How to Tackle the Next 12 Months in Timeshare
Attract millennials and get a competitive edge over home-sharing services.
Millennials and increased competition from home-sharing services are at the top of industry leaders’ minds, according to a survey conducted by Capital One during ARDA World 2017 at the end of March. Forty-two percent of respondents said that reaching millennials would be the industry’s greatest challenge in the next year, while 26 percent pointed to home sharing. Peter Roth, vice president of marketing and communications and industry relations at ARDA, gives advice on addressing these concerns in the year ahead.
“Millennials are one of the largest groups of travelers looking for authentic experiences on a budget while on vacation,” Roth says. To appeal to this group, consider partnering with businesses to offer exclusive activities, and creating a list of things to do nearby. According to ARDA International Foundation’s 2016 Shared Vacation Ownership Report, nearly half of timeshare owners are interested in budget-friendly excursions in addition to traditional amenities such as pools or childcare, so providing these experiences also benefits existing owners.
Roth suggests developing an app to make your resort more accessible to a younger audience, as a lot of their time is spent on mobile devices. The same AIF study found that 52 percent of all travel consumers expected to use more travel apps in 2017. Apps play a competitive role against home-sharing services, too, since many have one that allows customers to book on the fly. “Apps streamline the booking experience and act as a platform to list local activities and places to explore within a destination,” Roth says. And to stand out against home-sharing companies, play up baked-in services they don’t offer, such as concierge, customer care and housekeeping.
When thinking about future trends, consider the needs of current owners. As studies related to mobile use and the desire for more authentic experiences have shown, the improvements you make to attract prospects can—and should—drive existing owners to stick around for the future as well.
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