The vacation ownership industry, with its proven business model, thrives even in challenging socio-economic times. The industry has been successful in creating an owner base that is enthusiastic about travel and consumes the product in good times and bad. A recent study by the American Resort Development Association (ARDA) showed that 63 percent of timeshare owners strongly believe that nothing is going to stop them from taking a vacation, compared to 43 percent of total travelers who said the same.1
The industry is not without its challenges, however. From a consumer-facing standpoint, challenges typically center on perception and trust issues associated with aggressive sales processes, product inflexibility, contractual complexities and the need to stay ahead of constantly evolving travel patterns and customer expectations. Furthermore, from a business- facing standpoint, the industry has seen significant consolidation over the last several years resulting in vacation ownership companies needing to differentiate themselves to compete better against larger, more formidable competitors.
Five Steps Vacation Ownership Companies Can Take Now
There are five practical steps vacation ownership companies can take now to jumpstart their efforts to evolve their offerings in order to delight the modern vacationer, improve EBITDA and gain market share.
- Repositioning the Brand To Drive Competitive Differentiation
- Rethinking the Product
- Reimagining the Sales Model
- Metrics That Matter
- Tech Modernization
Ready to transform your vacation ownership offerings? Click the button below to discover how you can delight modern vacationers and drive your business forward.
Footnote
1 American Resort Development Association, AIF Vacation Ownership Sentiment Index, March 2024. https://www.linkedin.com/feed/update/urn:li:activity:7191528996784717824/.
Originally published 28 May 2024
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