A well constructed plot, archetypal characters and concepts, simple, yet eloquent and naive language, something distinctive that makes the story depict something bigger than just what is in it (zeitgeist for example).
These are the main criterias for classical works. Although, in the post-modern society the game has slightly changed, since there is sometimes no clear distinction between mass culture and high culture, hence, you see books like Harry Potter, Fifty Shades of Gray, Twillight and all of Paulo Coelho's works being devoured by every philistine that isn't lazy enough to read 2 or 3 books a year.So, if you want your story successful in terms of profit, you can write something vulgar and trivial with the typical archetypes and you'll make plenty of money. But if you want to make something worthwhile, that will be read and studied by our descendants, then you have to work your ass off and devote your life and soul to it.