Developments June 2014 - (Page 76)

CONVENTION Interesting "Happenings" from the Forums What's Next? Sales & Marketing Forum Looks to Future Consumers BY JUDY KENNINGER, RRP A t the 2013 ARDA World convention, many of us heard a new term: LEAPSters. That moniker was given to participants in ARDA's Leadership Education Action Progression and Service program, which is intended to prepare future ARDA and the industry leaders. Member companies' nominated their best and brightest to participate, and among the group's assignments was the task of designing and conducting the 2014 Sales and Marketing Forum. The forward-looking group chose an appropriate topic: "The Next Generation of Consumers." The LEAPSters served as session moderators and table leaders. David McDonald, director of business development for RCI, kicked off the presentations with a look at these new consumers, revealing some facts that would surprise those who think of Millennials (sometimes called Gen Y and including roughly those born from 1980-1999) as a basement-dwelling, semi-employed, and student-loan burdened generation. Although some do fit that stereotype, this generation is also the most educated, diverse, and plugged-in generation in history. By 2015, their annual spending is expected to reach $2.45 trillion, and by 2018, they're expected to eclipse the Baby Boomers with annual spending of $3.39 trillion. What should shared ownership companies be doing to reach and appeal to these consumers? To stimulate thought, panelists explained how their companies, including American 76 - Developments arda.org The inaugural LEAPS class who planned the Sales & Marketing Forum Express (the Forum's sponsor), Caesars' Entertainment, and the Las Vegas Convention & Visitor's Authority, are all rethinking and rebranding offerings. Jon Gray-vice president of the LINQ Las Vegas (an open-air retail, dining and entertainment district)-told participants that more visitors are coming to Las Vegas for entertainment outside gaming. Caesars designed the area to appeal to Gen X and Gen Y clientele (ages 21 to 46), whose market share is estimated to grow to 52 percent of Las Vegas visitor spending by 2015. LINQ has been marketed through social media and event tie-ins. Judy Winitzer, vice president of hospitality accounts at American Express, said 30 percent of AMEX cardholders are under 30, and one in 10 of them earn more than $100,000. To reach these consumers, they use social media as well as products designed specifically for them. Cathy Tull, senior vice president of marketing for Las Vegas Convention & Visitors Bureau, described how Millennials like to plan ahead and pre-pay for experiences. Marketing efforts use social media but also tie-ins to smartphone apps like Pandora radio, which now features a Las Vegas branded station, and events. Then, participants brainstormed ways their companies could use these insights in future marketing. Here are just a few of their suggestions: * Move the focus of sales presentations from ownership to experience. * Get Baby Boomer owners to share positive experiences with timesharing on social media sites. * Add trial-ownership programs that offer unique experiences. * Find ways to replace OPC programs with location-based mobile device offers. http://www.arda.org

Table of Contents for the Digital Edition of Developments June 2014

UP FRONT
FIRST WORD
AROUND THE INDUSTRY
MEMBER PROFILE
FINANCE
RESEARCH
CONSUMER
RIDING THE EDGE
ALL BETS ON
A FIELD OF STARS & STYLE
ARDA WORLD: CASHING IN REWARDS
INTERESTING HAPPENINGS FROM THE FORUMS
RESORT OPS
MEMBERSHIP
MEMBERSHIP UPDATES
LAST WORD

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