Welcome, Belmont Vision Readers
This week’s Belmont Vision features yours truly spouting off about textbooks. It’s a great article that lays out the problems with the industry and what we’re doing to address them.
When Erin contacted us to discuss our side of the story, I put some thoughts on paper about how we do what we do. It’s a little long, but it may be a view into BookFool that you haven’t seen before. First, her questions. Then, my PR-ey responses.
1) How does BookFool work?
BookFool’s model is unique in that we cut out the wholesalers and middlemen altogether. We set up shop inside local small businesses and buy our books directly from students, selling them on the national used market at the beginning of the next semester. This means that we don’t care if the book is being used at your campus again. If it’s still used anywhere in the world, we can probably buy it from you.
At Vanderbilt last year, we had a student bring us 100 old, out-of-date textbooks to price. The bookstore would not buy them and the local wholesaler had offered him $76 and three free burritos. His jaw hit the floor when we told him we could offer him over $400 for all of them. Alas, we couldn’t give him any free burritos, but I don’t think he minded!
2) How do you determine the asking price? Generally, what are your mark ups?
Because we do not have to satisfy a gauntlet of middlemen, we can pay very close to a book’s current value on the national market. Many students find that once they factor in the cost and hassle of selling online (including 15% marketplace commissions and multiple trips to the Post Office), they can actually get a better deal from BookFool than if they sold it online themselves. And they get it in Cash!
When it’s time to buy your books, our site, BookFool.com, will show you the cheapest used copies at all the major used marketplaces. If we can’t give you the best deal on a used book, we want to empower you find the best price yourself.
3. What sets you apart from a traditional campus bookstore? Why might you be the better option?
Your campus bookstore is only concerned with buying books for your campus. If they don’t need a book next semester, they will either refuse to buy it or will offer you an insultingly low “wholesale price” and pass the book along to a wholesaler.
At BookFool, we buy for ourselves and sell on the national used market, not to some middleman who takes a cut. We partner with local small businesses to host our buybacks, which means these local shops get increased foot traffic, students get a better deal on their books, and the local economy gets a much-needed cash infusion. It’s a win-win-win!
4. In your mission statement you talk about how being recent students affects the way you do business. Can you elaborate on that?
As students ourselves, we felt how powerless we were in the face of the mega-conglomerates who run campus bookstores. Because many campus bookstores had no competition until the online used market matured, their buyback attitude was often “take it or leave it…NEXT IN LINE!” BookFool is using technology to put power back in the hands of the students.
For students, just having BookFool as an option causes your campus bookstore to reevaluate their prices. We also never pressure students to sell if they’re not comfortable with a price. Students are always free to compare prices online, at the bookstore, and elsewhere, and we welcome them back if they decide we can offer them the best deal.
5. How have you marketed to students?
Word of mouth is our best friend. We use Social Media and traditional advertising methods to alert students to our coming and then let them take it from there. Once the word is out, it’s all about giving students a great deal.
6. In general, what effect do you see the price of textbooks having on students and the textbook industry?
Textbooks are expensive, no doubt about it. Many publishers look to digital textbooks as their savior, but we have yet to see a digital solution that actually costs less and put students’ needs first.
Having options is at the heart of our Capitalist economy. As long as students need books, BookFool will work to empower students with options. This means engaging with professors, student government associations, and students themselves to find solutions that respect everyone’s needs.
7. When will you be back by Cosmic Connections again this December?
Cosmic Connections is an amazing place to hold a buyback. Katherine and her staff have welcomed us there for years, and we plan to maintain this partnership for many years to come. This semester’s buyback at Cosmic Connections happens on Dec. 9-12 and 14-17, from 8am to 6pm. After buyback season, we’re always buying online at http://bookfool.com/sell
Thank you for including us in the discussion, Erin.
