Opportunities abound for the vacation ownership industry
Last week, Concord Director of Business Development Jesus Calahorra attended the annual LASOS Latin American Shared Ownership Summit in Mexico City. LASOS brings together key players in vacation ownership and tourism-oriented real estate in Latin America to share news, emerging trends, best practices and ideas to advance the industry. As an attendee and panelist , Calahorra not only had a front row seat, but a voice in shaping the future of vacation ownership. Here’s what he took away from his time at LASOS.
Inflation: A threat and an ally
We’ve all seen the headlines and are feeling the economic pain. Inflation is here and it’s hitting nearly every industry – including travel. Airfare is way up and hotel rates are rising too. At the same time, the pandemic-weary are ready to travel. Many also have extra savings and want to spend that money on experiences.
While inflation will cause some buyers to think twice before buying a vacation property, there’s an opportunity to show new buyers the potential long-term benefits of purchasing vacation property now. Instead of paying high hotel rates, buyers can get the peace of mind that comes from locking in a payment and knowing that their vacation is always within reach.
The takeaway: Embrace inflation and show buyers why now is the time to buy.
Multigenerational opportunities
The vacation ownership industry is now at a point when five different generations could be potential clients: Baby Boomers, Generation X, Millennials, Centennials and Generation Z. This is a great opportunity, but we have to speak to each generation in their own language.
We can’t sell vacation ownership to Millennials and younger generations the same way we sold to their parents and grandparents. These generations want to make transactions online, on their own, when they want. They need the technology to create a self-service experience.
The takeaway: Vacation ownership is for every generation. This is a wake up call to reinvent the industry to work for the younger generations.
Post sale best practices
The sale is what gets customers. The post sale is what keeps members – and often helps attract new members. The experience that people have after purchasing a vacation property can drive loyalty and even upgrades.
Positive customer experience must be constantly maintained and improved. Members must have an excellent experience with every touchpoint, including the call center. That’s why it’s extremely important to measure contact center KPIs. Make sure to track your values for average speed of answer, average handle time, average talk time and service levels.
The takeaway: What happens after the sale is even more important than the sale. Make sure customer service is a top priority.
Next steps
The demand for travel isn’t waning – even with a recession looming. The vacation ownership industry is in a unique position to meet the need for travel, but we need to make the case for why we’re the best option.
