In the latest episode of Help! My Business Sucks,” Andrew Lock talks about ValPak coupons, whether you should reveal prices on a Web site, shares a resource that converts voicemail to e-mail and SMS, and spotlights a big marketing lesson from DirecTV.
The verdict is in: bookselling has made a successful transition to the Internet. According to a2008 Nielsen survey, books outsell every other product sold online. The same survey found that 41 percent of all Internet users had bought a book--a number expected to increase going forward. Simultaneously, of the total books sold annually in the U.S., the percentage sold on the Internet has increased from 12 to 20 percent.
New book sales alone amounted to $25 billion in 2007, according to the Association of American Publishers, a figure that does not take into account the enormous used, out-of-print and antiquarian book markets. Because so many book sales occur under the radar--at private sales, used book stores, flea markets and the like, it’s impossible to know exactly how much book-business money changes hands, but the numbers figure to rise if the common wisdom holds true that books, a form of cheap entertainment like movies, are recession-proof.
Anyone can sell books, but whether you dabble part time or are a professional seller with a trail of bookseller-association acronyms behind your name, you face the same problem: where to find stock. Here are some alternatives, areas to avoid, and finally, the choice of most booksellers:
New Releases and Best SellersThis is actually an area where you do not want to sell since it is locked-up to the point that individuals and mom-and-pop brick-and-mortar stores cannot compete with the deep discounts offered by chain stores such as Amazon, Barnes & Noble, Borders, and Walmart, among others.
Closeouts and Remaindered BooksThese are books often obtained by the pallet-load from publishers, wholesalers and distributors, bought and sold on the cheap by vendors set up for low-profit, high-volume selling. Not a good candidate for an online business since sites such as Bookcloseouts.com, Dealdude.com, Shoppingagents.net, among others, seem to have a lock on the Internet retail market. Nevertheless, Business.com provides insights into, and a directory of, book distributors and wholesalers.
E-book SalesE-books had a compound growth rate of 55 percent between the years 2002 and 2007, and though it’s still a very small market segment ($61 million at the onset of 2008), the future looks bright. The genre is generally despised by booksellers as not being ‘real’ books and for the frequently exorbitant prices, particularly for out-of-print and scarce books. On the other hand, you can download classics in the public domain for 80 cents each. Beginning in early March, Amazon released free Kindle software that lets iPhone and iPod Touch owners download 240,000 e-books, including a majority of bestsellers.
Audio BooksThis category is gaining acceptance and grew 19.8 percent between 2006 and 2007, although it’s still a relatively small market segment at $219 million.
Religious BooksThis strong niche market ($719 million in 2007) has enjoyed steady growth over the previous several years.
Used, Out-of-Print, Antiquarian and RareThisis the field that attracts most booksellers both on and off the Internet. Within the spectrum of used books there are dealers specializing in children’s, militaria, sports, nautical, modern first-editions, history, travel, reference, used textbooks, science, women’s and African-American studies, mass-market paperbacks and dozens of other specialties and sub-specialty fields.
However, given today’s ferocious competition for books, becoming a specialist in any one field is increasingly difficult. Consequently, most used booksellers trying to make a full-time living are “generalists,” that is, selling across a wide range of fields regardless of age, rarity or topic. Whether generalist or specialist here are a few of the most popular sources for used books:
Flea MarketsThis old chestnut remains a solid source for books bargains, because, among other reasons, many dealers of other objects can’t be bothered checking the value of their books. The early bird still gets the worm, and it rarely pays to hesitate when finding a good book, as the next person may well scoop it up. A good source of locating flea markets is Fleamarketmama.com with a hyperlinked U.S. map showing all the pertinent data on each state’s markets.
Library SalesThese are a major resource for finding sellable books--with certain caveats. Avoid local libraries that have permanent or bi-weekly sales: the stock is tired and picked-through, where as libraries that hold annual or bi-annual sales stock up with donations for the entire year or half year and offer huge, fresh stock.
In certain sales they will have “preview” nights before the general opening, and charge up to $50 for the first crack at the books, which leaves slim-pickings for those who follow. However, most large book sales offer up to 100,000 books at bargain prices. Further, large sales will have a “rare book” table where they offer special items, often overpriced, but reduced by 50 percent on the last day of the sale.
People begin lining up before dawn for good library sales, and be prepared for an undignified atmosphere: Walmart sale days have nothing on the jostling competition and general animalistic greed of booksellers in the first hours of a sale. BookSaleFinder.com has a national map, click on a state to see a schedule of sales listed.
Garage and Estate SalesWhile much offered at garage sales ranges from the pedestrian to outright landfill, the occasional pot of gold lies waiting for the taking. Most garage sales take place on Friday and or Saturday and are advertised in local papers. Many professionals set up a “route map” from the listings and begin the hunt early in the morning.
Many towns, neighborhoods and streets in large cities have annual or semi-annual sales which are worth perusing as the merchandise tends to be more interesting than what’s found at garage sales or thrift shops. House and estate sales, often run by professionals for the owners, are on a first-come-first-serve basis, hence buyers frequently line-up in the dark. If the sale is run honestly (not pre-picked by the handlers), it can be a good source for books.
Thrift ShopsThey’re fun but seldom profitable for book scouting at this stage of the game. This varies by locale, and if you live in an area where the books are not ‘picked.’ Before hitting the shelves it pays to wheedle, beg, bribe or cajole the employees the day(s) they place new stock up for sale.
Book AuctionsTheseare the only reliable source for acquiring scarce and rare books. Expect formidable competition at major book auctions such as Sotheby’s, Christies, Swann Galleries, Baltimore Book Co., Butterfield, California Book Auction, among others, where dealers and collectors compete for the rarest or most desirable books that come to market. You can obtain a complete list of the major book auction houses through the American Book Prices Current Web site.
The good news regarding up-scale auctions is that the Americana Exchange, which tracks auction sale prices, reports that the median prices of books, manuscripts and ephemera fell 21 percent in 2008 to their lowest point in five years. Optimists who believe the recession will end sooner rather than later may want to buy at auction in this “down market.”
A better strategy for the dealer who wants to build up stock at an affordable price is to root out local auction houses that handle books along with other items. They frequently sell books in box lots, which yield better value and often great finds.
Cultivate Good WillBuilding good relationships withantique dealers, ‘house clean-out’ services and estate lawyers is always a good idea--at least to the point where they will allow you first crack at the books they remove from various premises.
ScoutPalHand-held book scanners and other Internet connected devices are a recent trend for checking values in the field. Many veteran sellers eschew them in favor of instinct and intuition, citing also that the time it takes to look up a book keeps them from a better book in the next box or table.
For years booksellers have been lamenting that their sources were drying up, or their business was dying. Yet we have noticed they are all still in the business. The only difference is that today the bookseller has to work more diligently for stock than in the pre-Internet days when books seemed to fall out of the sky. Bookselling was never for the labor-adverse, but for those willing to do the work the rewards are there--even in tough times.
Frank Fortunato is a seasoned online book seller and frequent contributor to ECommerce-Guide.com.
As you know, Facebook can be an invaluable source of marketing for your e-commerce business. However, keeping up with the ever-evolving social bookmarking service is a challenge. Since we covered Facebook Marketing and Business Pages in our How-To Guide back in February ( see Facebook How-To Guide: Create Business Pages and Ad Campaigns ), Facebook has rolled out changes to Business Pages that directly influence how you use them and how your fans can interact with you on Facebook.
To help you adjust, we take an in-depth look at recent changes made to Business Pages. Plus, we offer tips on how to use new features, such as status updates and Wall feeds to better connect with your Facebook fans.
The New Wall and Tabs Layout
The new Business Pages are designed to make your page look more like a personal profile page on Facebook. If you think of the new Page layout as being divided into three columns, the left-most column is where your brand logo, information, fans, links and admin tool links are located.
The center column, like the new personal profile pages, is the largest by width and importance. This center column is divided into tabs, with the Wall tab being the default. Here the Facebook mini-feed and Wall have been merged into a Twitter-style update feed that puts an emphasis on "what's new" updates on Facebook.
As you make status changes, add links and share other information on your Business Page, it appears in the new central Wall feed. Updates and Wall posts made by your fans are also shown in this feed.
You will also find tabs to access the full-length version of your company information (you can duplicate a portion of this in the left-hand column also), as well as tabs for custom Facebook applications that you choose to add to your Business Page— like RSS feeds, and other applications. Business Page admins can rename and customize these tabs.
The far right-side column is now used to display Facebook ads on your Business Page.
Feed News to your Fan's Feeds
The changes to Facebook Business Pages are tough to digest. While you may find it difficult to adjust your brand pages, there is a silver lining in all this.
The old Facebook Business Pages were static pages that were disconnected from the rest of Facebook and its millions of personal users. With these changes and a new emphasis on news feeds, your Business Page now is more viral, and your brand has more prominence in your fan's news feed.
Let's say you update your status or post a new link or photo on your Facebook Business Page. This update is shown on the homepage news feed of all Facebook users who have become a fan of your Business. Your Business Page news appears right alongside the fan's friend news updates. While a fan of your Business Page is catching up on what's new with friends, they will also get updates from any Business Page they have become a fan of in the same news feed.
This removes the barrier between personal and commercial information fed to Facebook users.
Getting the Most out of your New Business Page
If you had a Business Page on Facebook before the recent changes, you'll want to edit your page layout and also change some permission settings. Here are some tips for getting the most out of the new Facebook Business Page options.
Wall Tab: Remember, the new Wall Feed is now the main focal point for fans and page visitors. It is also the entry point to your Business Page. As an admin you will want to check permissions for what types of updates are sent to your Wall tab. Status Updates: Business Page admins can now share a status updates with fans. These updates will get posted to your Business Page Wall and can be seen by fans in their homepage news feed. Less Custom App Space: With the new layout you will need to look at the custom applications you display on the Business Page in the far left-hand space. Ensure you use this space only for apps relevant to your business—like links, notes or RSS feeds. Applications you add for entertainment that are not related to your business should be moved to a secondary tab that admins can rename to make navigation easier. Also, some apps may also need to be moved to secondary tabs because it requires a display width that exceeds what is available in the far left-hand column in the new layout. Focus on Facebook Content: The recent changes also means you should start adding fresh content and updates to your Facebook Business Page on a regular basis, now that you can blast your updates and status to the homepage news feed of your fans.Keep in mind that a user can simply click a little X beside your update in their news feed to hide all future news updates about you. While it’s nice to have your brand and updates mentioned in news feeds, Facebook users are less likely to keep receiving your Wall feed if your updates start to outnumber friend updates.
When you update your Facebook Business Page you'll need to find a good balance between getting your business message across to your Facebook fans without "commercially spamming" them. Keep the updates light and useful rather than advertising-heavy.