by Marilyn Cox, Vice President of Marketing, Clubessential Holdings, LLC, Cincinnati, OH
Ohmagosh, it’s time once more for the multitude of annual predictions posts! But this coming year promises to be particularly pivotal. Perhaps it’s because it’s the beginning of a new decade, or maybe it’s because changes have been simmering to a slow boil. Whatever the reason, 2020 will have a profound effect on the club industry because we’re now entering The Experience Age.
The Experience Age is an evolution of the Information Age, which included enhanced technology, an abundance of choices, and dispersed communities. The Information Age was meant to be an era of opportunity and access - and it has been. But it’s also left many people feeling disconnected and disenchanted. The Experience Age is set to right the wrongs of its predecessor.
Of course, the member experience is top of mind for many clubs and has been from the start. Step outside of the private club industry and you’ll see that attention to member and customer experiences are reaching a coming of age that is only serving to raise the bar for defining an exceptional experience. One trend that may have the greatest impact on clubs in 2020, is the significance of experience data.
Over the last decade, clubs have been inundated with data to help them optimize club operations. However, this valuable O-data (operational data) is typically fragmented, stored in various systems, and difficult to align into a narrative that informs the board and club decision-making. To further complicate matters, the Experience Economy is forcing clubs to look beyond the O-data and also evaluate the X-data (experience data). This X-data is providing the insight behind ‘why’ things happen. Spending on experiences has grown 4X faster than spending on goods and services. As clubs look to evolve how they operate in the experience age, standardization is essential. In 2020, clubs will implement solutions that fully integrate their X- and O-Data, collect information across their club, and provide best practice methodologies, controls, and tools. By combining X- and O-Data clubs will see the impact of their improvements on key metrics like revenue, sales, profit, engagement, attrition and much more.
PCMA members and subscribers can find Marilyn's full perspective here.