Barnes and Noble's recent announcement that the company plans to sell itself brings a lot of things into perspective. It serves as a wake up call for investors that the market for physical books is waning and that the company will have to look for different markets in the future if they hope to keep profitable. The question then becomes, what should Barnes and Noble do in order to emerge a stronger and more successful company?
The first thing to realize is that selling themselves does not mean they are going bankrupt. The company will continue to support the Nook and will still have their set of book stores and college textbook stores available for customers. Instead, it's like changing management, the company will have new people at the head directing their future endeavours.
BARNES AND NOBLE
When looking how to reinvigorate Barnes and Noble, the first thing they have to do is improve their storefronts. Currently, their retail locations are viewed as a liability, when in reality, the company needs to leverage these as an asset. Use the stores to give people the perception of a company that interacts with their community. Start hosting book clubs and writers groups actively in Barnes and Noble, getting people interested in going to the book store and being a part of its community.
Second, push the Nook. Right now, Barnes and Noble is trying a price war with Amazon and it's not going to work. Amazon runs the Internet for all intents and purposes and it has given them a huge advantage. Barnes and Noble needs more ads out there putting the Nook in peoples minds. They need to differentiate the experience, to make it feel like something besides another Kindle. They need to make the affiliate program easier to use to get more people involved and promoting the Nook.
In the end, Barnes and Noble needs to become a fighter. The company seems to be rolling over on its back waving the white flag. They need to show that they've got good potential and market it to the potential consumers. Once they're in the peoples minds again, they'll soon find themselves back in their pockets as well.
Challenges Faced By Barnes And Noble BARNES AND NOBLE
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