New Opportunities – Swimming, Not Sinking

"Come gather 'round people wherever you roam and admit that the waters around you have grown and accept it that soon you'll be drenched to the bone.  If your time to you is worth savin' then you better start swimmin' or you'll sink like a stone for the times they are a-changin’..."

It is incredible to me it was nearly FIFTY years ago when Bob Dylan penned the lyrics to The Times They Are a-Changin. I find it hard to believe how true his words remain today.  While change is constant, a noticeable difference today is how the pace of change has increased dramatically.  Two industries where this is most apparent include collegiate retail and consumer technology.

Luckily, I have always been a good swimmer and I have also learned to “swim” even faster over the years.  In fact, as a former lifeguard and water safety instructor, I once taught others to swim and survive. Hidden in this analogy of Bob Dylan’s music to present day, is the ability to stay afloat with a little determination and the power of ICBA - where we learn to swim and keep from "sinking like a stone."

As most stores do, BGSU approached the Annual ICBA Retail Conference, in Ft. Myers this past February, with the goal of identifying new business opportunities to offset some declining categories.  Borrowing a practice learned from University of Missouri’s Jeff Zeilenga, we logged the best ideas gleaned from the ICBA Conference, attaching dollar estimates for new revenue or cost savings where possible.  In addition to providing an ROI for the meeting expense, it also quickly focused our energy on specific initiatives to pursue.

One standout new business opportunity, identified by Wendy Schortgen from the BGSU Bookstore, was partnering with Mobile Generation to become a Verizon Wireless Premium Retailer.  We all agreed this was a critical priority to pursue.  Ideally, we wanted to have this in place (or at least visible) before the new student orientation programs began on June 6th.

Within a week we had secured the support of the BGSU administration and a draft agreement for review with university legal counsel was in hand.  After the typical back-and-forth negotiation over contract language, a final agreement was signed in late April.  Just a few short weeks later, Mobile Generation arrived to review a location and choose fixtures.  On June 6^th – the first day of new student orientation – the fixtures were delivered and installed. 

Although the Verizon kiosk was not yet operational, new BGSU students and their family members visiting the Bookstore can't possibly miss the bright red Verizon brand identity and logo.  With good brand visibility and knowledge of Verizon phones and services coming soon, our goal was accomplished.   Staff training and a “soft” launch is planned for late June and, while BGSU is still busy with orientation, the Verizon Kiosk will be fully operational in time for back to school.

It is highly unlikely we would have been aware of this new opportunity if not for the efforts of the ICBA team who brought Mobile Generation to the Annual Conference just four months ago.  The power of ICBA networking was also a factor in BGSU implementing this program.  University of Minnesota was a pilot location for a Mobile Generation Verizon kiosk.  Bob Crabb and Jim Kyle willingly shared their experience as a pilot along with pictures of the Verizon kiosk they had established.

There are a few lessons learned that connect with the opening theme and words of Bob Dylan.  Technology is rapidly evolving – changing how students learn and how faculty members teach.  No one can predict what the future will hold for college stores and how the convergence of mobile technologies, such as tablets and smart phones, will impact higher education, but it is a given that the significant growth will continue.

More importantly, it is changing consumer expectations.  These are the consumers that campus retailers need to be positioned to serve if we are to survive and even thrive.  Therefore, it is essential for college stores to not only meet consumer demand, but to be perceived as an essential resource – for printed and digital content and the evolving mobile technologies used to communicate in the future.

To be positioned for a successful future, any organization must be able to adapt quickly to change and take advantage of new opportunities.  As the technology evolves, so must college stores.  The alternative is to risk being left out of that future, falling behind, and becoming marginalized with their customers - no longer being viewed as an essential resource.  Carpe diem! Seize the day!  Don't just survive - thrive!

Written by Guest Blogger, Jeff Nelson, Director, BGSU Bookstore

eText Strategy Webinar

On May 9 Campus Technology presented a webinar eText Strategies: Creating a Path to Digital. It was sponsored by McGraw Hill. Basically this webinar is a look at the approach taken at the University of Indiana where the school guarantees 100% of the students enrolled in a class will buy the digital course materials in exchange for the publisher reducing the price of the digital content relative to the price of the same content in hard copy. This model is currently being piloted in various forms by The Big Ten Committee for Institutional Cooperation, EDUCAUSE and Internet 2, University of Minnesota Bookstore, Follett's new IncludED program, Collegiate Retail Alliance, and others. Participating publishers vary from pilot to pilot. The webinar addresses a couple of the current pilots.

At about 34:16 minutes into the webinar, Brad Wheeler, VP of IT at Indiana is asked a question about the bookstore’s role.  He speaks favorably on the role of bookstores, and notes that at IU they outsourced their bookstore.  At about 49:47 minutes Tim Peyton, Senior Director of Marketing at McGraw Hill, explains what is happening with Minnesota and the role the store can play versus charging course fees. 

This webinar is available for viewing to anyone. To access the webinar you simply register with Campus Technology:


http://campustechnology.com/webcasts/list/webinars.aspx?pc=e999tl01&utm_source=webmktg&utm_medium=sn&utm_campaign=e999tl01


eText Strategies: Creating a Path to Digital

Developing an eText strategy that will serve the needs of institutions, faculty, and students requires thoughtful planning. This presentation will use the Indiana University experience as a case study to explore the strategic, business, and policy issues that institutions should consider when exploring an institutional eText strategy or considering an eText initiative.

Posted by Stacy Waymire Executive Director

Dramatic Shift to Digital

Tech Crunch TV has posted a very interesting interview with McGraw Hill Higher Education President Brian Kibby. Kibby shares McGraw's timeline regarding the adoption of digital. Equally important he explains the distinction between ebooks, econtent and the integrated learning experience delivered by "digital". In presentations at ICBA Conferences and at ICBA presentations at various state and regional meetings we have shared what we call monetizing acess to a website (MAW). The financial transaction for a student to engage with the type of econtent Kibby describes is the purchase of an access code. There are a variety of names various organizations use; resource codes, registration codes, PINs, etc. At ICBA we choose to use the term access code. This code allows the student to engage with learning materials online through a digital device. The move to digital means that the most significant "course material" product to be sold in the future will be access codes. At a running time of 8 minutes this video is worth viewing, especially the first three minutes.But to help make it easier here is a rough transcript of Kibby's dramatic opening remarks:

"The adoption of ebooks is accelerating, or econtent as I like to call it because it's more than just ebooks. It's content that is simulations, and it's an integrated learning experience...So that uptick is accelerating. I think over the next 18 months we'll see a sea change across the board...Right now the uptick might be 3% some places, sometimes 5%. You will have schools in the not not too distant future with nothing but ebooks, econtent. And that could be 12 to 18 months away in some cases. I think within a 12 month period we'll see a rapid acceleration of it. And I think within 36 months we'll see a sort of national uptick of digital...Within 36 months we'll see a dramatic shift in the use of digital across the board at the higher education level. It will be dramatic. It could be 18 months, but certainly within 36 months we will see an incredible change there."

An Interview With McGraw-Hill Higher Education President, Brian Kibby, About The Future of Ebooks
http://techcrunch.com/2012/05/09/an-interview-with-mcgraw-hill-higher-education-president-brian-kibby-about-the-future-of-ebooks-tctv/

"Mastering" Customer Service

If you are a golfer, this is one of the greatest weeks of the year—Masters Week. If you are not a golfer,
don’t worry, this is more about customer service than golf.

I was fortunate enough to make the trip to Augusta, GA, home of Augusta National and the Masters, earlier this week for the Monday practice round. Having wanted to attend this
tournament for the past 40+ years, I was excited beyond belief.

The day started at 6:30
a.m. with the drive to the course. We parked our car and headed for the main gate. There we were greeted by one of Augusta’s finest directing traffic (who undoubtedly had been there for several hours). The smile on his face and his
humor in dealing with a crowd that did not want to wait for traffic to clear before crossing got my day started off right.

Once across the street and onto the grounds of Augusta National, everyone we encountered greeted us with a smile and “Welcome to the Master.” I mean everyone—security, ticket takers, marshals, concessionaires…even the guys monitoring the restrooms.

It got me thinking about customer service in our industry. First, let me point out, that each of these folks I encountered is a volunteer. They are not paid to be there. They do it for the love of the game and for the prestige of working the Masters and what it represents. Do your paid employees share this level enthusiasm for your store? Does everyone greet your customers with “Welcome to the Bookstore?”

If you’ve ever watched the Masters tournament on TV, trust me, it does not do the place justice. The grounds of August National are immaculate. Everything in its place and nothing is out of place. I was hard pressed to find a piece of trash on the course or at the concession stands. Again, superior levels of customer service in how the place looks to its patrons.

And in the merchandise shop, as busy as this was throughout the day, the shelves were always neat and organized. We were there at about 3:30pm, during the heat of the day. It was crowded, hectic and hot, but every associate in the shop had a smile on their face and were eager to help find a size, color or item. And again, these are volunteers!

Finally, as we left the course, we were told “Thank you for coming.” What a way to end a fabulous day and experience.

We’ve all been to enough industry sessions to know what good customer service is. But are we making this an integral part of our store and university branding? If volunteers, up before dawn and working in hot 90 degree days or rainy conditions, dealing with rush-like crowds can exude
this “Masters” attitude, I know our industry employees can as well. Have you set Masters-like customer service standards for your store and employees? Do your employees support these standards with their actions? Make sure your employees are “Mastering” customer service on your campus.

Written by Marty Duncan, ICBA Program Manager

Thank you Ken Bankson!

This year, at the ICBA 2012 Retail Conference, we honor our long time colleague and friend, Ken Bankson of RMSA for his continuous dedication and support in helping ICBA stores achieve financial success.

From the creation of the RMSA-ICBA forum to our RMSA-ICBA Peer Group conference calls - growing so popular they are now Peer Group webinars - Ken brings immeasurable value to our members during these dynamic times in our industry. Stemming from his passion for retailing and building strong client relationships, Ken selflessly regards the needs of our members as his first priority. For this, ICBA thanks Ken Bankson for all he has done and will continue to do for ICBA Stores.

With gratitude, Ken Bankson shares the following:

Dear ICBA,

Thank you for your recognition at the ICBA Retail Conference. To say I was stunned and thrilled at the same time would be understating my emotions. Having passion for this industry is easy due to the fine people I have met over the past 15 years. The passion has grown the last few years now that I am directly working with many of your members. The challenges they face due to the change in the industry are significant - creating great opportunity as well as potential risk, Helping them maximize their opportunities while minimizing their risk is very rewarding.

I am lucky that RMSA has been able to build such a strong, beneficial bond with ICBA. I look forward to seeing many of you at CAMEX in Salt Lake City and to many more years of working together with my friends at RMSA.

All the best,
Ken Bankson

About RMSA:
RMSA works with retailers on a personal and individual basis to improve the performance of their business by achieving specific and measurable goals. ICBA has partnered with Retail Merchandise Service Automation (RMSA) for more than ten years. RMSA is the nation’s oldest and largest company offering retail merchandise planning, forecasting and inventory management services. For more information please visit the ICBA Website, Retail Management (RMSA)

Written By Skye Carlson, ICBA Administrative Assistant

ICBA 2012 Hosted Over 4,460 Buyer & Vendor Meetings!

The ICBA 2012 Retail Conference, Business Encounter & PRIMEtime, featuring the D&H Pavilion, is now a recent memory. WOW! What a great week in warm, sunny south Florida!

The week started off with our PRIMEtime meetings on Tuesday and Wednesday. Over 4,460 one-to-one meetings were scheduled between ICBA buyers and the PRIMEtime vendors over the two days. Vendors attending PRIMEtime represented product categories such as Academic Course Materials, Apparel, Backpacks, Imprinted Gifts, School & Office Supplies, Computers, Computer Accessories and Consumer Electronics.

110 ICBA buyers and managers took advantage of our FREE offer for PRIMEtime—FREE registration (a $595 value) and FREE airfare (up to $500), plus $30 for ground transportation. ICBA reimbursed our member stores over $113,000 in travel expense to attend the 2012 Retail Conference. No other organization offers this valuable benefit. Plan to be at ICBA 2013 and take advantage of all the ICBA has to offer.

PRIMEtime offers an opportunity to discover new product lines and suppliers that you may have never seen to add to your merchandise mix to increase your bottom line, over 30 new vendors companies attended PRIMEtime just this year!

What are the buyers saying about ICBA 2012 PRIMEtime:

Academic Course Materials

“Finding out if there are new things we could collaborate on to offer more affordable course materials to students. Learning about new programs that we can implement that could save us money as an organization.”

Apparel, Backpacks & Imprinted Gifts

“Seeing new vendors I have never worked with before in a no-pressure environment.”

“The knowledge I picked up from meeting one-on-one.”

“Getting to know vendors you haven't met or wouldn't get a chance to meet before.”

“PRIMEtime prepares me for the buying season and gives me the chance to see new vendors and ask question. It is a tough schedule to see so many vendors in 2 days, but well worth the effort.

School & Office Supply

“Seeing so much product in such a compact amount of time. GREAT preview to the season.”

“Meeting all the stakeholders who are inspired by their products.”

Technology Products

“Seeing all the new products. Connecting with reps.”

Thank you to all attending buyers and vendors who joined us in Fort Myers, Florida. Specifically, thank you for taking the time out of your busy schedule to connect with your peers, old and new vendor partners and to learn about new innovations and solutions that will help advance your store into the future. Plan to be with us for ICBA 2013 PRIMEtime, February 4-9, 2013 at a location to be announced soon.

For more details about the ICBA Retail Conference & PRIMEtime events, featuring the D&H Pavilion, please contact Marty Duncan, ICBA Program Manager at 866-841-ICBA (4222) or MartyDuncan@ICBAinc.com. See you in 2013!

Ten Things Stores Can Do To Drive the Course Materials Future

Ten Things Stores Can Do To Drive the Course Materials Future

Campus stores are entitled with a unique opportunity to maximize the strength of the collegiate retail channel, especially as it relates to the course materials marketplace.

Those without the experience of working outside the institution can easily overlook the established advantages we can capitalize upon, campus services that can be enhanced, and value-added strengths that can be built upon. The basics include offering convenience and customer service, facilitating communication with faculty and students, collaborating with strategic partners, managing consolidated transactions, and controlling costs.

While offering valued services to faculty, students, administrators, and other course material stakeholders proves competency, capability, and credibility, this is not enough. To ensure a position of strength for the course materials future, collegiate retailers must consider forward thinking strategies and be open to new ways of thinking. The list that follows represents contemporary actions that can be taken to drive the future of course materials.

1. Think & Read Strategically. It is very easy to get caught up in the day to day routine, especially when trying to achieve more with increasingly scarce resources. Although it requires extra effort, the importance of taking time out to think strategically is absolutely critical to future success. Devote time to surveying the competitive landscape by knowing what is going on in the business, taking stock of where you stand today, and plotting a strategic course for the future. Avoid the "tyranny of the tactical".

2. Pursue Digital Options. The transition from print to digital is affected by many factors, including how it is priced, the quality of the product, the resulting perceived value by the student, and the delivery technology. This makes a precise transition schedule difficult to predict, and while student adoption of the medium to date has been limited, the shift IS inevitable. Only those stores who are fully engaged in digital opportunities today will be adequately prepared for the opportunity of tomorrow.

3. Pursue Textbook Affordability Initiatives. While the vast majority of college stores are expected to pursue a profit-based mission, the students of today value organizations that also balance a socially responsible agenda, including sustainability initiatives, promoting student scholarship, and most importantly, helping students to save money on the high cost of textbooks. Genuine efforts in this area will improve customer perceptions of transparency and be rewarded by increased customer trust and loyalty. This translates directly to market share and besides - it's the right thing to do.

4. Engage Actively with Higher Ed. The higher education landscape college stores work in continues to evolve as do the students with each incoming class. Campus stores must engage with technology trends and the customer of tomorrow in multiple ways. This can include traditional industry sources, paying attention to industry thought leaders, engaging with campus and governmental stakeholders, following results of research among future college students, and monitoring important trend sources outside higher education.

5. Seek Collaborative Opportunities. These can be from within and from outside of the campus walls. Consider potential partners who may have been perceived a threat in the past as well as those who may not have been a consideration at all. Creating networks of strategic partners is a characteristic of companies that survive radical change to their industry when compared to those organizations who do not survive. Many non-traditional resources could be well positioned to replace services traditionally provided by college stores and those that overlook this fact will risk being marginalized.

6. Consider Alternative Success Measures. One of my favorites is "New Text Equivalent" or "NTE" Sales - for measuring comparable growth despite selling course materials at lower price points, i.e. used textbooks, rentals, etc. This measure can be used in parallel with "FTE" or Full Time Enrollment to assess sales performance as it may be impacted by fluctuations with enrollment. Both equivalencies have the effect of "flattening" out variances between full & part time enrollment and selling more textbooks but at a lower price.

7. Seek Customer Satisfaction & Loyalty. This may seem obvious, but market share will be retained and grown by listening attentively to your current (and future) customer, offering a variety of options to meet their needs. It's a mistake to focus exclusively on promoting top line revenue, protecting a traditional gross profit margin standard, or clinging to outdated ways of thinking. Tangible benefits can also be earned from customer loyalty programs, customer relationship management (CRM), and communicating in their medium of choice - social media.

8. Track Market Share Not Just Top Line Revenue. As pricing models change and online affiliate partnerships proliferate, unit sales variance can be used as an approximate measure of captured (or lost) market share. Including online sales through affiliate partnership is more realistic than assessing in-store sales alone. Unit sales per FTE is a comparative measure that can benchmark stores serving very different student enrollments.

9. Don't Be Afraid to Act Decisively. Managing calculated risk balances avoiding the "bleeding edge" on one hand and "paralysis by analysis" on the other. As long as decisions and actions are well-informed, innovation can actually reduce risk instead of increasing it. Doing nothing creates more risk than doing something and being unsuccessful and the cost of inaction is being marginalized as a service provider and contributing to the opportunity of alternate resources.

10. BE Your Future. The best way to predict the future is to take an active role in creating it. Actively engage your colleagues on campus and in the industry, including vendor partners, share your expertise, and adopt the advanced thinking of others. There is no silver bullet, no single solution to insure the future of the college store. Be persistent, stay positive, and don't give up.

Written by Jeff Nelson, BGSU Bookstore Director and ICBA President