Timeshares Make For Safer Vacations
COVID has most probably altered the vacation patterns of Americans for the next few years, possibly for a decade, especially for couples and families. With so many of us working from home and many others not working at all, the extended weekend getaway is quite possibly a thing of the past – or at least for the present.
Until recently, resort marketers had pinned their hopes on the nascent pool of millennials as potential buyers. But in his article in the June 5, 2020 edition of The Washington Post, “The unluckiest generation in U.S. history,” Andrew Van Dam observes, “After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history.
Tragic news, indeed.
Given gloomy reports such as these, leaders in the resort industry have historically risen to the challenge. They survived and managed to profit through the 2008 financial recession, for instance. And, prior to that, they overcame the serious challenges presented during the savings and loan crisis of the late ‘80s and early ‘90s.
Unquestionably, the Coronavirus has dealt us all a sound and serious blow. If there’s any silver lining to be found for those involved in the marketing, selling, and management of vacation ownership/timeshare resorts after the grim scythe continues its assault, it’s that families deeply need vacations at this time and the safest way to take them is to spend a week or two in an RV or a timeshare condo.
Is there, indeed, a silver lining?
Our industry offers respite to our owners/members. They own a gosh-darned vacation! Our job is to make it more attractive than ever for them to use it. And for those families who have not yet discovered the value of vacation ownership, we need to continue our marketing efforts – perhaps with a little different message this time and by updating our toolkit.
David Stroeve’s article in the October edition of Resort Trades addresses the situation. The article, “How to market today’s uncertainty to your advantage,” offers some good advice on doing just that. “At some point, you must jump in and get your hands dirty but test everything you do,” he says. We need to make a plan, execute it, measure results, and keep tweaking that plan.
No matter what your role in the resort industry, it pays to have an interest and knowledge of marketing to fit the current situation. Whether your resort has a sales line, performs mainly in-house sales, or relies on a management company to assist in selling HOA-owned inventory, anyone involved in operating a resort today would be wise to study marketing in today’s environment.
Jumping In
“Having a planned approach and path is important,” Stroeve continues. We’ve all heard the age-old comparison between the “ready, fire, aim” and the “ready, aim, fire” approach to marketing. Putting a plan together and, equally importantly, implementing it, requires leadership. Whether this happens in the form of a team or a group, or just a single leader, the basic tenets are the same: Leaders begin with the end in mind.
Scott Bahr also joined in during in his remarks during his Trades Lunch Bunch webinar, “Leadership: What Does It Take?”, held on October 9th. As you can read in Georgi Bohrod Gordon’s article in the October 2020 edition of Resort Tardes magazine: “At the top of this list [of requirements for leadership] is a vision. The vision sets the tone and the goals that fit your product and/or service. The right data informs your decisions, giving you the insights, you need regarding your customers, the industry, and your operations, allowing you to execute with precision and deliver consistently superior results. And finally, you must have a clear voice, both internally to your team and globally with your customers.
You’ll notice Scott’s description of leadership circles back to the people involved. “The key is to understand what your team and your customers need in the current social, economic, and political environment. Focusing on the positive and innovating concrete solutions makes abundant sense. More importantly constant communication, in fact, over-communication, will position you and your brand as thought leaders who genuinely care about their stakeholders.”
Timeshares make for safer vacations
…Which brings us back to our owners/members and prospects: people need vacations. We need vacations to bring down cortisol levels; we need a time and the space to reconnect with loved ones; we need them to help us focus on self – on our own mental, emotional, and physical health.
And what, again, could answer all of these needs and be safer than a week in a timeshare unit? No worries about taking the group out to wait in line for Red Lobster…no pizza on a bed. Choose to pop in the pool when it’s least crowded; whack away at miniature golf (or real golf) out in the fresh air; long walks along the beach or through the historical district…resorts typically offer plenty of access to outdoor activities.
Perhaps this may sound a little Pollyannish, but I’m proud of our industry for being so customer-oriented. Yes, there are some buyers who get in over their heads and must deal with collectors; and yes, those evening robocalls are actually VERY annoying. (Hello, Resort-Company-Who-May-Not-Be-Named! You know who you are.)
But the facts are these: Our beautiful, luxurious resorts would not be here if they didn’t have a solid revenue stream and the promise of reward for the developers. Shared ownership with an underlying real estate interest is a secure way to assure them of this. Ultimately, a large group of people assume the debt together. Hopefully they vote for reasonably wise HOA board members who will adequately fund reserves and will approve assessments that properly maintain the property. Hopefully, your homeowner association has the vision and wherewithal to preserve the project, plus pride of ownership to avoid the dreaded label, “legacy.” (Take a look at the Cove at Yarmouth for inspiration.)
Anyway, this is the ideal: Given the right leaders and a team with the long-term objective of preserving a valuable asset, your resort will provide an enhanced standard of living to owners/members for many years to come. So, take a moment to be proud to provide your customers with a necessary and valuable ingredient in their life-long pursuit of health and happiness!
Sharon Scott Wilson, RRP, is the publisher of Resort Trades, Resort Trades Weekly, and host of The Trades’ virtual events (see ResortTrades.com/LearningCenter). Subscribe to Resort Trades Weekly — https://resorttrades.com/resortnation.
