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Customer loyalty is an essential component of the entertainment industry. Some would argue that it is essential to all industries. The Walt Disney Company has mastered customer loyalty by developing strong connections with their guests. Other industries can benefit from incorporating Disney techniques and craft appropriate services into their operations. It has been argued that for business organizations the most important emerging, market cohort to build loyalty programs is the Millennial cohort, because of its' size and unique perspective. This paper investigates consumer values of both Millennials and Baby Boomers. Three brands, representing 3 different industries, are identified and described in terms of how Disney strategies can be applied to meeting the needs of appropriate target audiences. Results of the study indicate that the Millennial consumer expectation is significantly different from the Baby Boomer expectations (e.g., more emphasis on social contribution, and nature, less on price). Businesses need to recognize the different expectations of market place segments and provide appropriate products and services to meet those expectations.
Keywords: Customer loyalty, Price, Total customer experience.
Introduction
Customer loyalty is important to a business because it ultimately determines whether or not the business will be successful. Generating new customers (recruiting) has been shown to be much more expensive that generating repeat business (Saleh 2014). For the purpose of this paper customer loyalty is defined as, creating a long-lasting relationship with customers. It includes satisfying their needs: physical, intellectual and emotional. It is important to create an experience and make a personal connection with customers to ensure they feel special and well taken care of. The most important tactic for the customer relationship management effort is to determine what customers value about their relationship with your company (Newell 2002). Customer loyalty also contributes to promoting positive word of mouth. This in turn generates new customers in a more authentic manner.
Some organizations are better than others at creating loyalty. Disney is regarded as a company that is very successful in building and maintaining customer loyalty (Allerton 1997). The methods that Disney employs to build customer loyalty can be used in many industries to enhance customer satisfaction. This paper examines how other industries can use Disney's customer loyalty strategies to enhance their businesses. In this paper, customer loyalty...