Editors are busy people, and they get thousands of submissions a year. Make it easy for them to do their job, and they will like you. If they like you, they'll be more likely to read your work, thus increasing your chances of success.
Know your markets
So much good writing gets rejected because it's simply been sent to the wrong place. Be sure to read the publication before you submit and make sure your manuscript is a good fit. Then read the journal's submission guidelines. Every journal or magazine is different. Some journals have word count limits, specific genres they publish, or specific reading periods throughout the year.
Address the editor(s) by name
Look at a recent copy of the journal you're submitting to, or at their website. Take the trouble to find out who the current editors are for the genre you're submitting. Smaller journals often have frequent staff turnover, so be sure you're up-to-date. Nothing looks less professional than using the name of an editor who stopped working there five years ago.
Clearly state what you are submitting
Write the genre, title(s) and the word count for fiction submissions. If you are submitting more than one piece, list each one by name. Avoid lengthy descriptions of your work, its plot, and its merits. If you must describe the story, do it in one sentence or less. Let the writing speak for itself.
List any previous publications, awards or courses
Many writers go overboard in their cover letters, including a long list of accomplishments they hope will impress the editors. Three pages of publication credits suggest an insecurity on the part of the writer: again, let your writing speak for itself. Remember, editors are busy. Only include your most recent, impressive and relevant publications. No one needs to know that you were published in your grade school newspaper or that you won the spelling bee in grade three.
If you haven't been published, you could include writing courses you've taken, or you could say that you're an emerging writer seeking first time publication. Regardless of your publishing history, in the end it's your writing that must convince them.
Be brief!
Once again, editors are busy! Keep your cover letter to one page max – for most writers one or two paragraphs will suffice. Only talk about your personal life if it's relevant to the manuscript. Avoid obvious phrases like, “A biography is available upon request.” If they want it, they will ask for it.
Include your full contact information
Type your cover letter like a standard business letter, with your address on the right hand side and the journal's address on the left. Include an email address and phone number as well, so the editors can contact you quickly if they're interested in your work.
Follow up by email
Most journals will respond to your submission within three to six months. Some journals specify on the website their average turnaround time on submissions. If you haven't heard back and you're curious about the status of your submission, it's okay to send a brief email. Be sure to mention your name, the title of your story, the date it was sent.
If you follow these tips, you will increase your chances of success with busy editors. Your cover letter is your first impression: be sure it is professional, accurate, convincing and brief.
Finally, for a humourous look at how not to write cover letters, check out this link for some truly bad examples.
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