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BISG's MIP for Higher Ed 2012 -- SHAPIRO
1. Making Information Pay for Higher
Education Publishing
Gary Shapiro
Unsaved Document / 4/16/2011 / 16:46
SVP Intellectual Property
Follett Higher Education Group
2. Follett Higher Education Group (FHEG)
Follett Corporation Founded in 1873
Revenue: $2B+
930 Physical; 330 Virtual Stores
5M + students
400K Faculty/7M+Parents/Alumni/Fans
eFollett is the 56th Largest US
ecommerce site w/13+M Unique visitors
Integrated Inventory Mgmt System
CafeScribe econtent platform (2007)
Staff: 8,000 Regular full and part-time
FSLG: Library, Educational Services;
Software
February 17, 2012
Page 1
3. Follett Offers Course Materials Across All Formats
and At Many Price Points
Over 140,000 titles
Bundles and custom products represent
New significant share of volume
Textbooks/ 25-30% new text sales are digital
Digital content, monetized by a print sale FHEG Textbook Revenue – FY12 YTD
CafeScribe 2.0 launched July; contracts
with all top publishers; growing catalog
Attractive option for students seeking
Used to manage costs
Textbooks
Generally retails for 75% of new price
Introduced in Fall 2009 with national
roll-out Fall 2010
Rental
Answered market demand for low
price alternative
Follett provides complete coverage of the course materials business spectrum
2
5. What Do We Know?
The cost of textbooks is a real issue
But hype exceeds the reality (students don’t pay full new price)
Students are acquiring required materials (89%)
But not as much from traditional channels
College stores have seen a dramatic decrease in market share
79% buy some materials from college stores
42% buy at least one item online; 1/3 of all purchases online
Rental has become significant in Higher Ed Channel(s)
Digital content accounts for about 30% of textbook revenues, but
etexts a very small share
Monetizing digital through print sales
Like publishers, Follett is making significant investments in digital and
partnering with new technology providers
6. Channel Impact of Text Rental
“Post-Rental”
Competitiveness in a world with rental
Market Share
• Ability to spread inventory risk and systems investments across
FHEG 900+ stores
• Market intelligence allows optimized title selection
(incl. eFollett)
• On campus presence provides convenience advantage
Off-Campus • High inventory risk (local)
Store • Systems investments are substantial
Online Trad. • Without acquisition, difficult to enter rental due to lack of “title
intelligence” and organizational considerations; “point of
(Amazon, Half)
presence” sales tax concerns
• Rental options available to students keep P2P prices low
Peer-to-Peer • Rental books returned to store not available for P2P
(& “didn’t buy”)
• Number of students not buying should also decrease (?)
• High cost to administer B2C rental program
Pub Direct • (Has advantage on titles with pass codes, custom and
supplementary online materials)
Online Rental • Low cost, centralized model with ability to spread inventory risk
(Chegg. Book Renter) • Agility to re-price quickly, focused marketing
7. Stakeholders Have Diverging Interests
Students Institutions Publishers
Very price focused Concerned about affordability Rental, Marketplaces,
Tech savvy Interested in digital OpenSource impacting
Engaged with alternatives; market sales
social networks differentiation Driving digital, custom,
Beginning to Changes in financial aid direct-to-student sales
accept digital distribution and institutional
course materials Need commission income relationships
content Faculty requiring fewer titles; Want more control over
using Web-based content terms/conditions
Environmental Factors
Poor economic climate
Enrollment changes/declines (“For Profit” Institutions; Community Colleges)
Competitive bidding for clients
Startups/venture investments leading to significant noise; sales impact
OpenSource endorsed by PIRGs, legislators
Investment(s) needed to compete 6
8. Positioning to Win Against Local and Online
Competition
Rental Publisher
Stores Marketplaces Sites Direct
All text formats available
(Used / New / Rental / Digital) X Limited X
Accepts all tender types
(Cash, check, credit card, campus card,
financial aid)
X X X
Offers in-store pickup X X X
Assurance of right materials from
one place X X X
Integrated with campus systems
(LMS, SIS, registration system) X X X
Growth in financial aid as tender – a strategic
advantage (% of tenders using financial aid)
35%
30% booknow allows students to purchase all new
and used textbooks and course materials at
25% time of class registration
First and only registration integration system
20% in the industry
Allows Follett to maintain and gain share in
15%
an increasingly competitive environment
FY08 FY09 FY10 FY11
7
9. The Majority of Sales Are From Traditional Texts
0%
Traditional texts
The majority of 6 major publishers
dollars of sales are One text per course
traditional texts
% of New Equivalent Retail $’s Transacted
20% Significant pedagogy
2 page spreads; graphics,
color; chapter exercises
40%
Highlighting and underlining;
memorization
50% of retail = 3,585 titles (2.51%)
Publisher support
60%
Average Price: Over $75
80%
80% of retail = 15,066 titles (10.55%) Trade books and monographs
8,000 publishers / distributors
The majority of titles are trade
books and monographs Original materials
100%
Multiple books per course
0% 10% 20% 30% 40% 50% 60% Linear reading
% of Titles
Average Price: Under $50
100% of retail = 142,762 titles (100%)
Source: Internal FHEG data 8
10. Product Evolution Will Differ Based on Discipline
The discipline will determine how technology
will change course materials and how fast
they will evolve – significant differences in
Textbooks product types leads to different impact from
digital
Evolving into
Evolving into
native digital
enhanced
(adaptive
print
learning)
products
products
Other digital components
Supplementary content
Homework management
tools
Assessment products
9
11. Product Evolution Will Differ Based on Discipline
The discipline will determine how technology
will change course materials and how fast
they will evolve – significant differences in
Textbooks product types leads to different impact from
digital
Evolving into Evolving into
native digital enhanced
(adaptive print
learning) products
products
• Problem-based disciplines Other digital components • Theory based disciplines
• Digital = Interactive • Digital = Digital replica;
• Technology replaces print Supplementary content enhanced print
• Solo learning • Technology enhances print
• Digitization leads to better Homework management
• Social learning
student performance, tools • Digitization = lower cost,
engagement, retention convenient access, search
• Driven by publisher investment
Assessment products
capability, note sharing
• Format = faculty decision • Format = Student Decision or
Campus Requirement
10
12. Devices and applications will differ by
category
Native Digital/Adaptive Learning Enhanced print course materials
APPLICATIONS APPLICATIONS
• Interactive • Highlighting, note taking and sharing
• More like traditional software or web- • Links to other resources
accessible content Device requirements
PLATFORM
PLATFORM
Large / quality display
• Student uses on publisher servers (Cloud) • Cloud, download
Good connection, significant memory
DEVICE REQUIREMENTS DEVICE REQUIREMENTS
• Fast connection Optimal devices
• Quality (larger) screen
• Speedy Input (Keyboard) Multimedia-optimized tablets
OPTIMAL DEVICES • Good connection; significant memory
Applications
• Laptops, desktops, netbooks. OPTIMAL DEVICES
Highlighting, Laptops, desktops, netbooks
• note-taking and sharing
• Possibly larger format tablets
• Sophisticated tablets
Links to other resources
Monographs
PLATFORMS
Download, Cloud
DEVICE REQUIREMENTS
Books on reading devices
Quality screen (eInk)
OPTIMAL DEVICE SOLUTIONS
Tablets and Readers, Smartphones, eink devices
Key questions:
• Does it support the unique content critical to teaching and learning?
• Will students use a dedicated reading device or want a multipurpose device?
• Is the device affordable for students; esp. with the additional cost of the content?
11
• Does the primary content provider support all platforms and devices?
13. Digital “Tailwinds” in Higher Ed
Rise in availability and use of quality homework
management, assessment tools
Standards are making it easier to integrate econtent with
LMS
Declining print sales challenging publishers to create new
models
Rapid rise in tablets & smartphones
Availability of digital content (& favorable pricing)
Growth in distance learning/use of digital
Rapid growth of ebooks in trade and professional markets
February 17, 2012
Page 12
14. Digital “Headwinds” in Higher Ed
Tablets not affordable option for many students
Most digital content unexciting replica of printed text;
extended reading on desktop/laptop is difficult for most
Premium digital content selling for premium price
Digital, while cheaper than new print, is more expensive
than traditional (buy used/sell back) model; rental countering
cost savings of digital
Student access to quality bandwidth not ubiquitous
Some faculty still resistant to technology
The number of classes taught by adjuncts
ADA concerns
February 17, 2012
Page 13
15. Channel Impact of Digital
“Post-Digital”
Competitiveness in a world with digital
Market Share
• Access to the customer becomes even more critical as publishers
FHEG move toward agency pricing reducing price competition
• Customer-centric systems which provide convenience (virtual), easy
(incl. efollett) purchase and access are key
Off-Campus • Unlikely to survive as course materials outlets due to
investments required to support digital
Store
• May have significant position depending on ability to be
Online Trad. customer access point of choice
(Amazon, Half) • However, will lose share to institutional decisions (licenses)
and one-fee-like programs
Peer-to-Peer • Not a legal option
(& “didn’t buy”)
• Potential for publishers to disintermediate all other channels,
Pub Direct IF they remain the primary content providers
Online Rental • Would have to fundamentally revise business model to play in this
(Chegg. Book Renter) space, and even at that unlikely to have significant customer access
required for success
16. New/Digital Course Materials by Product Type
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Traditional Print Custom Text (Print) Bundles (Print + ebooks Native Digital
Digital)
Today 5-7 Years
15
17. FHEG is Encouraging Institutions to Think
Strategically About Course Materials
Mitigate risks
Managing number of platforms and applications adopted and used
Assuring productivity increases, not decreases
Faculty can teach, not provide technical support and/or have to learn to effectively
use multiple technologies (from LMS to publisher platforms)
Students focus on learning the material, not different but similar technologies
Managing demand for bandwidth and infrastructure
Minimize costs
Potential new administrative and legal costs (i.e., managing licenses)
Integration with technology infrastructure and support
Selling the need for strategy
Choosing among options (both by students and faculty) becoming complicated
Good strategy leads to improving student success while:
Optimizing their investment in course materials
Ensuring quality of instructional content
Sustaining faculty's role in selecting course materials and instructional resources
Student success leads to better engagement and retention
Ability to capitalize on technology investments
16
19. The “Endless Aisle”
Objective:
Increase revenue and wallet–share through implementation of
broader inventory visibility and order management functionality
– leveraging the entire enterprise
How?
Fulfill any order, any channel, from any location
Centralized customer service support
Increased assortment through 3rd Party Vendors
Full tender availability from original store
Inventory visibility across the network
Centralized distribution support
20. Order Management – Product Sourcing
Online Order Order
Placed at Boston Management
College System
Proximity to
Destination
FHEG
Distribution Center
Nationwide
Proximity
3rd Party Drop Ship
Vendors
21. New Distribution Center
New, 550,000 sq. ft. Distribution
Center adds needed capacity
to expedite “click & mortar”
strategy
Featuring state-of-the-art Kiva
Robotics
Increased order put-through
capability to respond to
increasing demand:
Further mission of driving
sustainable practices
22. Not Just a Bookstore
Follett’s Hammes Notre
Dame Store at Eddy
Commons
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