Barnes and Noble fired its fifth CEO in six years. It’s a bad situation getting desperate.
Back when I was living my 9 to 5 life, I used to go to Barnes and Noble and hang out in the business section, reading and dreaming about one day becoming an entrepreneur.
So it’s real sad what’s happened to that company.
But they still have two advantages – their amazing stores and existing customers. People still love going to a Barnes & Noble.
So here’s what I’d suggest to the next CEO:
- Get people spending even more time at a Barnes & Noble. Put chairs everywhere. The longer someone stays, the more they’ll read, and the more they read, the more likely they are to buy a book.
- One problem they have is that people read the books their and then buy from Amazon. So I’d have signs everywhere in the store that they’ll match Amazon prices.
- Offer an amazing return policy to encourage impulse buys.
- Start a loyalty program – This would get their customers buying more and staying loyal to Barnes and Noble instead of shopping with Amazon.
- The cheapest Nook I could find is $129. The cheapest Kindle is $59. I’d find a way to sell a Nook for $59.
- Form partnerships with Starbucks, where every Starbucks customer who buys 3 books from Barnes and Noble gets a Nook for free.
Hope it works out for them.
Meantime, you can increase sales and keep your customers buying more using RewardCamp.
Check out a demo of RewardCamp to learn more.