41 min
Private Club Success in a Post-Pandemic World: Frank Vain CEO of the McMahon Group Crushing Club Marketing
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- Marketing
The private club industry enjoys a steady resurgence, with waitlists becoming the norm in markets across the U.S. Furthermore, experts predict the greatest generational wealth transfer in history, from Boomers to Gen X and Millennials, by 2045. So, how will this new generation spend its time and money?
Frank Vain, CEO of the McMahon Group, joins us this episode to share his perspective on the future of private clubs, and what he believes will be critical for their continued success.
Vain's perspective is unique. As the leader of the McMahon Group, he works with club leaders nationwide, surveys members, creates long-range strategic plans, and provides counsel. Therefore, he has a pulse on the industry and insightful thoughts on what clubs are, and should be, considering as they plan for the future. Generational experts will tell you that Gen X, Y, and Z value very different things than Boomers, and they measure their status and identity in distinct ways. How clubs adjust to these various demographics could be the difference between continued success and failure.
The make-up of future club members is changing, and club leaders are struggling to keep longtime members happy while attracting new, younger ones. This balancing act involves many factors, and Frank Vain and his team at The McMahon Group help each club discover the right approach -- because, as we know, all clubs are unique!
Key Moments
The "Golden Years" of private clubs - 2:57 The pandemic is the best thing that happened for private clubs - 6:25 The target demographic in the "Golden Age" - 15:43 What clubs need to do differently to attract younger members - 20:36 In what areas are clubs investing? - 25:03 What successful clubs can do to stay healthy - 37:00 Podcast Transcript
Ed Heil [00:00:00] You're listening to Crushing Club Marketing, a podcast for progressive club leaders looking to increase their club's revenue. Time for Change begins right now.
Ed Heil [00:00:12] The private club industry continues to enjoy a resurgence, with waitlists becoming the norm in markets around the U.S.. On top of that, experts predict the greatest generational wealth transfer in history from boomers to Gen X and millennials by 2045. So how will this new generation choose to spend their money and time? Frank Vain, CEO of the McMahon Group, joins me today and shares his perspective on the future of private clubs and what he believes will be critical to the continued success of private clubs in the future.
Ed Heil [00:00:44] Thanks for listening. So, Frank Vain has a unique perspective as the leader of the McMahon Group. He works with club leaders across the country. Surveying members, creates long range strategic plans for clubs and provides his counsel, his advice is experience to club leaders so that clubs can make the best decisions for their clubs. He has a pulse on the industry and a perspective on what clubs are doing and what they probably should be doing as they plan into the future. And generational experts will tell you that the values of Gen Xers, Gen Y, Gen Z was totally different than the values of Boomers. And they'll also explain to you how they measure their success or their status or credibility in a totally different way. So for Boomers, where a country club is totally, you know, status type thing, it is not really the case necessarily for Gen X, Y and Z peers. In fact, they're more concerned and more interested in experiential type of engagements than they are things like club memberships. So the landscape of future club members is changing. And yet club leaders today who are typically a little bit older are trying to figure out how to balance keeping longtime members happy while attracting young, newer numbers or new younger members, if you will. There are so many factors in this balancing act to consider, and Frank and his team at the McMann Group are helping to figure out what is right for each club. Because, as we all know, all clubs ar
The private club industry enjoys a steady resurgence, with waitlists becoming the norm in markets across the U.S. Furthermore, experts predict the greatest generational wealth transfer in history, from Boomers to Gen X and Millennials, by 2045. So, how will this new generation spend its time and money?
Frank Vain, CEO of the McMahon Group, joins us this episode to share his perspective on the future of private clubs, and what he believes will be critical for their continued success.
Vain's perspective is unique. As the leader of the McMahon Group, he works with club leaders nationwide, surveys members, creates long-range strategic plans, and provides counsel. Therefore, he has a pulse on the industry and insightful thoughts on what clubs are, and should be, considering as they plan for the future. Generational experts will tell you that Gen X, Y, and Z value very different things than Boomers, and they measure their status and identity in distinct ways. How clubs adjust to these various demographics could be the difference between continued success and failure.
The make-up of future club members is changing, and club leaders are struggling to keep longtime members happy while attracting new, younger ones. This balancing act involves many factors, and Frank Vain and his team at The McMahon Group help each club discover the right approach -- because, as we know, all clubs are unique!
Key Moments
The "Golden Years" of private clubs - 2:57 The pandemic is the best thing that happened for private clubs - 6:25 The target demographic in the "Golden Age" - 15:43 What clubs need to do differently to attract younger members - 20:36 In what areas are clubs investing? - 25:03 What successful clubs can do to stay healthy - 37:00 Podcast Transcript
Ed Heil [00:00:00] You're listening to Crushing Club Marketing, a podcast for progressive club leaders looking to increase their club's revenue. Time for Change begins right now.
Ed Heil [00:00:12] The private club industry continues to enjoy a resurgence, with waitlists becoming the norm in markets around the U.S.. On top of that, experts predict the greatest generational wealth transfer in history from boomers to Gen X and millennials by 2045. So how will this new generation choose to spend their money and time? Frank Vain, CEO of the McMahon Group, joins me today and shares his perspective on the future of private clubs and what he believes will be critical to the continued success of private clubs in the future.
Ed Heil [00:00:44] Thanks for listening. So, Frank Vain has a unique perspective as the leader of the McMahon Group. He works with club leaders across the country. Surveying members, creates long range strategic plans for clubs and provides his counsel, his advice is experience to club leaders so that clubs can make the best decisions for their clubs. He has a pulse on the industry and a perspective on what clubs are doing and what they probably should be doing as they plan into the future. And generational experts will tell you that the values of Gen Xers, Gen Y, Gen Z was totally different than the values of Boomers. And they'll also explain to you how they measure their success or their status or credibility in a totally different way. So for Boomers, where a country club is totally, you know, status type thing, it is not really the case necessarily for Gen X, Y and Z peers. In fact, they're more concerned and more interested in experiential type of engagements than they are things like club memberships. So the landscape of future club members is changing. And yet club leaders today who are typically a little bit older are trying to figure out how to balance keeping longtime members happy while attracting young, newer numbers or new younger members, if you will. There are so many factors in this balancing act to consider, and Frank and his team at the McMann Group are helping to figure out what is right for each club. Because, as we all know, all clubs ar
41 min