Brand Loyalty: Applying Disney’s Formula for Long-Lasting Success
Brand Loyalty: By Bruce Jones, Via TrainingIndustry.com
Few global brands can boast the kind of passion and loyalty that generations of Disney fans feel for their beloved Mickey Mouse and his creator, Walt Disney. The question on the minds of business leaders is: How does Disney do it? How does this family entertainment company maintain its worldwide appeal while consistently producing strong business results?
At Disney Institute, we train business leaders, including long-term care executives, to recognize the power of building and nurturing a consistent brand—one that allows an organization to sustain lifelong relationships with its customers. Disney works hard to sustain lifelong relationships with guests, continually expanding product and service offerings and maintaining the integrity of one of the world’s most recognizable brands.
But it takes more than simply building a brand to build brand loyalty. The key, really, is in understanding the emotional connection that customers have with the brands and products they love, and then, most importantly, respecting and cultivating that connection.
THE EMOTIONAL CONNECTION
Every business seeks the magic ingredient that distinguishes companies that are ‘here today, gone tomorrow’ from those that thrive, grow and adapt to the changing economy. While there are many factors that go into building a business that lasts, perhaps the most elusive is brand loyalty. Everyone recognizes that loyal customers are worth their weight in gold. It clearly costs a lot less to keep a customer than to find a new one.
Successful organizations understand that strengthening the connection between their brand, their employees, and their customers will promote financial success. Going further, by building personal relationships based on authenticity and trust, companies can develop levels of commitment that lead to sustained growth and success. It’s important to recognize that while customer loyalty is primarily defined by what people do (return and re-purchase), brand loyalty is defined by how people feel.
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