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CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Market Forces Impacting the Pool Industry
September, 2012
Results Sponsored by
2
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
A commitment to staying informed and ahead of member interests and questions
Nearly 7,000 interviews updated annually
APSP Research Program
Qualitative Exploration
6 Focus Groups
2011 Quantitative Market Assessment
2500 Interviews*
Quarterly Tracking
3000 Interviews among Top 10% of
HH Incomes$100K+ Discretionary
2012 Quantitative
Update
1,300 Interviews*
*Among pool and hot tub owners, prospects and rejecters
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
4
Who Our Research Represents
Discretionary Income $100K+
% of U.S. Households*
10%
Median Household Income
$275K
Median Assets $1.5MM
# of U.S. Households*
12.0MM
* Estimates are based on total U.S. households of 114,600,000 as cited in the 2010 American Community Survey (ACS) from the US Census Bureau.
Upper Middle Class
5.2%
$138K
$800K
5.9MM
Core Affluent
4.3%
$275K
$2.3MM
4.9MM
One Percenters
1.0%
$750K
$7.5MM
1.2MM
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
5
Overall Market Trends
Pool Industry Results
Activations
Agenda
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Let me ask you…
Did You Change Your Shopping Practices as a Result of the Recession?
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Do You Feel the US is still in a Recession?
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Will You Go Back to Your Pre-Recession Spending Practices?
Self-Reliance Supports Static State
9
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
10
Just When You Think Things Are Looking Up…
Q1-09 Q3-09 Q1-10 Q3-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12
6954 56 55 54 56
67 6152 58
Chart Title% of Total Who Believe We are in a Recession
AND it Will Last at Least Another Year
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
11
Views on Stock Market Continue to Fluctuate
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
58
5043 42
50
4142
5057 58
50
59
Stock Market Right Now…
A real risk
A real opportunity
Investing Risk Profile
Moderate
Aggressive
Conservative
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
14 14 12 1014
11
58 56 5851
55 56
28 30 3138
3033
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
12
0
10
20
30
40
50
60
10
11IncreaseDecrease
Little Movement Since the Damage was Done in Q2, 2011
Total Affluent and WealthyAverage across categories among those participating in category
Q2 2008
Q1 2009
Q1 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q2 2012
Aggregate Spending Change% of Households Planning to Increase/Decrease Luxury Spend
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
13
Total AWA Sample
Q1 2012%
Q2 2012%
Weekend Getaways 12 13
Vacations 7 11
Footwear 7 6
Resorts and Fine Hotels 8 5
Apparel/fashion 5 4
Personal Leather Goods 3 4
Eating in restaurants 4 3
Women's Handbags 1 3
Accessories 5 2
Home electronics 2 -1
Home Décor & furnishings -1 -2
Fine Watches -4 -12
Fine Jewelry -4 -14
1313
Calculations based on past spending and projected spending levels
Average Spending Change
The Pool is Your Vacation at Home
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
14
Ouch!
Upper Middle Class
Core Affluent One Percent
3033
45
18 18
26
Q1 2011
Q1 2012
Upper Middle Class
Core Affluent One Percent
2327
43
14 1521
I am looking forward to spending more money
this year than last
I am looking forward to buying luxury goods and services more now than I
did a year ago
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Money is Reserved for the Important Things
15
Upper Middle Class
Core Affluent One Percenters
8176
7171
60 5751
45 45
61
49
39
Q1 2009Q1 2010Q1 2011Q1 2012
I am buying fewer big ticket items now than I did a year ago
Improving
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
16
Uncertainty Everywhere…
UncertaintyPersonal Finance
Jobs
Retirement Home Values
Politics
Taxes
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
17
Uncertainty Is the Issue
81%
Would increase spending if they had more
confidence in knowing what their
future looked like
(YTD)
64%
Say they are saving money because they are worried
about the future
(YTD)
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
18
6 months 12 months 2 years 5 years0
10
20
30
40
50
60
70
80
90
100
27
4148
76
No Confidence In Ability to Predict Own Future in…
Operating Within Short Time Horizons
Just 24% have confidence in knowing what their life will be
like in more than 5 years
Among Total, cumulative for each time period
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
19
Turning Less to External Cues on Ability to Spend
Things that Matter Less as Signals to Spend
Sustained improvement in the stock market
Sustained improvement in the consumer confidence index
General recognition from economists that we're in a growth cycle
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Savings in Cash is the New Black
Income Savings Rate The 90%
Upper Middle Class
Core Affluent
One Percenters
Avg. % Being Saved 10 17 23 34
65% say they are saving money because they are worried about the future
Equates to $35,000 incremental savings per year among top 10%ers
20
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
21
It's Going Under the Mattress
Among TotalNational Personal Savings figures Source: Bureau of Economic Analysis (BEA.gov)
$250 B $550 B
U.S. AnnualPersonal Savings
In 2007 In 2011
% Being Saved % to Personal Savings/Money Market
% Invested In Financial Products and Markets
11
29
71
23
61
39
2007 2012
$6 Trillion in Cash Stockpiling on the Sidelines!
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
22
Hedging and Deleveraging in Process
69%71%
75%
80%
% of households with Zero Credit Card Debt
Q1 2010 Q1 2011 Q1 2012 Q2 2012
But reports of increasing credit use
are now emerging
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
23
As the Stash Gets Bigger…
It gets less risky to spend a larger number
More OK to occasionally have justifiable indulgences
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
24
Q1-09 Q1-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12
6672 71 70
6563 63 63
25 24
16 159 13
2128
Real estate currently represents an opportunity
“In the market”for real estate
Demand For Real Estate Continues to Grow
Trends Update
25
Success Under Siege and Stealth Wealth Experiences and Quality in Life The Pull of Worth and the Push of “the Deal”
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
26
Main Street vs. Wall Street
“We Need” “They Have”
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
27
There is Some JustificationHousehold Income: A Picture of
Disparity (in 2010 dollars)
1950 1960 1970 1980 1990 2000 2010
Lower limit of top 5 percent
Upper Limit of Fourth Fifth
Upper limit of Third Fifth
Upper limit of Second Fifth
Upper limit of Lowest Fifth
Source: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplements.
Table F-1. Income Limits for Each Fifth and Top 5 Percent of Families (All Races): 1947 to 2010
(Families as of March of the following year. Income in current and 2010 CPI-U-RS adjusted dollars (28))
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
28
27%One Percenters
Q2 2012
“One Percenter” Angst
% Who Are Extremely/Very Concerned About Being Scorned for Being in the Top Part of the
Economy
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
29
Perceiving a Climate of Contempt
I am frustrated by the amount of nega-tive attention surrounding wealth dispar-
ity in America
Wealthy people are not recognized for the contributions they make to society
64% 62%62% 62%71% 70%
Upper Middle Class Core Affluent One Percenters
Source: May and June waves of the Survey of Affluence and Wealth in America
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Wealth comes at the expense of others
Wealth is impossible to obtain
Wealth is a reflection of greed
Wealth is something to look down upon
Wealth is something to aspire to
Wealth reflects hard work
63%
60%
56%
39%
30%
15%
6
10
7
10
16
44
30
Perceiving a Climate of Contempt
fewer more
% of Affluent/wealthy who think fewer/more Americans feel each way relative to a year ago
12%
5%
5%
1%
64%
80%
believe statement is true
Source: May and June waves of the Survey of Affluence and Wealth in America
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
31
Stealth Wealth Strengthens
Total Affluent and Wealthy One Percenters
43
53
34
46
30
40
2431
% Agree: I like it when others recognize me as being wealthy
Q1 2010 Q1 2011 Q1 2012 Q2 2012
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Affluent Response
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
This Extends to Their Backyards
Trends Update
34
Success Under Siege and Stealth Wealth Experiences and Quality in Life The Pull of Worth and the Push of “the Deal”
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
35
Happiness and Success See Q2 Uptick
Q1 2010 Q2 2010 Q1 2011 Q2 2011 Q1 2012 Q2 2012
69 71 67 67 66 71
75 78 76 74 7378
Very Happy Successful in Personal Life
Top 3 Box of 10-Point Scale
Self-Reported Happiness and Success 2012
Total 2012 UMC CA Top 1%
Very Happy 63 70 72
Successful in personal Life 73 76 77
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
36
Family
Vacation experiences
Hobbies
Sports
Things you buy
Weather
Politics
Religion
Money
The Value of Experiences In Supporting Quality in Life are Long-Lasting
0 10 20 30 40 50 60 70 80 90 100
11
16
33
34
36
52
54
77
80
31
24
21
49
33
20
33
13
16
58
60
46
17
31
28
13
10
4
Enjoy talking about…Love Talking About Neutral Avoid Talking About
Trends Update
37
Success Under Siege and Stealth Wealth Experiences and Quality in Life The Pull of Worth and the Push of “the Deal”
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
38
Worth: A Matter of Degree
Series1 Series2 Series3 Series4 Series5
Luxury Shopper Segmentation Along the Worth/Value Continuum
Fundamentally Deal-oriented
Biased for Deal
Neither Worth nor Value
Biased for Worth
Fundamentally Worth-oriented
20% 24% 14% 24% 18%
Total A&W Non-CM
Growing
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
39
Rejection of Compromise Holds Strong
Upper Middle Class Core Affluent One Percenters
5041
4543
313835
3026
43
30 27
Q1 2010 Q1 2011 Q1 2012 Q2 2012
I am trading down some of my luxury purchases to lower quality or lower priced items
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
40
Worth Characteristics Intensify in Value
(Note: Total agree for first 3 items is over 90%, total agree on "innovation" is near 80%)
Q1 Q2
Reflect high craftsmanship 46 50
Have a reputation for the best quality 43 45
Have a reputation for good service 44 46
Have a reputation for innovation 16 20
Strongly Agree with Statements About Desired Qualities of Brands
Total Sample
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
41
83% 78%
61%
36%
59%
19%
43%
10%
Fundamentally Worth-oriented
Fundamentally Deal-oriented
Worth: The Store & Sales Experience Matters
What we’ve Covered So Far…
42
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
43
Trends Working Against Pool Business
• Stuck Economy • Spending unlikely to move significantly
• Shortened Time Horizons• Pools have longer-term reward mindset
• On-going Uncertainty• Preservation of assets
• 1%er Angst• Play to Stealth Wealth
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
44
Trends Working In Favor of Pool Business
• Cash Accumulation• Assets have grown substantially
• Targeted Spending on Things that Matter• Family first!
• Operating on Internal Cues of Prosperity• Feeling fortunate in their personal situation
• Real Estate Boom Coming?• Looking for hard assets
• Return of Worth Based Purchasing• Presents more high margin customer opportunities
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
45
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Now for Pools…
Pool Business Owner Highlights
Pool Market Overview
Features/Benefits and Channel Dynamics
Targeting/Communications
Closing Considerations Co
ns
um
er
Ins
igh
t D
riv
en
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Share of Sources of Improved Business Revenue
More customers installing new pools
Improved Financial Practices
More customers renovating/enhancing
Customers are buying more pool supplies
More customers hiring pool maintenance
Something else
Pool Business Owners Report Finances Better 2012
34%
19%
16%
15%
3%
10%
One-third of improvement to new pools. Other important contributing sources
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Definitely
Probably
Might or might not
Probably would not
Definitely would not
28%
42%
23%
6%
1%
Do You Believe in Your Own Product?
Are we selling ourselves or our customers?
Customer Reports of Satisfaction with Pool Ownership Experience
Extremely Satisfied
Very Satisfied
Somewhat Satisfied
Not Very Satisfied
70%
Not at all Satisfied
What Pool Business Owners Estimate Customers will Say
Definitely
Probably
Might or might not
Probably would not
Definitely would not
25%
32%
32%
12%
7%
Extremely Satisfied
Very Satisfied
Somewhat Satisfied
Not Very Satisfied
57%
Not at all Satisfied
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Perceived Effectiveness of Advertising(As reported by Pool Business Owners)
Very Effective
Somewhat Effective
Not Very Effective
Pool Business Owners Not Satisfied with Advertising
19%
65%
16%
New Approaches Needed
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
50
Ready to Fight!“Good is the Enemy
of Great”- Jim Collins
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Pool Business Owner Highlights
Pool Market Overview – Consumers
Features/Benefits and Channel Dynamics
Targeting/Communications
Closing Considerations
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Pool Prospect Market Shrunk from the Recession
Perceived Popularity in owning a pool since the recession
More Popular
Neither more nor less popular
Less Popular
q - In your view, do you feel it has become more or less popular to own a pool than it was before the recession?
19%
50%
31%
Pool Business Owners believe this to be true as well
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Pool/Prospect Populations Steady in 2012
Prospect populations are often larger than owners
Single Family Detached Home Owners - $75K HH
Owners5.6 MM
Prospects3.7 MM
Rejecters75%
27.7 MM
15%10%
Prospects are just 2/3
the size of owners
2011 And 2012
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Can Pools Bring Fun/Happiness Back to Life?
Going through the recession has made life more serious and less fun 52%
Prospects
I wish I could bring more fun back into my life 68%
54%
50%
Owners
Q14- Please read the following statements that may or may not describe your attitudes on certain things. Using the 5-point scale below, please select the response that best indicates how much you agree or disagree with each statement. If no one response captures your feelings completely, just choose the answer that comes closest. q26 - Please read the following statements that may or may not describe how you feel about in-ground pools. Using the 5-point scale below, please select the response that best indicates how much you agree or disagree with each statement.
Having a pool is a great way to bring more fun into my life 81%
The fun and enjoyment I get from a pool is worth every penny 76%
68%
65%
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Reengaging a Vision
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Satisfaction Not Universal
Not a Ringing Endorsement!
Overall Satisfaction with Pool Ownership Experience
Definitely
Probably
Might or might not
Probably would not
Definitely would not
28%
42%
23%
6%
1%
Extremely Satisfied
Very Satisfied
Somewhat Satisfied
Not Very Satisfied
Not At All Satisfied
70%
Strength of Recommendation to Prospects
Definitely
Probably
Might or might not
Probably would not
Definitely would not
25%
40%
25%
8%
2%
65%An Extremely Good Idea
A Good Idea
Somewhat of a Good Idea
A Bad Idea
An Extremely Bad Idea
CONFIDENTIAL, PROPRIETARY & TRADE SECRET INFORMATION This document contains confidential, proprietary and trade secret information of American Express Travel Related Services Company, Inc. (“American Express”) and its subsidiaries and affiliates, and must not be disclosed whole or in part to any third parties without prior written consent of American Express.
Overall Pool Market Structure
• Significant number of non-lovers to “care” for
Sunsetters
Busy Backyard
Visionaries
Caretakers
Fun in the Sun
Love of the Pool
Chore of the Pool
Pool Prospects
Empty Nesting
60%
40%Expect many to exit
the category
20%
24%17%
18%
20%
Pool Owners
Younger
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Pool Negatives – Prospects Wary of Costs
Pools are too expensive to maintain 52%
Maintaining the correct water chemistry in a pool is a hassle 50%
48%
55%
Owners Prospects
Pool maintenance is very burdensome 50% 59%
Pools get boring 27% 25%
q26 - Please read the following statements that may or may not describe how you feel about in-ground pools. Using the 5-point scale below, please select the response that best indicates how much you agree or disagree with each statement.
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Barriers for Purchasing a Pool
Primary or Secondary Barrier for Prospects Total
A pool is too expensive to install 75%
Concerned a pool would be too expensive to maintain
62%
I am waiting to see if the economy becomes more stable/improves
54%
A pool uses too much energy/electric bill will increase 52%
Concerned a pool would take too much time to maintain
52%
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Monthly Energy Costs
Owners
Prospects
Difference (Prospects – Owners)
Monthly Maintenance Costs
Owners
Prospects
Difference (Prospects – Owners)
Owning a Pool Not as Expensive as Prospects Think
$85
$139
$54
$80
$124
$44
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Pool Business Owner Highlights
Pool Market Overview
Features/Benefits and Channel Dynamics
Targeting/Communications
Closing Considerations
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Substantial Investment in Improvements Planned
Future Plans Owners
I don't plan to do anything with my pool
I plan to make improvements to my pool
I plan to completely refurbish my pool
I plan to replace my pool
I plan to do something else
I plan to de-commission or remove my pool
50%
28%
15%
4%
2%
1%
q35 – Which of the following best describes your future plans with respect to your pool in the next 2 years?
Plan to Spend in the Next 2 Years
$3,000 on average
estimated
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Exposure to Pool Features and Upgrades
LED Pool Lighting – Pools are great for daytime fun but they take on a whole new life at night, especially with energy efficient LED lighting. Set the light to the color of your choice or opt to have the lights cycle through the different color at a predetermined interval – all while using 80% less energy than traditional pool lighting.
Natural Pool Sanitation Systems – Natural pool sanitation is a great way to be kind to the environment, save money on expensive pool chemicals and also create a more inviting swimming environment. Using the same minerals found in nature to cleanse your pool water, natural sanitation can reduce your pool's chlorine needs by up to 80% and won’t irritate your skin, eyes or leave you smelling like chlorine.
Automatic Pool Cleaners – Spend less time cleaning and more time enjoying your pool with an automatic pool cleaner. Automatic pool cleaners reduce the need to scrub, skim and vacuum while minimizing debris build-up in your filters, the need to use harsh chemicals and extending the life of your pool filtration system.
Automatic Pool Controls – Control or program your pool heater, pumps, lights and automatic cleaner remotely using a touchpad, Smartphone or other internet connected device. Automatic controls can help you automate pool maintenance, conserve energy and make sure your pool is ready when everyone’s ready to jump in.
Low NOx Emissions Heaters – These compact heaters are eco-friendly, offer the best in efficiency and work quickly to warm up your pool. That means less time waiting for your pool to warm up, energy savings and more time enjoying it.
Solar Swimming Pool Heaters – Harness the power of the sun to warm your pool. A solar heating system can keep your pool up to 15 degrees warmer, extending your swimming season without increasing your utility bills. Solar pool heaters are cost competitive with traditional natural gas, propane and electric pool heaters and, with the energy savings you realize, ends up paying for itself.
Natural Salt Chlorination Systems – Save money, time, and hassle the natural way. A pool with natural salt chlorination requires less maintenance and is cheaper to maintain than a chlorine pool. Better yet, salt water chlorination won’t sting your eyes, fade your swimsuit or leave you smelling like chlorine. Spend less time managing water chemistry and more time swimming.
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Need to Build Awareness of Pool Features and Upgrades
Pool Features and Upgrades Among Pool Owners Owners Prospects Owners Prospects
Automatic Pool Cleaners
Automatic Pool Controls
Solar Swimming Pool Heaters
LED Pool Lighting
Natural Salt Chlorination Systems
Natural Pool Sanitation Systems
Low NOx Emissions Heaters
60%
47%
41%
39%
33%
24%
19%
Familiarity (Ext/Very)
Purchase Interest(Ext/Very Likely)
38%
32%
32%
33%
34%
28%
22%
72%
58%
61%
54%
62%
54%
47%
45%
32%
38%
40%
33%
29%
28%
q41P - How familiar are you with each of the following pool features or improvements listed below? q42P - How interested are you in purchasing each of the following pool features or improvements listed below?
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Pool Business Owner Highlights
Pool Market Overview
Features/Benefits and Channel Dynamics
Targeting/Communications
Closing Considerations
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The Target
This
Prospects42 Years Old
(But many < 34)
2/3 have kids
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The Non-Target
Not This!
Non-ProspectsAlready Have
Mud-Pit
No Teeth
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Paying for the pool usually involves financing
How did/will you pay for installing pool Prospects
Financed/will finance it
Mix of financing and cash
Pay in full with cash that I saved saving
Some other way
33%
41%
24%
1%
Average saved $7,200
1Among prospects who plan to pay for their pool in part or in full with cash2Among all prospects
44% have dipped into their pool savings to cover other
expenses
Have done so 3 times on average
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Purchases Competing Most with Pool
Most Competing with Pool Purchase Prospects
Car, truck, van or SUV
Financial investments/savings
Home renovations
Vacation
Second home
Hot tub
Home furnishings
Boat (motorboat/sailboat/yacht)
Watches/jewelry
Something else not listed
33%
25%
23%
18%
9%
9%
7%
6%
3%
8%
q53 - Which of the following things are most competing with your purchase of a pool? That is, which of these take money away that you otherwise would use to purchase a pool?
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Increasing the Priority of Pool Installation
Pool Purchase Options Prospects
Discount on installation
No-interest financing offer
Discount on premium pool features
1-year pool maintenance included
Long-term financing offer
Free pool maintenance training for new owners
Personalized estimate and cost breakdown
Special prices on future pool upgrades
Transferrable warranty
40%
39%
30%
29%
26%
24%
20%
20%
14%
q54 - Which of the following would have the greatest impact on making having a pool installed a higher priority for you?
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Things Pool Shoppers Think are Done Well
Attributes Receiving Higher Ratings (Past 5 Year Pool Shoppers)
Offers quality products for sale
Keeping up with the times
Knowledgeable sales people on hand
Clean, bright and well organized showroom
Products are up to date and stocked appropriately
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Things Pool Shoppers Think are Done Not So Well
Attributes Receiving Weaker Ratings (Past 5 Year Pool Shoppers)
Sales people have strong client service skills
Is 'in touch' with its customer base
Attractive store front/presence (from the road)
Leverages technology in sales/product demos
Sales people have your best interest at heart
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73
2% Trust the advice
they receive from salespeople
85% Rely less on salespeople
today than in the past
Trusting Less/Searching More
Source: Affluent Attitudes Towards Salespeople, Harrison Group, 2010
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74
Tough to Enter the Circle of Trust
Sales-people
Financial advisors at banks
Travel Agent
Realtors
Insurance agents
Lawyers
Financial advisors at financial institutions
Doctors
Family
SELF
Close Friends
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75
Building Relationships: Stages of Reciprocity
Nominal
Ordinal
Transactional
IntimateTrusting
Cursory acknowledgements
Ordinary, basic information
Information related to the Transaction at hand
Private information – calls for reciprocity
Sharing of information that puts the teller at risk – very rare
Obligation is on the company rep. to self-
disclose first
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Good Salespersons
This
Clean Cut
Love their Job
Feel Fortunate
Not excessively deal driven
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Bad Salespersons
Not This!
You Get the Idea!
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Prospects
Extremely Strong Ext./Very Strong
Make the most out of your backyard with a new pool
Make the most of your "staycations" with a pool
Pools have never been easier and less expensive to maintain with advances in features and technology
The best break —a pool at home
Invest in your family with a pool
Complete your home with a pool
Rethink your backyard with a pool
21%
25%
21%
21%
18%
25%
16%
57%
55%
52%
52%
51%
46%
49%
Strength of Pool Messages
q55P - How strong are each of the following messages at driving your interest in purchasing a pool?
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Strength of Advertising Themes
Paradise...it's closer than you think
Welcome to paradise
Affordable luxury
Pools -- Bringing families together for generations
Resort to staying home
Pool time is family time
Come on in, the water's fun
Splash into the best investment you will ever make.
Time for a cool change
Backyard appeal pays off
Add value, add a pool
Nobody hangs out in the kitchen anymore.
Cool Change
Pool your resources
Pool Off, Chillax
Appeal of Advertising Themes – Paradise Possible
q57 - Below is a list of statements that could be featured in advertising for in-ground pools. Please rate each based on how appealing to you personally, the statement would be if included in pool advertising that you saw.
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Pool Imagery Exposure to Help Guide Advertising
• Respondents were shown 4 pairs of pool images and asked to select one image per pair that appealed to them most
Kidney shape
FamilyWide angle view Close up view
Plain landscapeLush landscape
No family
RectangleVs.
Vs.Vs.
Vs.
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Presenting Product
Lush landscape Wide angle
Kidney shape Family
This
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Presenting Product
Not This!
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Pool Business Owner Highlights
Pool Market Overview
Features/Benefits and Channel Dynamics
Targeting/Communications
Closing Considerations
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A New Type of Prosperity
1. Your Prospects likely feel better about their personal financial situation• People in your target can afford it. It’s own Microeconomy
2. Are increasingly confident that they can spend on occasional indulgences that matter for their family• A pool is a manageable and justifiable indulgence. Openness to
financing is coming back to a degree. Operating a pool is not as much money as most believe
3. Are building their own better worlds increasingly defined on their own terms• It is a place of refuge and privacy. Or a luxury in the privacy/safety of
their own homes
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New Sales Tactics
4. Buyers want immediate return on their investment• Help them get into their pool. Help support high satisfaction with the
purchase. Network prospects early while enthusiasm is high
5. Are increasingly likely to trade-up. Salespeople need to more actively sell upgrade options• Something to practice. Still within the confines of being more simple and
not too flashy
6. Require reciprocity initiated by the salesperson to build trust• In a stealthy low trust environment, openness (vulnerability) needs to be
initiated by the salesperson• Reveal confidence, openness, and love of the job
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Creative “Funds Raising”
86
Maybe pool sellers could match a portion of their proceeds and clarify remaining financing
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Time to Invest is Now
7. Use financial gains in customers making improvements as a foundation of capital to grow the overall market• Time for investment. Need to expand the prospect base for long-term
sustainability
8. Need to have more satisfied customers• A challenge to go from good to great• Need for a combination of innovation (in product and services) and
communication
9. The new sanctuary of family fun• Where else can you turn for on-going family fun and relaxation?
Blending of old approaches to presenting pools with new conveniences
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Connect in New Ways
10. New ways to think about advertising and prospecting needed• Do more to help them realize their vision. Not just a picture, a new way
of lifeBe present with advertising in feel good places (not near news)
11. Looking for transparency in purchase price/planning• Time to help prospects realize a purchase is within their reach. Help
them build toward that goal through new financial vehicles
12. Seek new disruptive points of distribution. Looking for new ways to break through the “same old” to trigger renewed consideration• To change an established “product” three or more variables need to
change in order for the customer to feel like this is something different I need to consider
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10 Things You May Have Learned Today…
1. Your Prospect is more economically viable than you may have thought – pursuing a unique microeconomy
2. Respect their stealth needs. More subtle approach to selling without judgment while respecting privacy
3. Salesperson needs sincere, but positive disclosure. Lead the disclosure process to greater margin. Otherwise it is purely a product discussion
4. More trade-up opportunities emerging. Recognize those prospects that are less price conscious
5. Benefit to finding ways to support savings plans or new savings approaches for pools
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10 Things You May Have Learned Today…
6. There is a window of opportunity to invest in renewed pool prospects using gains in revenue from previously delayed renovations
7. More active approach to building customer satisfaction is needed
8. Limited awareness of technology enhancements inhibiting growth
9. Worth considering new points of distribution to attract attention to the category
10. Ways to present pools in advertising
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91
Summing it up
Commit to the Future
Commit to Worth
Commit to Refuge
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One Exchange Place21 West Main StreetWaterbury, CT 06702T: 203-573-0400 ext. 113F: (203) [email protected]
Thank You!
Lauren StackAPSP Director, Industry RelationsVisit www.apsp.orgemail: [email protected]