Why Are Key Success Factors So Important For Business Success

Welcome Back For 2015

Hello again everyone and a very happy new year to you all as we usher in 2015 in what will undoubtedly be a very dynamic and interesting year in marketing and social media.

And to kick us off for January you may remember a while back I wrote a blog post on the key criteria for determining how you accurately establish which potential market segment or segments are the most viable for you and your business, as an important preface to choosing which segments your business will or won't target.

Segment First

Once the business has decided what criteria they wish to segment the market with as detailed in an earlier post but most commonly including some combination of the following dimensions:

1. Demographic
2. Geographic
3. Psychographic
4. Behavioural

From there, specific and defined smaller market segments will emerge and can be individually evaluated on the basis of the Key Success Factors (KSF's).

Key Success Factors

Key (or as it's also sometimes referred to as Critical) Success Factors are those factors that the business deems critical to achieve to be able to be viable within any particular market space to be able to effectively position your brand, consistently meet customer needs, cope with competitive brands, whilst always running efficiently enough to make the whole process economically viable and ultimately profitable. It is not an easy process and may explain why around eighty percent of start-up businesses fail within the first five years of starting business operations.

Examples of KSF's

There are many common examples of widely used KSF's in business that can relate to multiple markets that include but are not limited to:

• Availability to funding or lines of credit
• Expertise and specific skill sets
• Ability to bring in additional employees
• Access to multi skilled employees that can perform multiple roles
• Access to additional warehousing space
• Ability to apply and receive council permits
• Eligibility for government grants and support schemes
•  Ability to leverage economies of scale
• Potential to form strategic alliances with complementary businesses and brands
• Expertise in cost minimisation, debt collection and short terms of payment
• The ability to effectively differentiate the businesses product and positioning
• Sales expertise that can effectively drive qualified sales leads and top line sales
  
  
  

  The Matching Process

  The final step naturally will be  simply a process of objectively matching the compatibility of what each segment requires a business to have and or do to what it has or can get, to see how viable that market slice is for that organisation.  Additionally specific KPI's can then be formulated to ensure that the business continues to achieve necessary standards over time in each of these critical performance areas which again will help maintain long term success.
  
  There is a full and detailed explanation of this process also provided on the Dan & Matt video series of twelve workshops that fully explores the subtleties and nuances of the process in greater detail and can be obtained online at:
  www.danandmatt.com 
  
  
  You will be able to get the full program beautifully packaged with a genuine 30 day money back guarantee if the program does not fully meet your needs.
  
  
  So until next time everyone, good luck and good marketing.
  
  
  Regards,
  Daniele.