I attended a workshop recently about the 'shared book approach'. Among other things, it emphasise that the initial 'reading' to the child involves the parent or teacher discussing about the pictures in the storybook before the actual reading. They also develop the skills of predicting as the facilitator ask questions that prompt them to think.
In the next round, the child is encouraged to read along and re-reading is carried out again. Perhaps on different day. This is followed by shared writing where the child writes a story with either in groups with his classmates or with the parent or teacher.
I tried the strategy with my seven year old and he responds well to it. To date, after reading 'the enormous turnip', we wrote a similar story entitled 'the enormous water melon'. Using the same book as well, I taught him about punctuation. It became an activity and he would pointed out to me which sentence could be punctuated with a full stop. We tried replacing the full stop with an exclamation and then tried to read the sentence - we had endless fun on top of my seven year old learning more about punctuation. I'm sure glad I attended the course!