Owners vs. Renters: Enhancing Loyalty Through Personalization
Welcome back to our series on Transformational Experience Technology. In our last post, we introduced the concept of using technology to democratize VIP experiences. Today, we’re diving into a specific application of this technology: differentiating and enhancing experiences for owners and renters, particularly in timeshares and vacation properties.
The Challenge: Balancing Experiences for Owners and Renters
In the world of timeshares and vacation properties, there are typically two main groups of guests: owners and renters. Both groups are crucial to the business, but they have different expectations and needs. Owners have made a significant investment and expect to be treated with a certain level of exclusivity. Renters, on the other hand, contribute to revenue but may not have the same level of loyalty or long-term commitment. (Side note for our sports readers, this is analogous ot the tired but true bifurcation of season ticket holders and single game tickets and is further split up in premium versus GA)
The challenge lies in balancing the experiences of these two groups without alienating either. This is where personalized technology can be a true game-changer.
Personalized Technology: The Differentiator
Personalized technology can be a game-changer in differentiating and enhancing experiences for both owners and renters. By leveraging smart systems and data analytics, property managers can ensure that owners feel valued and special, while also providing excellent service to renters.
Here are some ways personalized technology can achieve this:
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Automated Recognition (Greeting and beyond): • When an owner arrives at the property, the system can automatically recognize their presence. This can be accomplished in many ways with varying levels of complexity, cost and efficacy. One could use license plate recognition, facial recognition, RFID tags, BLE beacons or many other models. The point here is that something that was, at one time, considered complicated is now imminently addressable in a scalable and financially viable way. This identification and associate can trigger a personalized greeting from the staff, who can welcome them by name and be aware of their preferences and upcoming reservations. More importantly, the facility is now aware that an owner is present, and the proper staff members can have all of the important information necessary to provide incredible recognition and service throughout the owner’s stay.
• Example: As soon as Mrs. Johnson, an owner, drives into the property, the system notifies the front desk. The concierge greets her warmly, “Welcome back, Mrs. Johnson! We have your favorite room ready, and your preferred wine is already chilled.”
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Streamlined Check-In and Check-Out: • Unnecessary stops should be eliminated. If there is not value added by an interaction, value is eroded. (Note: Warm feelings matter and cordial staff leads to a warm environment. That said, if I have already given you all the information you need and have a means to get into my property, I do not need to speak to anyone at the desk. Ideally, streamlining Day 1 and Day Last can be the most important two touchpoints for an owner. The check-in and check-out process can be made seamless with pre-arrival online check-ins and keyless entry systems. Everyone benefits from efficiencies like this as staffing levels can be lower and even renters benefit from fewer lines.
• Example: Upon arriving, owners can bypass the front desk entirely, using a mobile app to unlock their rooms directly. Major hotel chains have already got this working but we have only scratched the surface in the vacation frontier here.
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Tailored Services and Amenities: • Owners can have their preferences stored in the system, ensuring that their favorite amenities are always available. This could range from having specific toiletries in their room to booking their preferred spa treatments automatically. We have already seen this in far less personal models, like Uber, where temperature and chatter levels can be configured in the app (though I am not sure they are actually reviewed given my recent experiences). The point here is that once an owner consents to share their preferences (that consent word is really important, folks) a company can leverage that information to improve the owner’s experience.
• Example: Mr. DuFresne, a long-time owner, loves early morning yoga sessions. The system automatically reserves his spot in the yoga class and sends a message to his mobile device. Not committing Mr. DuFresne to book this spot but rather reserving it, opens the door to acceptance but showing that the facility was trying to provide something it knew he liked can, over time, create that magic feeling.
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Enhanced Communication: • Personalized communication channels can be established for owners. They receive exclusive updates, special offers, and invitations to owner-only events, which makes them feel part of an elite community.
• Example: Forward-looking companies have created on0demand virtual agents that operate 24/7 to answer issues and allow guests to choose their level of engagement. If they want high-touch, they can opt for that. But, if asynchronous and app-driven help will work, providing that queue and model increases efficiency and satisfaction.
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Data-Driven Insights for Upselling: • The system can analyze usage patterns and preferences to identify renters who might be interested in becoming owners. Personalized offers and incentives can be sent to these high-potential guests. Again, the key word here is consent. Learning behavior patterns is fine.
Ask yourself if an amazing concierge could do this. If they could, the only change that has been made is the substrate the knowledge is stored in (not the meat in the concierge’s head) and the efficiency that is offered en route to a better experience.
• Example: A renter who frequently visits and shows interest in exclusive owner events might receive a tailored offer, highlighting the benefits of ownership and providing an attractive purchase incentive.
Real-World Impact: Driving Sales and Loyalty
Implementing personalized technology not only enhances the experience for both owners and renters but also drives business growth. Here’s how:
• Increased Owner Satisfaction and Loyalty: By ensuring that owners consistently receive VIP treatment, their satisfaction and loyalty to the property increase, leading to higher retention rates.
• Encouraging Renters to Become Owners: Personalized technology allows staff to identify high-potential renters and provide them with a taste of the owner experience, making the prospect of ownership more attractive.
• Operational Efficiency: Automated systems free up staff time, allowing them to focus on delivering exceptional, personalized service rather than managing routine tasks.
Conclusion
At Plain Sight Strategy Group, we believe that personalized technology is key to differentiating and enhancing customer experiences. By recognizing and rewarding owners while providing excellent service to renters, we can create a win-win situation that drives loyalty and growth.
Stay tuned for our next post in the Transformational Experience Technology series, where we will explore how seamless travel technology can transform the air travel experience. Until then, think about how personalized technology can elevate your business and create unforgettable experiences for your guests.