More companies entering the timeshare business this year does not just mean more competition for sites. It means more competition for customers. Customer capture and retention is a hot-button issue in an industry in which sales and marketing costs average 40% . for the big names and 50% or more for the field. Identifying new customers, selling to them cost effectively and keeping them loyal is job No. 1 in the timeshare world. "The value of timeshare for a brand lies in the relationship with its customers and the opportunity to optimize its spend over the long term. Not losing those customers to the competition will be the battle royale for 2005 and beyond," says Rip Gellein, chairman and CEO, Starwood Vacation Ownership (SVO), Orlando. The fight to keep existing customers in the brand fold and cost effectively attract new buyers is redefining every aspect of the timeshare business, from a revamping of the physical product to a rethinking of geographic targets and a fine-tuning in sales and marketing approaches.
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