Having book signings and events is good for business. Obvious, right?
Not to me.
A couple of recent articles caught my attention.
The first deals with the storied Kepler Books in Menlo Park, California, which was saved back in 2005 by a consortium of book-loving investors. The owner is retiring, and they are talking about making it a non-profit bookstore. (I've made my opinion about that kind of thing known -- get out of the way and let someone make a living!)
Anyway, this statement caught my attention:
"In the past seven years Kepler estimated that the store has sold two million books, held 3,000 author events, collected $3 million in sales tax and donated $200,000 to schools and nonprofits. Still, it is barely breaking even."
3000 author events = barely breaking even.
No correlation, you say? Maybe it would be worse without the events?
Maybe, but I browse books sites every day, and there is funny common characteristic to bookstores that go out of business -- many of them hosted multiple author events. (That, and they sell online -- another supposed savior of bookstores.) They all act surprised that it didn't work.
The second statement comes out of an article that is actually addressing the problem of Amazon versus independent bookstores. It's written by a publisher (strange how that keeps happening, too. The publishers and authors and customers and just about everyone else things it's a grand idea!) "Independent Bookstores: How to compete with Amazon." Huffington Post.
He uses as an example, a bookstore in Boston, which he says he got started down the path toward 'events.'
Two statements, actually. First:
"Perhaps only 10 or 15 of those 40 people actually bought books that night, but since then more and more poetry readings have been booked there..."
Notice how the second half of that sentence more or less assumes that results were better with more events. But the ONE event he mentions, let's average out his number of books sold (I'm betting he was being a bit on the high side, but...) to 12.5 books.
Average profit on a hardcover 12.5 books -- maybe 125.00. ($25.00 book times 12.5 times 40% markup.)
Whoo hoo! $125.00! Sorry I missed dinner, honey, but I just made 125.00!
(You might have done just as well by staying open the same extra hours. Eventually, unless you want to burn out, you have to have set hours --- which allow you to go home and have dinner with the family and go to a movie or whatever...)
Thing is -- every time I see ACTUAL numbers, they aren't impressive. (I've also held two events myself, and I sold almost nothing -- literally. A couple of comics, a single graphic novel....something like that.)
So that 125.00! Now subtract expanded time and space and employee hours, plus sales the store didn't make because everyone is listening to the author, plus probably refreshments (at least for the author) and whatever other costs it incurs.
The second statement is more in the way of, damning with faint praise:
"...since the push to have more events, their overall sales have improved too." This comes from the owner, who in the article is mentioned to have since jumped ship and moved to New York.
I'm sorry, "overall sales have improved too" is pretty vague. One or two books a day, ten more books a day? I'm guessing that if the sales had improved "dramatically" they would have used words to that effect.
Here again, I've actually talked to several bookstore owners who do events, and they are usually anything but enthused about actual events. They usually mutter that the events are a big huge hassle without much results.
So it comes down to -- events will bring in future customers...
Where have I heard that before?
Oh, yeah. Downtown street closures. Yet, I have about 30 years experience with downtown street closures and I simply don't buy the "future" customer argument.
It's obvious, sure. Obvious to everyone.
But -- I think -- it's also wrong.
What's sad is -- it has become so much the accepted wisdom, that just about every bookstore will start doing it.
And then be surprised when they go out of business.
If you want to host events because you like it, or because you want to provide a community service -- fine. I'm sure there is a plus factor (minus all the negatives, but still a small plus). What I'm saying is;
It isn't what will keep you in business. Being a good bookstore is what will keep you in business, not being an event center.
Try not to confuse the two things.
And remember, the above examples were actually provided by the Proponents of the idea of events, and even the numbers they provided pretty much sucked.
O.K.............I'm ready for everyone to disagree with me. :/
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4 comments:
I think saying that people who come in for events don't buy enough books to make events profitable assumes that their only value is in generating sales during or directly after the event. I think it has more to do with keeping up the profile. Events can be another form of advertising, of adding character to your store, of building a community of regular, loyal customers. Which could equal word of mouth. Or press coverage. Or blog posts.
It could also equal nothing at all. It's definitely a slippery thing to quantify.
Are you going to do a signing when your new book comes out?
I can understand how having book signings might not help sales, but I can't understand how it would hurt. Unless the authors at the signings draw such throngs of fans that the paying customers are scared away.
I've said this before, Dunc, but I'll say it again: Your situation is unique and your experience can't necessarily be extrapolated to other types of stores in other markets. You fill a special niche (science fiction / fantasy), your store is long-established, and it's the only store occupying its particular niche in this rather small and rather isolated town.
You and Andy are probably right that it can't hurt.
Except that it might be a little costly. Remember -- I believe businesses go out because of burn out as much as money. (Or both, obviously).
Anyway, what I'm saying is that independent bookstores have been waving this "magic" formula around for a number of years now, so that like many promotions, it becomes the 'point' of the store -- instead of selling books.
I'm not convinced it helps all that much if the fundamentals are off. So the focus needs to be on fundamentals.
I just get tired of all the "Oh, no, they're going out of business and they were a great credit to this town because of all the events they put on!" without anyone drawing attention to the fact that the events didn't keep them in business.
Would it have been worse without the events? Who knows?
I just don't think events will keep you in business. That's extra. Not fundamental.
But if I was a person thinking about opening a bookstore, and I read all these stories, I'd think all I need to do is have an active promotional calendar and the community will embrace me and I'll feel good about it all.
And -- oh, yeah -- I'll also sell books.
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