BusinessWeek nails it
I don't know what it says that BusinessWeek just generated one of the best summaries of what trade book publishing can be doing. Notwithstanding that a $50K advance is not nearly low enough to properly exploit the Gawker model, the piece pretty much covers the bases.
1. While reading is solitary, talking about books is social. But since time is the biggest impediment to reading, not money, make it easier for readers to talk to other readers through social media.
2. Bookstore events don't work, so have authors connect with fans (see item #1) and jointly brainstorm how to connect face-to-face. {Nota bene for booksellers, the smart ones will use item #1 and #2 to try to make bookstores back into better venues for this interaction}
3. Chasing big books results in overpaying, instead find writers who know their little audience, writers willing be social/find effective ways to substitute for for lack of sociability.
4. Use Word to copy-edit, Acrobat to proofread.
5. Give readers to option to easily buy from your website, and create widgets so as to populate the web with that one-clickability.
All I would add (well, OK, there's lots more to add, really, but the significant thing to add) is 6. Share the love generated by the above amongst all your writers, and ultimately convert it into subscriptions.