Doing your market research for you...

Lesson #5: Make sure you do your market research before taking the plunge.

So, you've written your story, submitted it to agents and publishers and got a long list of rejections.  But you still can't let it go.  You know it has promise.  And you just can't bring yourself to consign your charming characters to gathering dust in a box.
Even if you wanted to, they won't let you.  They keep levering it open and going on more adventures...

Do your characters keep escaping from the box?

Then, and only then, is it time to start considering whether you should publish it yourself.  Because it's no mean feat.  Nor is it cheap (although, maybe not as expensive as you might think).  So, if you intend on making a profit (and you should, by the way), you need to have a clear plan...

Researching your market
In this research article about the children's book market the statistics show that 14% of the children's book market belonged to picture books in 2012, which works out at a cool $500 million, so there's plenty of demand out there to tap into.  But there's no point making an ebook, right?  I mean, there's not much of a market for electronic picture books, is there?  Well, maybe.  It does seem that the print book is still holding its own against the digital format, but the digital book market is growing.  Do you want to be left behind, or catch the crest of the wave?  Because more and more parents are turning to the convenience of apps such as the Me Books digital picture book app:

Market Research: Look at available platforms for your ebook

 Me Books passed the 1 million downloads mark this year and anyone, traditionally published or self-published, can submit their work to them.  Although, like a traditional publisher, they don't accept all submissions.  And they do take their cut, of course.  If you decide to try and go it alone, you don't have to go to all the expense of producing an app to get something a bit more interactive.  Enhanced ebooks with audio and video can be produced for just a few pounds.

Market research: app or ebook?
Infographic courtesy of kitereaders.com

However, you will find yourself competing in a market that is awash with free digital picture books (granted, many of questionable quality), so you may want to consider offering yours for free, at least initially, to break down the barrier of anonymity between you and your customers.  Because, after you've done your market research, that's the greatest hurdle you'll have to overcome.  Book shops won't stock your work without a demand, but without the opportunity to experience your work, why would they part with their hard earned cash?

So, now I've done your market research for you, it's time to research the different options, and costs, for producing your picture book.