Having a great product is no longer enough. Today’s consumers want to have an emotional connection with the companies they patronize, says Jeff James, vice president/general manager of Disney Institute.
“Disney has been doing that for decades,” says James, who addressed the America’s Credit Union Conference Wednesday at the Walt Disney World Resort® in Florida. “It’s where you can differentiate. Customers are placing a higher value on the experience of using a product than the product itself.
“In your world, the auto loan is just a widget,” he continues. “Your members will focus more on how you make the loan than they loan itself.”
The challenge is that companies are competing with the best experience a consumer has had with any company, regardless of product or service, James says.
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