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| Resort Trades: November 2015 | |  No
Time to Share – Protecting Member Data Is Industry Responsibility (by
Judy Kenninger, RRP)
Recent headlines have brought home the risks faced by business that store customer data. Retailers have had credit cards information stolen, insurance company files have been hacked; and the federal government reports that some 21.5 million current and former employee records were breached. When the worst happens, costs, such as credit card monitoring for affected clients, mount rapidly and can include fines from the Federal Trade Commission and even state agencies. When it comes to data security, however, incursions from hackers aren’t the only concern, say industry experts contacted by the Resort Trades. Far more mundane happenings can affect your business’ ability to survive. “The most likely occurrence is actually systems failure,” says Joe Reiplinger, a partner at CCS Technology, which provides information-technology to many timeshare clients, including TimeshareProPlus.com. “We think of things like fires, but an employee who inadvertently deletes files could also cause a catastrophe if backups aren’t occurring regularly.” According to a Forrester Research Study, 24 percent of companies say they have experienced a full data disaster. While a backups and off-site data storage may allow you to eventually recover lost files, a business continuity plan ensures that downtime is minimal. “It’s my impression that this industry is below average in data security, data recovery and business continuity,” says Ed Klein, chief technology officer for SPI Software. “It’s important to understand the difference between disaster recovery and business continuity, and to address them both.” (more) Growing Old Gracefully
(by Brian Welch)
All resort operators face challenges every day, but how do these challenges differ for legacy properties? We recently asked several individuals involved in resort management that question. Jan Samson is senior vice president for corporate and business development with Vacation Resorts International. “The biggest challenge facing legacy resorts is the existing owner base aging out, not being able to travel, or having limited opportunities to transfer their timeshare interests to family or friends. Resort physical plants must be brought up to standards that today’s traveling public is looking for. Getting the boards to understand and agree to the necessity of these improvements will continue to be an opportunity for management,” Samson told us. (more) One of a Kind (by
Bill Ryczek)
1. Diversify Revenue Sources—A single site developer needs to recognize that a model driven primarily by front-line timeshare sales will probably not be effective. Unacceptable levels of marketing and sales expenses usually result when trying to compete head-on with the marketing machines that dominate high-traffic destination resort areas. Tour flow is a challenge in less populated markets. An effective rental program, event promotion (weddings, parties, etc.), commercial rentals, and a strong referral program are generally needed to supplement timeshare sales, particularly for seasonal properties. 2. Don’t Try to Emulate the Chains—I used to work for a community bank, and we’d always have new management hires coming in wanting to change our processes because “that’s the way we did it at Bank of America (or Chase, or Citibank).” Smaller companies don’t have the resources of larger ones, and if you try to emulate them you’ll just create an inferior version of a business model most of your customers didn’t want in the first place. That’s why they came to you. Take advantage of your ability to provide personal service in a way that chains cannot; that’s your competitive advantage. (more) About Resort Trades
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