Branding The Magic: How Disney Remains Relevant
Forbes.com continues to shed light on the business behind “The Magic” of Disney, this time focusing on the Disney brand and it’s ongoing success.
“In an interview with the Wall Street Journal in 1958, Walt Disney shared his formula for success” wrote Lisa James. “Dream, diversify, and never miss an angle.
“Over sixty years later, that has proven to still be a winning formula.”
Dream, diversify, and never miss an angle
Complacency is Killer
Disney doesn’t rest on its laurels. Far from it, explained James.
“Where other companies have come, gone, and faded away, as a brand The Walt Disney Company is a phenom,” she wrote.
“Time has only strengthened the Disney brand, and it is continually ranked amongst the best, most powerful, and most recognizable brands in the world.”
And while many of us get pretty nostalgic about the “good old days,” Disney doesn’t, which keeps the company viable.
Dream
James cited changes to both the company and the parks as evidence of Disney’s adherence to Walts WSJ admonition. James explained:
Ten years ago, there was no Queen Elsa and, “Let it go” was just a common phrase used to diffuse arguments. Yet the characters and stories of Frozen have become so intertwined with the world of Disney that it feels like these characters have always been a part of our lives…
The key, as Disney knows, isn’t to wait for the brand to become stale before thinking of new ideas. Keep dreaming, keep inventing, and keep pushing out new products and content to draw your audience to you.
Diversify
James pointed to Disney’s 21st-century acquisitions of Pixar, Marvel, and Lucasfilm as ways the company diversified its offerings.
Disney knows how to make the right acquisitions to make their brand bigger, bolder, and broader. When the term “Disney” comes to mind, it’s not just about princesses, amusement parks, and castles anymore. Jedis and Avengers also have their fair shot at the Disney Fairytale.
Where appropriate, brands should strategize ways to diversify their portfolio. Companies need to identify the opportunities they’re missing out on that could strengthen their brand.
Never Miss An Angle
And then, James pointed directly at the live-action reboots of classic Disney animation, including Aladdin, as a way The Walt Disney Company adapted to current audiences and tastes.
One of the latest Disney tactics is turning these classic stories into live action adventures. This year Aladdin and The Lion King premier with high anticipation to old and new audiences. This follows past releases of live action films such as Cinderella, the Jungle Book and the blockbuster Beauty and the Beast remake from 2017, which racked in 1.264 billion USD worldwide.
Companies shouldn’t forget what customers originally liked about their brand, but they need to continue to reinvent the messaging by position differently and adapting products from every angle. In the past, Disney has returned these classic stories to theaters, but now they are returning them to theaters with different actors, slight adaptions, and a brand new on-screen experience.
James’ full article is fabulous and deserves a good look. But tell us, how have you incorporated “Dream, diversify, and never miss an angle” in your life?