The popularity of Walt Disney Company’s entertainment product and services transcends generations.
Besides the Disney brand, the company banks on the brand power of its cartoon characters such as Mickey Mouse from the original stable, and new ones that acquisitions of Mirimax, Pixar and Marvel, have brought.
Disney has entertained your family, but it is time you learnt some of its strategies to succeed in your business.
Target customers of all ages
Walt Disney’s mantra for success was: “You’re dead if you aim only for kids. Adults are only kids grown up, anyway.”
Fun-loving urban median income families are Disney’s mainstay.
Grandparents, parents or kids, it has something for everyone. Having loyal customers of all ages will ensure assured income stream for your business.
They will not only encourage their future generations to be patron to your services, but also provide free word of mouth advertisement.
Adopt latest technology
It keeps up with times.
For example, on the one hand it modernizes rides in theme parks to retain the interest of old and attract new customers.
On the other, it undertakes new ventures like digital publishing or launching book apps for children using iOS and Android phones.
Disney has not only developed many successful mobile apps based on its well-known franchises, but also created new ones such as the “Where’s My Water” game app.
Always remember, adopting the latest technology will protect you from losing business and folding.
But you should not go overboard and end up like victims of dotcom busts.
Marketing is the key
Disney advertises online and offline, and uses direct mail and sales promotions to stay on top of customers’ minds.
The company strives to offer people ways to interact with Disney brands and characters by being among them. The more people know about you the better it is for your business.
Not everyone who hears about you may become your customer.
But it’s worse if people have never heard of what you offer.
Grow the markets
Disney is always eyeing new markets.
This includes not just new countries but also products and services.
It has theme parks in major cities outside the US — Hong Kong, Paris and Tokyo. And, it also purchases companies such as Marvel Entertainment that grow its licensing and merchandising business.
It hit the jackpot with Marvel’s more than 5,000 characters, which include Spider-Man, X-Men, Iron Man and the Incredible Hulk.
By increasing the synergy between businesses, such as theme parks, movies and merchandising, Disney ensures that cash registers keep ringing.
So keep increasing your range of offerings, and improvise to attract new customers.
Beat seasonal ups and downs
Disney finds ways to attract customers the year round for businesses, like theme parks, which face seasonal fluctuations.
During the lean months, it cuts room prices or creates special packages for target groups like parents without children to attract footfalls.
You too should track sales and plan promotional packages to avoid cyclical hiccups.
Innovation is the key to perpetual growth.