hi guys I'm Mark from Walter's world and today we're going to be talking about industry key success factors now industry key success factors are these attributes are product features service details that make the difference between a good company and a great company these are the things that you know there's usually five or six things in an industry that everybody that's successful has to do you know if you're looking at phones well you have to have a design otherwise no one's going to buy it you also you have to have a good brand because if no one's h of your phone they're not going to buy it um people like to have new inovation so you know constant Innovation would be another key success factor for the phone industry so there's kind like five or six things you're looking at that you really may need to make sure you're at least acceptable at to be stay in business and what happens is the best companies they kind of focus on two or three of those key success factors because you can't do all five or six because it gets too expensive because if we have a great designed phone with all kinds of amazing features with a great brand and the battery lasts for 10 days well it starts to become very expensive I mean think about it apple with their iPhone great design new Innovations all the time great branding but hey what about the battery life and the durability you know new iPhone 5 you know scratches and the battery is still not as great and all these things so there these kind of things you look for now if you're going to ask yourself well how do I determine what how how do I determine these industry key success factors well there's three questions you ask first off you ask yourself what do customers want okay and when I say customers you look at who are your customers cuz you look at our industry and we're look at the mobile phone industry are we looking in general or are we looking at business mobile phone industry or are we looking at the teenage mobile phone industry and you start asking yourself questions what the first one like I said what do customers want so we ask ourself for business phone industry what do they want oh security security they want long battery life they want to be able to run their apps on there uh there's all kinds of stuff internet all that stuff okay so we get an idea of what they want we start putting that together then the second question we ask is how do firms compete so we look at the firms in the industry is there some way that they're fighting amongst each other is there lots of room to grow so they don't fight and they work together or is it Cutthroat I mean Coke and Pepsi how do they fight well they're trying to get those exclusive distribution things in restaurants and things like that or they sponsor things they advertise so with soda you're looking at you know distribution networks having a you know local production because you got to get that soda quick enough to people uh relationships with restaurants and and stores the brand then marketing obviously because you want to make sure everyone knows about it these kind of things that's how they compete and then you ask yourself a third question after you figured out what everybody wants how to firms compete and we look at those last little question are there any death Bells so basically is there any product attribute if it doesn't work or that you have that no one's going to buy your product I mean think about a restaurant that has rats doesn't matter how good the food is you will not go there so obviously the health concerns for a restaurant would be a big thing for phones it doesn't matter how cool the design is if the battery only lasts 3 hours uh maybe I don't get that okay so you start looking at these and you took these you take these three questions you kind of put them together and you might see some commonalities so you look at mobile phones you know how what do customers want they want a phone they've heard of okay how do firms compete with the marketing and are there any death bills yeah if I've never heard of the company I'm not no one's going to buy it oh so obviously branding and marketing would be one of those key success factors so you kind of go through there and it gives you an idea of you know what those main ones are and you kind of Judge and the thing is key success factors what is a key success factor today will change in the future because you know 20 years ago when you wanted a safe car because I want a safe car people would buy a Volvo now and the you know now when people buy a car no one thinks oh I want to buy a Ford it's going to kill me no cuz Fords are safe Mercedes are safe Fiats are safe you know so that key success factor safety that was there 20 years ago isn't here today and when companies don't keep up with the key success factors that's how they fall behind Okay so I hope that help you understand better what the uh industry key success factors are and how you come up with them if you want to learn more about marketing and business please check us out at our website at www.wal world.com and please like this video and we'll hope you subscribe and follow us on Facebook and Twitter bye and remember key success factors very important if you want to be a success in your industry whether you're big or small bye