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Value Propositions

13 April 2014

From author Dan Meadows at The Watershed Chronicle:

Here’s the thing, we can all talk until we’re blue in face about ebooks, bookstores, publishers, writers, et al (a point some would say we already reached sometime in early 2012) but none of it means a damn thing. The only thing that matters is the value proposition offered to us and how that informs the choices people make. Everything else is bluster. Worse yet, it’s meaningless bluster that far too frequently merges with wish fulfillment of the person doing the blustering. “Ebooks are dying.” “Bookstores are crucial to the future.” “Writers need publishers to be the best they can be.”

. . . .

Twenty five years ago, if I wanted a new book, I had a few choices. There was the library (a brick and mortar bookstore that’s basically free for readers), used bookstores (brick and mortar store that’s cheap but whose offerings are dependent on readers getting rid of their old books), rotating racks of best sellers in retail stores (having little to do with book discovery and everything to do with pushing already known entities to impulse buyers) or bookstores themselves (who offered the best selection and knowledge about books available at the time).

In that environment, the value proposition to readers was on the side of bookstores. The time, effort and extra money necessary to patronize a bookstore was a fair trade off for what we got in return; a wider selection of books to choose from. Today, however, that value has flipped on them. Bookstores, with their real world physical constraints, inherently offer a limited selection of books. Online, however, has no such trouble. Online, you can find and buy every book. All of them. So now, bookstores have gone from having the best selection of books available to having a limited subsection of books.

. . . .

With ebooks, online print book sales and rapidly approaching explosion of print on demand technology, the value proposition to readers of frequenting bookstores is a problem. When they had the best selection and a knowledgeable staff that wasn’t easily reproducible, we thought nothing of the outlay in time and effort to shop there. We didn’t mind paying a few extra dollars on the price of a book to support their infrastructure when they provided a service that we valued. Today, though, shopping at physical bookstores requires readers to sacrifice. We need to give up our time and effort to get there, then pay those extra few dollars for the privilege of shopping in a limited pool of material. We need to choose to give up value available to us in order to use bookstores.

. . . .

When the value proposition changes from one where I pay out because you bring me value to one where I pay out to bring you value, that’s not going to end well for you. You can discuss bookstores’ place in literary history and culture all day long, it doesn’t change the simple fact that the value you once earned your coin with simply ain’t what it used to be.

This applies to the publisher/writer dynamic as well. Twenty five years ago, if I wanted to be a published writer, I had to go through the slow slog of querying agents, editors or whomever, piling up rejection after rejection until I get lucky enough to be offered a contract that paid me pennies on the dollar from the revenue my work generated. Not only did writers accept this, we fetishized it to the point where there are still writers who have inexplicably fond memories of taping rejection letters to their bulletin boards. The fact was, if I wanted to be published, that’s what I had to do. The value proposition of going through that crucible was worth it because it was the only way to reach the goals we wanted.

. . . .

Publishers and bookstores carefully crafted the value they brought over decades, some would say centuries. It does seem a bit unfair to people who have dedicated their lives to those ends to see that value knee-capped in less than 10 years. But that’s life. Sometimes, the things we value are life-long, sometimes they only last a matter of days or weeks. The thing is, you can never really tell when that value is going to vanish. And once that happens, you have to look toward the value you actually possess today and going forward.

When you hear people talk of the role of bookstores and their value to society, ask yourself, are they referring to the value they offer right this moment or the value they offered a quarter-century ago? Same with publishers. Is what they do today valuable or are they still treading on what they did that was valuable two or three decades ago?

Link to the rest at The Watershed Chronicle and thanks to Chris for the tip.

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Big Publishing, Bookstores, Self-Publishing

13 Comments to “Value Propositions”

  1. When the value proposition changes from one where I pay out because you bring me value to one where I pay out to bring you value, that’s not going to end well for you.

    Indeed!

    Sometimes, the things we value are life-long, sometimes they only last a matter of days or weeks. The thing is, you can never really tell when that value is going to vanish.

    Some friends teach us a lesson. Some friends visit for a season. And some friends stay with us for life.

    When you hear people talk of the role of bookstores and their value to society, ask yourself, are they referring to the value they offer right this moment or the value they offered a quarter-century ago? Same with publishers.

    Excellent point!

    Take a long, hard look at what people value today and what they’re willing to do to acquire that value. That’s where the path to the future rests.

    Well said!

  2. A long time ago, in a galaxy not so far away, I would take a half-hour bus ride from the ‘burbs to downtown DC and walk a dozen blocks to a heavenly hole-in-the-wall bookstore called Moonstone Bookcellars. All SF&F, all the time, and nothing but.
    After an hour or more meticulously scanning the shelves, I’d come out with a typical load of 30-60 paperbacks (usually in a repurposed grocery box) and walk to the bus stop, ride home, walk up a hill (but not in 4 ft snow).

    It would take the better part of my saturday and I’d do it every couple of months just for the access to rare backlist and UK editions of quality SF you couldn’t find elsewhere. It wasn’t convenient but there was value in that slog.

    In more recent times, I would drive 30-40 miles to a regional Micro-Center computer store, or the first large screen, stadium-seating digital theater to watch summer blockbusters. (Lesser flicks I’d catch at the mall around the corner.) Value being in the eye of the beholder.

    For over a decade now I’ve been getting my books via online vendors, mostly Amazon and Powell’s, ebooks from those and Fictionwise. Computer stuff? Mostly Newegg, TigerDirect, and Amazon. And the movies? Well, summer blockbusters I catch at the local premium theater. Everything else I rent online and watch on my large-ish HDTV… Value being in my own home, now.

    Once upon a time I had to hunt and scavenge for valuable things and experiences. Now they come to me over a wire or delivery truck. And it doesn’t much matter where I live.

    My saturdays now belong to fending off weed world, watching the baseball game of *my* choice, and/or reading. My time is my own. There is a lot of value in that, so I don’t really fret what luddites may think. I miss Moonstone but I’m happier having my Saturdays back.

    I prefer the 21st century, all in all.

    • Moonstone was awesome. It had everything SF&F. Things you didn’t know about but needed desperately. I buy all my books on-line now just about, but if Moonstone reappeared I would go right in.

      • I still have one of their t-shirts and a book cover, both with their bookwyrm logo. The place was a temple. 🙂

  3. Yeah. I blogged about Paris Book Fair losing each year its relevance.

    Guess what the Amazon stand was focused on this year? Self-publishing.

  4. J.M. Ney-Grimm already picked out the choicest bits so I won’t repeat, but I just want to to say,

    This is the smartest thing I’ve read online in a very long time. Thanks for posting it, PG.

  5. Smart article.

  6. “…ask yourself, are they referring to the value they offer right this moment or the value they offered a quarter-century ago?”

    This is the first time I’ve heard this in so many words, and it’s brilliant.

  7. Oh. My. Gawd. So. Brilliant. One of the best pieces I’ve read on the subject… ever.

  8. Well, it’s true enough, both for book stores and publishers. But it really isn’t new. We have all said more or less the same thing for years now.

  9. Yup.

    I think I recall seeing Dan post here from time to time.

    • I do, upon occasion. I want to thank everybody for the nice words, and thank you, PG. I was surprised when I saw the link on twitter. Made for a very pleasant Sunday.

  10. Bookstores and publishers still have a value proposition (getting in front of readers who haven’t gone to ebooks and/or place value in what they consider curation), but that value proposition is eroding year by year.

    As Hemingway said about going bankrupt, “at first it happens slowly, then it happens suddenly”. I think the same will be true of the erosion of this value proposition. The disintrigration of an iceberg also comes to mind.

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