What Are Key Success Factors?

Key Success Factors
Getty Images /Thomas Bar

Key success factors in marketing are defined as the basic steps from various aspects of marketing that are major components of success. The most important clarification is the difference between marketing and sales. Many businesses assume marketing and sales are identical.

In the truest vernacular, marketing is actually composed of two elements: marketing research and marketing strategies. Marketing techniques lead to successful sales.

Sales without marketing research and marketing strategies may not result in optimal success. Sales are always the result of a carefully strategized marketing concept.f

Key success factors are defined as the basic planning, design, and implementation of how products and services will be presented for consumers and result in successful sales.

For example, a major U.S. corporation plans, designs, and implements certain marketing strategies based on exhaustive studies of their potential target market. These studies result in the creation of marketing strategies that meet the needs of consumers within the target market. Marketing strategies are designed around products and/or services to engender the greatest positive reaction from target markets. Marketing strategies become part of the overall sales style of each business as it best relates to their public offering. 

How Do You Identify Key Success Factors? 

Each business identifies key success factors differently, depending on their products and services.

Invariably, key success factors are seen in ongoing sales that maintain healthy business revenue. Key success factors can also be viewed in the context of successful advertising and promotions online and in the public domain. 

What Things Should Be Considered When Identifying Key Success Factors?

Things to consider that identify key success factors include:

What's the Purpose of Key Success Factors?

The purpose of key success factors is to inspire and incentivize marketing and sales to a more robust business status. Products and services of businesses should not remain static or without evolution. Vigilance over key success factors helps business owners to gauge business potential within the target market and also in the realm of business competition. 

Are There Different Types of Key Success Factors?

There are different types of key success factors that offer more advantages to some businesses than others. For example, a key success factor for car dealerships that is successful is frequent special sales campaigns. This key success factor might not suit businesses that are service oriented or with products that have no margin for discounts. 

Important Additional Information When Considering Key Success Factors

When considering key success factors, data tracking is an important piece of additional information that produces visible proof of marketing success. Data tracking helps relate marketing strategies to successful marketing results.

Data tracking is also useful as a sales training tool that helps sales personnel identify those marketing techniques that have the strongest effect on key success factors. For example, businesses who rely on trade association events to promote their products or services should track new business gained through event participation.