Innovation Spotlight: The Folio Society

Over the past decade, the storied British publisher The Folio Society has undergone a transformation from highly respected but dusty and members-only book club to maker of some of the most sought after limited editions on BookTok. Their journey offers us a compelling case study of how a mature company can rapidly develop its innovation capacity and reimagine its core business while maintaining and leveraging the essence of its brand.

Known for its high-quality "editions of the world's great literature, in a format worthy of the contents, at a price within the reach of everyman," the company faced declining sales in the mid-2010s. Its members-only, limited-edition books—gilded in gold leaf and destined for the libraries of an increasingly aging audience—were no longer generating the same demand as before.

In 2017, CEO Joanna Reynolds joined the company, bringing with her a background in customer experience, change management, and marketing. She quickly set a new direction for the storied publisher, seeking new ways to create value for a younger audience.

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Here are a few key building blocks of innovation we've spotted that Joanna and her team used to turn The Folio Society into one of today’s hottest publishers.

Be Customer Obsessed

Joanna's first move was to refocus the company's efforts on truly understanding what new generations of readers value. She listened to her future customers—Gen Z and millennials—and recognized that, while they were still drawn to beautifully bound books in a similar way to past generations of book lovers, the idea of beautiful had evolved amongst young readers. Today's readers no longer desire high quality leather bindings with elaborate gold leaf gilding. They do, however, want beautiful and artistic illustrations and tastefully packaged products made with the highest quality of materials. Also, they want an immersive experience: something that can resonate with their interests and passions and fit into their hybrid digital-tactile lives.

The Folio Society listened and started publishing editions that connected with the interests of these new audiences—classic works by J.R.R. Tolkien and George Orwell, but also more recent material with a massive fandom to tap into such as Game of Thrones and Dune. These new editions were presented in a way that appealed both aesthetically and culturally to this younger demographic, containing unique illustrations by talented artists who themselves loved and understood these stories.

Meeting their new customers where they wanted to be met, Joanna and her team made their second big move by leveraging social media, particularly TikTok and Instagram, where book collectors and readers excitedly share their growing collections and unboxings of new releases. By tapping into this vibrant community, The Folio Society effectively repositioned itself as a brand for younger readers who appreciate not only literature but also craftsmanship, design, and fan community.

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Understand that Innovation is a Discipline

Innovation is more than an idea; it’s about building an environment where creativity can be transformed into value systematically. Successful innovation is structured across the organization, with teams working in a disciplined way to test, iterate, and scale new ideas.

Under Reynolds’ leadership, The Folio Society treated their pivot as an innovation project. They didn’t just brainstorm once and hope for the best. They routinely conducted small experiments—like producing one or two editions tailored to a younger audience and marketing these on newer platforms.

They gathered customer feedback, iterated on design, and carefully expanded their offerings. This systematic approach allowed them to validate ideas before fully committing, minimizing risk while maximizing learning.

Leverage Existing Strengths

Successful corporate innovation often lies in leveraging existing strengths in new ways. The Folio Society's core strength has always been its craftsmanship—the meticulous attention to detail, the quality of materials, and the beautiful illustrations. These were assets that they could not only preserve but exploit even further in their new direction.

The Folio Society never lost sight of what made customers love them in the first place. They used their ability to tell stories visually and tangibly, giving readers an experience far beyond what a standard mass-market paperback could provide. This was their competitive moat. In a world where books are mostly digital or quickly consumed, the Folio Society made books that people wanted to display, cherish, and share. They made books worth owning.

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Develop Continuous Customer Feedback Loops

Another key to The Folio Society's success was the integration of a continuous feedback loop with its customers. This is crucial for ensuring that any new idea actually meets market needs - a core principle of effective innovation. Through social media engagement, The Folio Society didn't just market its books: it interacted with customers, learning from their feedback. What were they excited about? What were their favorite details? How could the experience be enhanced even further?

They used this information to make incremental improvements, tweaking designs, packaging, and even the type of stories they chose to publish. This type of optimization lens is a powerful tool - finding ways to improve products based on real, ongoing feedback from customers is how they kept their offerings relevant and desired.

Creating a Culture of Innovation

The story of The Folio Society is more than just a case of a publishing house finding new customers. It’s a story about how a mature company can innovate by deeply understanding its customers, expanding beyond its core without abandoning its identity, and treating innovation as an organization-wide discipline.

If every employee is on the lookout for innovation ideas, an organization can thrive in even the most challenging environments. As companies like The Folio Society have shown, innovation isn't about chasing the latest trend or taking enormous risks; it's about structuring the pursuit of value in a disciplined, customer-focused way.

What can your company learn from The Folio Society? Are you focusing your innovation efforts on finding the right problems to solve and leveraging your unique strengths to create differentiated value?

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