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!

6 Responses to What Good is a Market Analysis?

  1. Susan J. Reinhardt May 8, 2009 at 7:12 am #

    Hi Christina –

    Thanks for defining a Market Analysis. Debbie’s book hits the whole Baby Boomer crowd, while yours includes women and men.

    I’m having difficulty with finding books similar to mine for a proposal. How do you locate books for a comparative analysis when your book is mystery/suspense with a speculative bent?

    Thanks,
    Susan 🙂

  2. T. Anne May 8, 2009 at 8:54 am #

    Interesting. I’ll be following the comments to see what transpires. I’d like to know more myself.

  3. Christina Berry May 8, 2009 at 12:33 pm #

    Ouch, Susan, that’s going to be a tough search. Let’s break it down a little bit. What aspect of the book gives it the spec fic bent? Are there E.T.s? Unexplained phenomena?

    Have you read Peace Like a River? That has a spec bent, but isn’t categorized that way by anyone I know of. Try to find a popular book in the main genre with a taste of the subgenre.

    Also, mystery and suspense have many distinctions between them, so watch the grouping. Mystery is about leaving clues and creating the desire to figure things out, ie. solve the case. Suspense is about withholding facts and creating tension.

    Any particular questions, T. Anne?

  4. Susan J. Reinhardt May 9, 2009 at 4:29 pm #

    Hi Christina –

    No aliens, but it’s about America in 2025 – so we’re talking futuristic here. I haven’t read Peace Like a River. I’ll pick it up.

    There’s plenty of tension. The reader knows a whole lot more than the characters, but not everything. Does this sound like more suspense than mystery???

    Thanks!

    Susan 🙂

  5. Christina Berry May 9, 2009 at 10:01 pm #

    Susan, I’d say more of suspense. There’s a book that I’m thinking of … may be by Terri Blackstock … about First Light or something … I know this is a lot of help! Anyway, it sounds similar enough because it’s current day, but nothing mechanical works on earth anymore. It might have the same feel of “our world, our ways” but an alternate version.

  6. Susan J. Reinhardt May 11, 2009 at 6:20 am #

    Hi Christina –

    Thanks for the suggestion. I’ll check it out.

    Blessings,
    Susan 🙂