Changing Student Attitudes Toward Higher Education with Mike Shannon, co-founder of Packback Books
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Changing Student Attitudes Towards Higher Education Presented by Mike Shannon and Kasey Gandham Co-Founders of Packback A Better Approach
description
While the industry innovates for the future, the fact remains that next-generation digital educational resources are not being adopted, in any significant way, by this generation's students. Mike Shannon, co-founder of Packback Books, discusses ways that the higher ed companies of today can weather the transition into the future by taking aim at their biggest competition: the secondary market for textbooks.
Transcript of Changing Student Attitudes Toward Higher Education with Mike Shannon, co-founder of Packback Books
- 1. A Better ApproachChanging Student Attitudes Towards Higher EducationPresented by Mike Shannon and Kasey Gandham Co-Founders of Packback
2. A deeper look Students from a range of universities Focus groups lead by PHD researchers Insight into real student behaviors and attitudes 3. I typically spend a few hours surfing online, searching for ways to save money on my books. - Kristen, Class of 2014 4. Its frustrating! I buy all of these expensive books and then end up barely using some of them. - Joe, Class of 2013 5. Im old school. Talk to my ten year old brother; hell use digital textbooks. - Liam, Class of 2015 6. Test Preparation versus Exploratory Learning Memorization Reading StudyingExploration Browsing Connection 7. Innovation follows behavior Recognized existing student behaviors: The convenience of rental Scouting Google to compare prices 8. Used Book Market 9. In 2009300 Bookstore Rental Programs 10. In 20133,000 Bookstore Rental Programs 11. Student Book Swaps Student-Driven Innovation Cuts out the Middle-Men Student-initiated or universitysponsored 12. Sowhat about eTextbooks? 13. eBooks versus eTextbooks Consumer22.5 eBook Sales%of trade publishers total revenueeTextBook6.0Sales% 14. Dual Adoption Challenge+ Changes Behavior= Price DisadvantageHigh Switching Cost 15. Our industrys current solutionsBuild for the future versus innovating for current behavior 16. Enhancing Textbook Content We built a promising future, but increased switching costs for students What we thought: Digital adoption was low because students will not pay extra for a static PDF reading experience. What we did: Present a greater switching cost by expecting a larger behavioral change while ignoring price barrier. 17. Built-Into-Tuition Model Win-win for students and publishers, but barriers to widespread adoption persist Opportunity: Ensure every student has a low-cost textbook; kill the used book market at scale Reality: University barrier (bookstore contracts), Professors must opt-in, Students must opt-in. It will take years to work at scale. 18. Adaptive Technology We create great products, but are held back by barriers to distribution. The Plan: Students master subject matter; rendering used books become irrelevant. The Problem: Conservative professors will not move fast enough for our students. 19. Desired Content versus Required Content Students Desired Content: Pay-per-Use Consistent Usage Micro-Transactions 20. Desired Content versus Required Content Students Required Content: Purchase Full Textbook Inconsistent, Uncertain Usage High Price-Point 21. Short-term subscriptions to digital educational content and resources Exploratory learning through online, social Q & A community Introduce a window of direct adoption for next-gen adaptive learning technology 22. Illinois State Pilot Publisher Revenue without Packback: $7,162.64 Publisher New Revenue from Packback: $4,133.66 57.71% total increase in revenue for backlist titles Publisher sell-through/student adoption without Packback: 8.66% of students Publisher sell-through with Packback: 31.98% 23. Our partners believe that Packback isa solution for today, that paves the way for the technology of tomorrow. 24. Designing for Future Student Behavior 25. Thank you! For more info, check outPackbackBooks.com Mike ShannonIllinois State, class of 2012 [email protected] m
