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The four-step “ PASS ” framework helps access customer data and create the insights required for systematic decision making ( figure 3 ). In particular , it would allow book publishers to kick-start a consumer intelligence program and fine-tune it as the program evolves and delivers initial insights :
1 . Prioritize : The Pareto principle states that 20 % of corporate decisions account for roughly 80 % of a company ’ s commercial success ( or failure ) . There is no need to scientifically examine decisions that do not substantially affect a company ’ s future development . But examples of decisions that should be prioritized for thoughtful decision making include publishers ’ seasonal program planning , the selection of authors and flagship books , allocation of marketing budgets and strategic decisions regarding retailers and distribution channels .
2 . Absorb : This imperative contains three elements : First , information requirements that facilitate wellinformed , thoughtful decisions should be defined on the basis of hypotheses to be answered , the information that is needed to answer these hypotheses and the data that is needed to create the information .
Second , a change of perspective is required . Instead of thinking about information need , executives may consider information supply as well . The digitization of literature consumption as well as customer data on social media and Internet platforms ( such as reviews , forum discussions , likes , preferences , interests ) create new potential for insight generation . Executives should determine whether these new sources can improve their organization ’ s decision-making process .
Finally , all relevant data sources and mechanisms for data generation should be defined and implemented . Often , publishing houses seem to be unaware of the multiple opportunities existing today . They choose to rely on traditional sources instead of exploring innovative data service providers , an option that frequently generates a higher cost-benefit ratio than traditional solutions . Even today , retailers still constitute an effective information barrier between publishers and their end customers and impede direct access to customer data for the publisher . Yet , there are three promising ways to surmount this barrier :