LETTER FROM CHAIRMAN

August 2014

Just the other day, I was at the Golf Club with some old friends who had decided to meet up and shoot the breeze after a long, long time. We discussed handicaps, the state of the course, young talent with potential and old talent with a future. Then the time came to catch up on work related updates. When my turn came, I gave them an overview of what we were doing at AIRDA in the timeshare space. I think timeshare generated more discussions than the professions of others, and I found myself explaining industry developments to a very interested audience.

Then someone asked me, “Where do you see timeshare, in five years?”

Now this was something that made me stop and think. A question like that is normally linked to a person’s career and where it could take him, or her, in five years. But pose the question from the point of view of an “industry” and you really want to look at a crystal ball for answers.

Here’s an outline of my responses. I have added more content here, to give people a glimpse of what they can look forward to in the years to come.

But let’s get back to the theme of this article:

• Timeshare will be formidable industry sector on its own. Right now, we’re moving in the right direction, and things are falling into place in terms of products, processes, systems and consumer response. In five years, the industry will be far more evolved with a great deal of consolidation – from within the industry and outside. Especially in terms of support, benefits and sanctions from the government.
• With better resource management platforms and technology being infused, I’m sure it will be easier to book your preferred slot. Resorts too, will come up with intelligent solutions to make sure everybody has a piece of the action. In other words, you will have control of your holiday calendar, in more ways than one.
• I can also see resorts going the extra mile to personalize your holiday experience. Just like you fill in a form these days for your choice of meal on a flight and other accompaniments, you might actually be able to fill in your food and activity preferences well before you arrive. It’s a nice feeling to see your name being included in a planned way when the activities are rolled out.
• Exchange companies will widen the horizon for you and work towards stretching your exchange dollar, or rupee. Exchange companies spend a lot of money on research – to understand emerging customers and what they could be looking for on a vacation. Five years from now, they will have enough research done, to give you more in terms of newer geographies, unique holiday experiences and packages that really deliver value for money.
  
• You will have a more evolved workforce, where young people enter the industry wanting to be part of a more evolved timeshare platform with exciting career opportunities and rewards. You will also have better programs for training and skills development. Interestingly, the employee of the future will be very close to the profile of the customer you will be selling to.
• In five years, today’s 25-year-old will be 30 and just the target market resorts will be directing their communications to. And here’s my advice to marketers - don’t wait till your prospect is 30 – talk to your early prospects now and build a relationship.
• The customer will truly be king, with products designed around his needs in terms of vacation experience, individual preferences, customized activity calendars and really helpful customer support. You will also see financial institutions taking a closer look at the industry with convenient engagement options.
  

AIRDA will also be five years down this road and will respond in elevated ways to the needs of its member resorts and end customers. I can also see higher levels of consumer protection. We will have a lot more member resorts – which means a wider choice, better exchange formats, a wider range of activity options – and healthy competition that improves the overall product.

Now that’s something to look forward to, don’t you think? And you may not really have to wait for five long years to see all of this rolling out.

It might happen sooner than you think.

B. S. Rathor
Chairman, AIRDA