Their profit margin Is also a concern as single title books are more expensive than series novels. Harlequin has tried In the past to produce single title books but was not successful because they did not target a specific market and tried to succeed In too many genres. One option for Harlequin to see growth is to approach best selling authors that worked with Harlequin in the past. Harlequin can ask these authors to write single title books for them, which will be beneficial as they are using established authors who have already developed a connection with readers.
However, this is a very risky and expensive option for Harlequin as it is costly and authors may not be willing to do this. Best selling authors have already established new relationships with producers and distributors so they may not be willing to forfeit that and go back to a company that is developing themselves in single series. In addition, it is extremely expensive to acquire a best-selling author, as the advance is more than Harlequin can afford. Where Harlequin is now, they cannot afford a best-selling author even if the royalties are greater.
Harlequin does have a large basilisk collection of books and using them could be a successful option for Harlequin. Although this would involve them to continue with their series novels, the novels would be work from current best selling artists. Harlequin has already created a brand image in series novels so they are supporting their image, which will help persuade customers. While they are doing this, Harlequin's current authors that write series novels can work on single title books while they are gaining profits and sales through their basilisk collections.
This gives hem time to think of their long-term plan such as their marketing plan, advertising and their distribution. Recommendation Once Harlequin gains capital by Investing In their basilisk collection, they can eventually use bestseller authors, but at this time, they do not have the time and resources. Ultimately, Harlequin can slowly Introduce different genres for their single title novels by focusing on women's fiction romance novels first as they already established themselves in this genre and are extremely successful. By being patient, Harlequin wall De slowly De addle to see success In themselves.