The Walt Disney Corporation has reported a 40% increase in
profits, all thanks to successful movies like Toy Story 3. Packed
cinemas and huge merchandise sales meant a net profit of $1.3bn
between May and July alone.
Here's what we as small business owners can learn from the
Disney Corporation.
1. Have a passion for your product
Walt Disney was a perfectionist, who spent years ensuring each
movie was exactly how he wanted it. If your product doesn't make
you excited, how will it excite anyone else?
2. Provide the best customer service
Staff at Disney parks are famous for great customer service.
Everyone is friendly, polite, and more than willing to help with
anything. Remember that it's not just about selling your product,
great customer service should continue after the purchase has been
made. Contact your customer to check they're satisfied, and offer
free telephone support if they're not. It may seem like hard work,
but your customers will reward you through recommendations to their
friends.
3. Keep your business up-to-date
The Disney Corporation has been around for almost 90 years, but
is still one of the most popular brands. Disney stays fresh by
bringing in new people, merging with successful businesses such as
Pixar, and undertaking countless amounts of market research.
Someone will eventually make a similar product to yours, and sell
it for a fraction of your price. Keep developing ways to improve
your product. Work with people who inspire you and add value to
your business: but don't recruit willy nilly, because that's a sure
way to lose money.
4. Sell sell sell
If you've ever been to a Disney park, you'll know how much
merchandise is available. Not only do people buy tickets to get in,
and food once inside, but after riding rollercoasters based on
films, they rush outside to buy merchandise. Cross selling is the
key. For example, if you sell an eBook, also offer an audio
version, video version, hard copy, study guide etc. If you sell
cameras, sell cleaning equipment, photo paper, frames, albums and
so on. See our feature on cross selling here.
5. Know when to pull the plug
Walt Disney dreamed of opening a circus inside Disney World. It
ran for one day and was a complete disaster. At the end of that
first day he shut it down. If things start to plummet, and there
seems no solution, don't be afraid to cut your losses and move on.
Fighting to the end can sometimes work, but will cost you time and
money, which you might not have. Know when to call it a day.
So remember, while Disney may be bringing in the billions,
there's still room for the little guy. There's no need to bother
the fairy godmother just yet.