Exploring Strategies to Lower Textbook Costs at West Valley College
Discover how West Valley College is collaborating to reduce the expenses of textbooks for students. Insights on determining textbook prices, faculty preferences, student choices, and revenue allocation are provided, shedding light on the efforts to make course materials more affordable and accessible at the college.
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West Valley West Valley College College Bookstore Bookstore By working together we can lower the cost of By working together we can lower the cost of books for West Valley students books for West Valley students
West Valley College Lowering The Cost of Textbooks Lowering The Cost of Textbooks Industry Update How Prices are Determined Revenue to WVC Textbook Order Process Importance of Early adoptions Importance of Used Books
West Valley College The new world
West Valley College What students Do Prefer Demand 65% Compare prices 50% Used Convenience 60% Purchase all required 21% New/used combo Value 32% Share 14% New Choice Textbooks 22% Skip 5% Rentals 16% Swap 3% eTextbooks 11% Photocopy Source: Student Monitor LLC and Barnes & Noble company research
West Valley College What faculty Do/would do 69% Consider price when choosing a textbook 72% Would support giving students a choice of renting a book for their courses 42% Would be more inclined to submit their adoptions to the bookstore if rentals were an option 52% Would consider using the same book for a period of two years if it meant a rental would be available Textbooks 7% of faculty always or often already do Source: Barnes & Noble company research
West Valley College How Prices are Determined College stores operate on margin Margin is the difference between cost and retail Publisher sets the cost and bookstore calculates the retail shelf price based on contractual terms Average margin on course materials is 27% (NACS)
West Valley College How Textbooks are Priced 75% OF EVERY NEW TEXTBOOK DOLLAR GOES TO THE PUBLISHER AND AUTHOR. Publisher Author Freight4% WVMCC District 10% Bookstore Salaries and expenses 10% Bookstore Earnings 1% 7
West Valley College Revenue for WVC Financial Terms Academic Year 2009/2010 25% margin pricing on new textbooks $325,000. Guarantee 10.5% up to $2,000,000. 11% $2,000,000-$3,500,000. 13% over $3,500,000. $20,000 annual donation $125,000 one time payment $200,000 capital $3,445,135. sales = $355,565.to WVC 8
West Valley College Revenue for WVC Financial Terms Academic Year 2010/2011 20% margin pricing on new textbooks $275,000. Guarantee 7% up to $2,000,000. 8% $2,000,000-$3,500,000. 10% over $3,500,000. Increased sales in the bookstore = Increased revenue 9
West Valley College How Prices are Determined Previous Pricing: New Textbooks sold at a 25% margin $75.00 cost = $100.00 shelf price New Pricing: New Textbooks sold at a 20% margin $75.00 Cost = $93.75 shelf price Used Textbooks are sold at 75% of the new book price $100.00 New = $75.00 Used $ 93.75 New = $70.35 Used
West Valley College Cash back to students Used Textbooks = Cash Back If book orders received early students receive 50% back Example: $100.00 New Book = $50.00 Net Cost to Students $75.00 Used book = $37.50 Net Cost to Students WVC Bookstore paid $316,463. to students this academic year
West Valley College Book Order Process Faculty select and submit order to store Store verification and acknowledgement Ordering practices based on enrollment and history Textbook sourcing Buyback from Students Used Book Wholesalers Early Orders mean more used books! As of today we have 65% of book orders for Fall vs. 60% LY.
West Valley College Bookstore Role Facilitate low cost options Follow-up with faculty-calls, emails and presentations Communicate un-bundled options and price Research edition status and availability Communicate advantages of early orders Registration Integration- gives students early access to used books Work with Student Senate and Library Objective = provide low cost options and have books available for students 13
West Valley College Impact of Late Text Orders Limited buyback Limited used books Books not on the shelf by the first day of class Publisher shipping delays Student learning disadvantage Student anxiety
West Valley College How the bookstore works with WVC to lower the cost of books HEOA TAP Committee Collaboration on price reduction strategies ISBN and price available online July 2010 Publishers must provide faculty with price and offer unbundled materials Inform students on how to save money on textbooks Increase number of used books available Rental program pending
West Valley College Net Cost to Students Customer New $100 $50* Net Rental Used $75 Digital $65 (Approximate) Net $45 (Approximate) Net Cost $37.50* Net * If bought back
West Valley College Rentals Details Pricing: more than 50% off new textbook price Rental period: entire term Normal use/highlighting allowed Student given option to purchase book at end of term Multiple forms of payment accepted either online or in- store Books for rent Books for rent Eligibility determined by: - Edition status - Reuse rate of book on both local campus and across company - Single vs. multi-use (Single use-online components and access codes, study guides etc) 19
West Valley College Our vision A new world requires a new outlook To deliver a wealth of content all the information, ideas, and insights students need to get ahead To bring it to you in all formats, and through all channels new, used, digital, rental, in-store, online, mobile To build loyalty by being the only destination where customers can find everything they need and want, at the best price possible Only Barnes & Noble offers the breadth of ideas and resources to succeed in this new world. 20
