How do you establish an enterprise that will remain relevant in eight decades? This is the story of Disney, one of the most popular and successful companies in the world. Starting as a hospitality and recreation company, Disney has over the years branched into other forms of entertainment business including children’s programs, movies, merchandising, games, the list is endless. It makes a lot of sense if you want to learn how they are able to stay relevant over these years so that you can apply their methods to your own business.
Diversification Is Key
The Disney Company was established with the primary purpose of making people happy. With that in mind, they have been able to define their stance, update their strategy, and diversify their business. Disney has grown from a theme park and hospitality business to a huge conglomerate with a tangible stake in different subsections of the entertainment industry. Seeing that the world is changing and desires are being manipulated by recent developments, Disney diversified into production of cartoon features and later into full animated and live action features films. Disney also went into TV network broadcasting in the form of ESPN, the Disney Channel, and ABC, not forgetting the Walt Disney records that produce and publishes soundtracks and music. They also went into clothing partnership, popularizing a Disney collection with various fashion companies, merchandising of toys and clothing, etc.
Embracing Change As It Comes
The primary sin of most giant companies that started in the 1900s and are nowhere to be found is that they refuse to change with time. Technology, science, and innovation have no respect for anyone. The growth of television programming certainly affected Disney’s family theme park attendants. But instead of trying to fight or reject it, they embraced, absorbed, and incorporated it. As a business person, you should be wise in identifying emerging technologies and finding ways by which you could incorporate it into your business. Fighting it won’t stop it, but if you refuse to change, you might be left behind. Disney even used new technologies to recreate some of their characters in line with the present realities, to increase acceptability. They also transformed their theme parks all over the world to cope with the newest ideas.
Cultural Incorporation and Global Expansion
Walt Disney owns and licenses about 14 theme parks in five countries around the world. These locations had in one way or the other added value to the company’s worth and earned considerable foreign exchange over the years. There is also cultural integration. Disney focuses their energy on creating theme parks that resonate with the local culture of the people where they are hosted. This ensures acceptability and sustainability, which a vital aspect of growing any business. Companies that want to stay relevant for many years to come should look beyond their locality and explore the world. The internet offers immense opportunity to have an online presence and sell your goods and services to clients across the globe.
Disney is a reputable company with a sound culture and business strategy that has been established and enshrined for many years. They diversify their business into different lines, bought over successful and profitable enterprises, embraced change as it comes, and created branches around the world.
by: Olivia Picton
Olivia Picton is a Writer , Mostly writes about health, family and other business related topics.