For
the book publishing world to have equilibrium, it needs to have bookstores
flourishing – both independents and chains. The only substantial chain left is
Barnes & Noble and it needs to survive. But two recent moves could alter
its path. The question is: Which way is B & N heading?
Company
earnings were down in the 4th quarter of last year – by about 10%.
It’s been oozing red for a while. It is splitting into two separate units – one
for bookstores and the failed Nook – and one for the more lucrative college
stores and education and textbook business. On September 8th, a new
CEO will take over – after having had another new one for a little over a year
and a half. The man coming into the hot seat is no stranger to leading a once
glorious big box store with a rich history spanning more than a century. Ronald
D. Boire has just finished helping Sears lose money. Call me ignorant, but why would Barnes &
Noble put its faith in a man who served as the CEO of Sear’s Canada?
What
would I tell the incoming head honcho? How about this:
1.
Instead
of closing stores, start opening up new ones. There are still many underserved
parts of the country that lack a significant bookstore presence.
2.
Every
store should hold events and author signings – every day -- around the clock.
Many stores don’t hold events or only do a handful. It costs the store nothing to
hold an event and it can only get people in the store and sell books, so it’s a
win-win.
3.
Don’t
ever close your doors. Ok, we don’t need a 24/7 bookstore, but stores can
repurpose their space outside of normal hours. Let B&N become the new town
hall. Rent out the space to local groups or to companies that want to hold
events or people who want to do a bookstore birthday party. You pay rent 24
hours a day, so make money 24 hours a day.
4.
Have
audiobook readings done by streaming video or sounds -- no author required. Ok,
we’re not saying have a robot do an author signing, but why not have a big
screen in the corner of a store that shows video or provides audio for an
audiobook reading? Audiobooks are a growing segment – grow them more.
5.
Bring
back poetry. A small but significant minority want poetry books to live and
breathe. Make a push for poetry and see if you get some people in the stores.
6.
Have
people bring in their pets at certain hours of the day or specific days in the
month. Make it a community park. Wouldn’t it be so cool to bring your little
pooch to the bookstore?
7.
Create
a rooftop restaurant. The café idea is great - -now better it.
8.
Have
a costumed carnival barker right outside your store or down the block. Have
them call attention to daily deals, events and new books coming out.
9.
Work
with local schools and encourage a “field trip” to the bookstore for the
students. Have them pre-pay to get a deal on a package of books. Bring in an
author to speak and sign. Serve cookies and milk.
10.
Have
a cocktail hour. Ok, there may be some legal issues linked to that, but once
you get people blitzed they will open their wallets and buy every book.
Barnes
and Noble essentially has to have an answer to these questions:
·
Why
will someone shop at their store or site rather than Amazon?
·
Why
will people hang out at the bookstore instead of somewhere else?
·
How
do they get customers to spend and not just browse or use the store as a showcase?
·
Where
should they expand – and when?
·
What
else can the store sell that would make people come to them?
·
Who
can they partner with – another brand or community organization – that will
bring in more paying customers?
·
How
do they convince the public to buy books instead of consume content online for
free?
·
How
do they use good citizenry -- such as supporting literacy and free speech – to get
customers?
The
Great Recession is over and the ebook revolution has slowed greatly. Borders is
gone and publishing continues to consolidate. Where will Barnes & Noble go
under its new leadership? Time will tell, but hopefully at this time next year we
will have something positive to report.
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