Skip to main content

Important Success Factors in Business

Image courtesy of Salvatore Vuono at

In business you must always identify the main success factors in the industry you operate in, of-course, by identifying them and taking them into consideration it will help your business succeed. Various industries have different success factors, however, in order for any business to survive, owners must determine what customers want and determine what the business needs to do to stay competitive. So how do you determine what your customers want?  You first have to know who your customers are. For example are they students or working class individuals. You will have to make an enquiry about their needs and then you make enquiries about how they make a choice between similar products. This achieved via a focus group or questionnaires. Once the preferences of your potential customers have been identified, then the factors that can help your business stay profitable can be identified. For example, in the cement industry if customers buy products based on quality and cost efficiency then you must combine product differentiation with a low cost strategy.

Determining how to stay competitive requires understanding the nature of competition in the industry. You should enquire about how intense competition is in the industry and look for ways to obtain a good competitive position. Do you need to have the best form of technology to stay competitive? For example the mobile phone companies need to keep coming up with better products cause their products have a shorter life span and competitors could overtake them, as such you will need equipments that will help you develop better products or does your business need a lot of capital to stay competitive. You will have to carry out a research based on all I have discussed above to stay profitable while achieving sustainable growth.


Popular posts from this blog

Eid Mubarak

Happy Eid ul Fitri

Understanding the buyers behaviour

Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.

For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.

Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…