let you have it at the subscription price. Ditto after
publication, having missed a copy with the additional subscribers' leaf. The reason we offer
extras to people who order in advance (and pay when payment is due) is that we need a realistic idea of
demand. I've been called countless times by people saying they had
"intended" to subscribe to our 1997 Seven Pillars:
"Surely, you must have a set somewhere that you could let me have!"
What of the
future?
Thus far, we have never made our initial printing
deliberately small in order to give it artificial rarity-value. If one of our editions sold out on publication,
we would blame ourselves for misjudging the market. If we think we will
sell 700 copies, over a period of ten years, that's how many we print.
This in turn enables us to set the price of the book much lower than we would if we only
expected to sell 350 copies. (Why change the price? Because for short-run
editions most of the costs involved in editing and production are fixed.
If you publish fewer copies, you have to charge more.)
At present, we are debating
the print-run and price of the Lawrence-Forster letters. I would like the
edition to be 702 copies, as for the Shaw set. On the other hand, the present
market is sluggish and it might be more sensible to produce 502, or 352,
or.... For each publication, we need to assess demand at different prices
and find a viable solution that makes the standard edition as cheap as
possible. Of course, if the books could be even cheaper, a few more people
who would buy them. But 'a few more people' do not equate to the thousands
of sales needed to drive unit costs really low. Someone told me they would
like to buy a
copy of our 1,100-page Seven Pillars parallel text, but only if it
could be produced as a paperback costing around £15. They didn't
understand that it couldn't be done. How many people
would want to buy such an esoteric publication, even at £15? An
optimistic guess might be 700, worldwide. To price it in paperback at £15, you would need to
sell several thousand.
From the outset, friends in
the fine-press business have advised us to publish fewer copies at a higher price. We
could
do that; we know the market is there. We could raise the same revenue with
much less effort - and who enjoys packing books? Fleece Press and the Whittington Press have both
produced Lawrence-related editions of shorter texts at significantly higher
prices. Our books are not printed letter-press, but their content is
longer and generally more important - and we, too, publish to
high standards. To judge by current prices
for our 1997 Seven Pillars (as yet, the only one of our books
that is out of
print) the market recognises the quality of our work.
In truth, decisions about
edition size and price lie with our customers. I myself hope that the
decision imposed for The Forest Giant will
not soon apply to titles in the Letters series. If that happens,
all our books will be collectors' rarities and the initial price of the cloth copies will be
well above what most people can
afford.
Some people ask: "What
about production-values? Wouldn't your books be cheaper if you produced
them to lower standards?" That might be true if the only costs
involved were for printing, binding and materials. However, the editorial
research for volumes in the Letters series usually costs far more
than physical production. If we added those editorial costs to the price
of, say, a paperback printed on cheap paper, the result would seem
scandalously expensive.
That's not all. Because we
design and produce our editions as fine-press books, we have a market for
some goatskin 'specials'. These subsidise the cloth copies. Without them,
the price of the cloth copies would have to be far
higher. But we couldn't put
beautiful goatskin bindings on shoddy book-blocks.
Publishing, like politics, is
the art of the possible - and some of the most important parameters are
set by the market. To find out what these are, you need to understand the market
segments that our books appeal to.
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The largest is made up
of people seriously interested in T.E. Lawrence who could not afford
the time or the cost (or both) involved in travelling to libraries to
read original Lawrence letters. In any case, to have a printed edition
on their bookshelf is far more convenient
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An overlapping segment
consists of people who find the added-value of the editorial research
and indexing in our editions worthwhile. We do that time-consuming work once, for
everyone. Each copy of the book bears only a
small fraction of the
cost
-
A third segment
consists of people who appreciate fine-press books and enjoy
collecting them. Their interest in Lawrence may have been triggered by
the many fine-press editions of his writing
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Another segment, which
probably overlaps with all of the above, consists of collectors who
calculate that our editions are a reasonable investment. They project the
likely values, once the books go out of print, by looking at today's
prices for earlier editions of comparable quality, scarcity and
importance. On that basis, it was easy to predict the outcome for the
1997 Seven Pillars. You can do a similar calculation for
volumes in the Letters series
If you are only interested
in the content, the fine-press format doubtless seems unnecessary. If you
are only interested in fine-press production, the quality of the text may
seem far less important (though it surely adds to future appreciation of
the book). We aim to meet the
requirements of all the market segments because, when you add them together,
they make our editions viable.
14 May 2004
Card
or cheque?
The speed
and convenience of processing card payments hugely outweighs the cost.
While we accept payments by cheque, provided they are in sterling and
drawn in a UK bank, we charge a £2 handling fee if we have to send an
invoice by mail.
What is the right price for a book?
The
plethora of discounts, two-for-one offers, etc has surely left the
public in total confusion about what a book should cost. A reasonable
observation, however, is that if you scout around you can probably get
it cheaper. And if you can't get it cheaper now, it may well be
remaindered in a month or so.
Little of this seems to me to make much sense. Producing, buying and
marketing books on the same basis as baked beans may feel natural to
businessmen trained in supermarkets, but it is doing little good to
publishing. Thanks to cost-cutting pressures, the editorial and
production quality of mainstream books is now often lamentable. At the
same time, with too many books chasing a limited market, retailers with
big buying power can drive down what they pay. Apart from a few
best-sellers, few authors could now live decently off what they earn
from their books. In non-fiction, the pressure to produce work that is
"commercial" can have a dire effect on accuracy and balance.
As
long as authors are willing to work for a pittance, there will still be
books to sell. Since countless people would love to see their writing in
print, there will always be authors willing to work for a pittance. The
question is, what calibre of work does one get from that kind of source?
There are, of course, lots of career academics who must publish or
perish. But they are victims of their own system. Most would produce far
better work if career targets allowed them to spend longer over their
books. As for the rest, one has to assume that people who choose to
write books can afford to work for little or nothing.
So
be it. Readers are free to choose what they buy. But when a specific job
needs doing, and needs doing well, different considerations come into
play.
We
believe that the T.E. Lawrence Letters series needs doing, and
needs doing well. Editorial research is expensive, and we can't afford
to work for nothing. So the finished books have to recover a substantial
sum. That, rather than the production quality, is what drives up the
price. On a short-run edition, the difference in unit cost between
high-quality production and poor-quality production is much less than
you would think. Except for finely-bound copies, the extra money we put
into printing and paper (compared to the possible bare minimum) is a
minor factor in the overall cost of a Castle Hill Press book.
We
don't sell to supermarkets - or indeed to most of the book trade. So we
ignore letters from bookselling chains who demand that we supply them at
huge discounts, on 90-day credit and with unlimited sale-or-return. The
only copies of Castle Hill Press books listed amazon.co.uk are
second-hand (and sometimes at fantastic prices). We don't supply
Waterstones or Borders or W.H. Smith, nor trade distributors.
Instead, we sell books directly from our online shop and (as Wessex59) through ebay.co.uk.
The price we ask on eBay reflects the additional cost, to us, of selling
there. That's how it should be. If I
choose to shop at plush city-centre store, I expect to pay more for most
kinds of goods than I would at a trading-estate outlet. I often find it
convenient to order from abebooks, even though I know I could probably
get the book at least 10% cheaper by going to the dealer direct.
I
think that the book market will only return to sanity if publishers:
-
Set rationally worthwhile standards for editorial and production
quality, and stick to them
-
Price books according to the costs that correspond to these
standards, as well as reasonable remuneration for their authors
-
Stop printing prices on book jackets
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Base trade discounts purely on order-quantity and (reasonable)
business terms - and never give discounts that require a sacrifice
in quality
-
Refuse to accept returns from booksellers for any reason other than
a production fault
-
Develop direct routes to market, such as online channels, so that
they can afford to resist the ever-more rapacious demands of
supermarkets and chain booksellers
Until that happens, the people who will suffer most will be book-buyers
and authors - the two ends of the chain. Book buyers will suffer because
there are many worthwhile books that currently don't find publishers,
while the quality of books that do get published is often marred by
skimping on editorial work or production. Authors will suffer
because they can't get worthwhile books published and, even when they
can (excepting for that handful of bestsellers), they are badly paid.
Free
enterprise - a jungle at the best of times - has certain virtues.
Unsupervised free enterprise, however, can produce power struggles that
reduce the jungle to unsustainable chaos. That's what is currently
happening in the British book market. If publishing is ever again to
encourage high-quality work, there will have to be a new equilibrium.
What that will look like I cannot tell. And how long will it take? And
how much good work will meanwhile be lost?
Note from Nicole
If you have ordered a
book that is not yet published and change your e-mail address, please
don't forget to let me know. Our customers move house surprisingly often.
So if we've had an order for some months, I check by e-mail before
sending the book. Otherwise, as we know from experience, parcels are
returned to us - possibly months after dispatch - marked "No longer at
this address". Meanwhile, if we have charged the customer's card, the
customer isn't happy!
If there is no reply to
my e-mail, we don't charge and we don't send the book. Because the
customer hasn't met the terms of the subscription offer, any
subscription discount is automatically lost. There is no margin in our
online subscription prices to cover the cost and time involved in
sending chasers by post.
There is now a large difference between subscription and
post-publication prices. People come back to us months (sometimes years)
after publication saying, "Oh, I changed my e-mail address and we seem
to have lost touch. Can I still have the book at the subscription
price?" The answer, with great
regret, has to be, "I am sorry, but the
subscription price is only valid if payment is made on the due date".
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