What Good is a Market Analysis?

And how does it differ from a Competitive Analysis? These questions floated around the ACFW loop a few days ago. What follows is my contribution to the topic:

I thought with all the discussion about what to include in proposals, many of you might like to see WHY you need to include a market analysis and HOW it’s used. I recently received the Moody catalog for July-October. Remember, bookstores order inventory from this.

(You can view the catalog here)

On the page below the picture of my book, The Familiar Stranger:

MARKET Adult fiction readers, women and men, who are interested in tales that weave the realities of life with a twist of fate; perfect for group reading and discussion; mystery and intrigue readers

I often stressed that I did not want a cover only a woman would read because I felt this book could be enjoyed by men. That translated directly into the copy. The book is technically not a mystery, but they were awesome to say it would appeal to mystery and intrigue readers because it has overtones of both. See how the market is broad enough to be profitable, but narrow enough to give an idea of the buyer?

Here’s the paragraph on the next page, below Debbie Fuller Thomas’ Raising Rain:

MARKET Primarily women readers; 40-65 years old; fiction lovers who desire a heartfelt story of families/relationships that are broken, the healing of past mistakes, and a God who’s big enough to redeem any situation; readers who lived through the tumultuous late 1960s and early 1970s

Much more narrow on age range, but hits a huge part of the buying market. Does that mean only people in that category will purchase her book? No way! I was born in the late 70s, but I’ll be buying a copy.

It’s not just busy work: it’s the way your publisher will sell your book!