This article originally appeared in the October issue of AGENTatHOME magazine. Subscribe here to receive your free copy each month.
Hi, AGENTatHOME readers. My name is Ruthanne Terrero, and
I’m the new director of luxury travel content for Northstar Travel Group (and
you may also know me from my time as vice president and editorial director of
Luxury Travel Advisor). I’m thrilled to be stepping in as a columnist for
AGENTatHOME’s new Luxury Unlocked column, where I hope to inspire you to
continue elevating your luxury travel business.
I recently moved into a new home, and I’ve been doing a lot
ofwork to make it “mine.” Of course, this can be an intensely stressful
process, but thankfully, I’ve had consistent good luck with my contractors, and
all the Google reviews I’ve left them have read the same: “The experience was
seamless and stress-free.”
Not having to worry about the little details, potential
problems and “what-ifs” of making this house into my home has become the very
definition of luxury for me. Add in a dose of empathy from the contractors, and
the luxury quotient soars.
Forget about opulence and elegance; if you provide an
experience that makes me feel like I’m gliding on air — where I don’t have to
constantly make new decisions or spend more boatloads of cash — I’ll have a
grin on my face for days.
Now, translate that to the travel industry: Travel advisors
who craft itineraries as if they were for their own personal travels create a
beautiful bubble where the important decisions have already been made and the
potential pitfalls have been determined. That shows emotional intelligence on
the part of the agent, and it stands out in a world where AI is getting all the
headlines. It’s a perfect demonstration of that irreplaceable human factor.
Ruthanne Terrero (Photo Credit: Ruthanne Terrero)Delivering on the Luxury Promise
At Virtuoso Travel Week in August, Virtuoso chairman and CEO
Matthew Upchurch noted that the overall number of travel advisors is growing
quickly and globally. That’s due to the rise of the independent contractor
model, although Upchurch said he is not fond of the “IC” label.
“I prefer to call it ‘entrepreneurialism,’” he said. “This
is an entrepreneurial revolution.”
And these entrepreneurs, often hailing from other
industries, have the emotional intelligence to understand that their business
model must include three things: attention to detail, a heavy dose of empathy
and happy clients.
“Customer satisfaction doesn’t come from what you did; it
comes from doing what you promised you would do, and if you delivered on what
you promised,” Upchurch said.
Today’s Luxury Clientele
Additionally, a standout trend revealed at Virtuoso Travel
Week was the ongoing rise of solo female travelers — a potentially lucrative
revenue stream for luxury-minded advisors. Consider this: 68% of solo Virtuoso
travelers are women, and 62% of them are baby boomers.
Now, consider that staggering “boomer wealth transfer”
that’s about to take place. But, that money is not just going to the kids. Nine
trillion dollars will be going to surviving spouses, and mostly widows. It’s
creating a perfect storm of an extremely affluent group of consumers seeking to
see the world in a seamless and stress-free manner with people similar to
themselves. For travel advisors, that’s a win-win.
Game on, luxury entrepreneurs.
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