October 2019 Industry Report

According to data from the Census Bureau's Annual Survey of Entrepreneurs, there are 5.8+ million businesses in the United States. Interestingly, firms with fewer than 500 workers account for 99.7% of those businesses.

Clearly, capitalism is alive and well in America. Another example? There are more than 27,000 restaurants in greater New York City alone!

It’s likely your private club or resort faces competition – that may be priced above or below your brand.

I have an interesting exercise, with a fun twist, for your next management meeting. As an example, let’s assume you have four peers in your market – two priced below your brand and two priced above. Purchase five bottles of wine – priced at $20, $40, $60, $80, and $100. Your club represents the $60 bottle of wine. Mark underneath the bottle the price point and wrap the bottles in brown paper bags. Then, provide each staff member with a “scorecard” and sampling to record which bottle is at each price point.

Why choose wine for the exercise versus six various priced sweaters or watches? Prospects make first impressions within seconds, similar to the taste of wine. It’s a fleeting experience they can’t take with them. When they leave your club, it’s perception that counts.

The ultimate goal of the exercise is to examine, in a tangible way, how people have different tastes. It’s likely someone will rate the $20 bottle to be $100. Discuss why and how this relates to your position in the marketplace.

The most successful loyalty program

American Airlines started its frequent flier program in 1981. Did you know? 1.5 billion AAdvantage miles are earned or redeemed each day. Consider capturing the value of your members with incentives to visit – and spend – more often. Current off-the-shelf technology makes implementing and managing a loyalty program cost effective and trackable. A tracking program also will allow you to identify members “at high risk” of resigning their membership. Reach out to members who haven’t visited your club in 60 days with a special invitation and offer.

Opportunity to play Streamsong Resort

Research indicates that most people's earliest memories, on average, date back to when they were 3-1/2 years old. The Streamsong Fall Classic (October 19-21) invites teams of two (in a four-ball stroke play competition) to play Streamsong Red and Streamsong Black. Now is the time to add to lifelong memories. More:

Sip and savor

The story of “Home of American Golf” began in 1895, when Boston Philanthropist James Walker Tufts purchased 5,800 acres of ravaged timberland. The property, which cost Tufts about $1 per acre, once held a flourishing pine forest that had been cut for timber and used for its plentiful supply of turpentine and building supplies. What was left behind was a barren, sandy wasteland, a secret ingredient in the recipe for building a golf course. Over the years, Pinehurst Resort has expanded to offer nine golf courses that have hosted more championships than any other club in the country – a tradition that will continue when the 2024 U.S. Open returns to its iconic Donald Ross designed Pinehurst No. 

Last year, the resort’s long abandoned original steam plant, built more than a century ago to provide Pinehurst’s electricity and heat, was converted into Pinehurst Brewing Company, a craft brewery with nine original beers always on tap. More:

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