As the publishing industry immerses itself in what is fast becoming something of a digital revolution, publishers need to remain well-grounded and consider their 360° strategy whilst remaining flexible and open-minded, says Publishing Technology plc’s CEO, George Lossius.

In the last five years, the way consumers receive, read and digest content has evolved dramatically. The once simple equation of ‘publishing equals print’ has rapidly evolved into the more complex equation of ‘publishing equals print, online, e-reader and mobile’. With a range of new formats available to consumers and subsequently more tools at the disposal of publishers - enabling them reach their target markets and audiences like never before - the possibilities that this digital wave brings to the industry are immense .

The publishing industry is in the advantageous position of being able to learn from the experiences of specialist publishing sectors with many years of digital experience, as well as mistakes made by others, such as the music industry ten years ago when digital migration caught companies unaware and they were sluggish to react. There is no reason why publishers can’t capitalise here if digital opportunities are exploited in the right way.

Embracing digital options will provide companies with competitive advantage, the ability to enhance reach, and increase profit margins, but publishers must be wary of a wholesale focus on fads and consider the range of opportunities likely to be lucrative and work for them, and use the time afforded them now to be ready to respond to further changes that are inevitable. Diversifying a portfolio and exploring these new avenues is exciting, but publishers mustn’t lose sight of the fact that, at least for the immediate future, print is still extremely important and the core revenue provider for most companies. Whilst a measured and well-thought out approach would increase the likelihood of success during this key transitional period, ignoring the infrastructure needed to respond will place publishers at risk. Whereas carefully timed responses will be of value, too great a hesitation will be a mistake.

This year is the year of the e-reader and e-book. But if it is the year of the e-reader, it is the era of the mobile phone and it is in the mobile and smart phone markets where we feel the prospects for publishers are at their strongest. Where e-readers sell in the millions, mobile phones sell in their billions, especially in remote and emerging economies in Africa and Asia. The main challenge for businesses advancing into this highly lucrative and polymorphic e-market will be the capability to granularise and sell targeted portions of content as opposed to large chunks, but once this has been achieved, publishers can expect to see a huge return on investment and hard work paid off.

The publishing industry finds itself at a crossroads and new technologies are there to help broaden our horizons not to bewilder and baffle us. Never before has it been more important to take stock and ask the question, what will our customers want, and how will we be able to respond?