Develop a Successful Marketing Plan: 15 Key Factors for Business Success
Website design By BotEap.comEvery marketing plan should include an analysis of the industry. Why? Because it is vitally important to understand the industry in which you operate and to identify and track your performance on Key Business Success Factors (KSFs) for your organization.
Website design By BotEap.comUnderstanding your industry and identifying your KSFs will help create a successful marketing plan; one that is based on measurable progress and results. A key success factor is one element of a whole that affects your company’s ability to perform well in its market.
Website design By BotEap.comMost companies focus on three to five of the most important success factors (for their business). From time to time, or from year to year, these key success factors may change, as the industry or the market changes.
Website design By BotEap.com15 examples of key factors for business success (and this is not a complete list) they are:
- Number of new clients per year;
- Number of customers lost per year OR the number of customers retained (it is important to understand and measure the lifetime value of the lead for each customer on a regular basis);
- Hire and retain excellent employees (measured by employee turnover, job openings, customer satisfaction);
- Successful introductions of new products (measured by sales and costs);
- Successful promotional programs (measured by sales and costs);
- Good / healthy financial indicators: for example, working capital, acceptable ratios (in particular, debt to equity ratios), profit margins, cash flow, accounts receivable and more;
- If you are in the manufacturing industry, high utilization of operating capacity;
- Strong provider network;
- Strong network or distribution channel;
- Successful product positioning;
- Low cost structure;
- Niche Product / Service – Track the number of competitors entering and / or leaving the niche. Is the cost of entering the market high or low?
- Market leader, follower or challenger, what is your relative position in the market and why? Are you able to support that position if you are under ‘attack’?
- Product differentiation: Do you have technology or service advantages that others cannot easily copy? How unique and differentiated is your product or service?
- Time to market – can your product or service be delivered quickly and easily? from the first point of contact to the moment of shipment and subsequent billing?