The Stories We Tell: Reflections on VRMA 2021

The 2021 VRMA International Conference kicked off with a keynote from Michael Hoffman of Igniting Performance. Much of the presentation was an extended metaphor of how our companies, how our teams, are like our family. Having spent the past week with some of the most generous, most curious, and most fun people I know, I would have to argue that the metaphor should be taken one step further: our industry as a whole is like a large extended family (after all, I called this conference our industry’s “family reunion” in my 2019 write up ).?

Like a family, we know each other almost too well. Like a family, there is so much love to share. Like a family, we don’t always get along. And like a family, we may not always like each other, but should anyone from the outside threaten one of our family members, we are there instantly to have their back.

?So it proved in San Antonio.

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Next Level FOMO

There was a big question entering the first VRMA International Conference in two years on how many people would actually show. After 5+ years of constant record breaking with attendance, would people feel comfortable during a Delta surge traveling for a big conference? The answer was a resounding YES! Not a record in the number of attendees, but at ~1,700, it was nearly double the attendance of my first VRMA conference (I won’t say how many years ago).

At the same time, for many, it was clearly still a no. From comments online the reasons varied, but the dip from 2019’s attendance proved things are not actually back to normal, yet, and there is a question of if and when that “normal” will ever come. Also, from the comments online, it was clear that the people not attending had a good part of themselves that really wished they were. The Fear Of Missing Out was real, and a good motivation for me to get this out to share what I saw, heard, and learned for those unable to make it.

But there was some next level FOMO as well. When you are the largest conference in the entire industry, you are able to provide a breadth and depth of content and education unparalleled anywhere else, and the VRMA clearly delivered. The downside, as I quickly learned, is that there are so many amazing sessions, it is impossible, literally, to make it to all the ones you want to. I learned this the hard way as I went through the schedule and was really torn between hearing the always entertaining Carl Shepherd, Co-Founder of Vrbo, in his fireside chat with Simon Lehmann and a session on Technology and Revenue best practices from a who’s who of the industry that included the equally entertaining Steve Milo of Vtrips, as well as Michelle Marquis, Jim Olin, and Ben Edwards. Perhaps luckily the difficult decision became moot when I scrolled in the app a little farther and learned I was actually presenting a session at the same time so could not make it to either! You win some you lose some I suppose.

Data Remains King & Queen…

Perhaps it is just indicative of my personal interest, and so the sessions I attended, but the interest, as well as the level of sophistication of the data on offer in presentations has also improved over the two years since we last got together. From the deep dives from Jason Sprenkle of Key Data, to the multiple presentations made by PhoCusWright, to the questions I got, and the conversations I was a part of, it is clear more people have Deming’s mindset of “In God we trust. All others must bring data.”

That being said, it is still early innings when it comes to what data we have and share as an industry. It is great to see more companies taking this seriously, not just from the vendor side, but far more importantly from the managers who are the ones who look at it, and even more importantly, use it to inform their business decision making. With better data, we make better decisions. With better decisions, we build better businesses, and a better industry overall. This is a trend I expect will only gain pace in the coming years.

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…But Storytelling Remains Emperor

?As humans we have a strong bias, some argue an innate need, for narrative. Thus, random data means nothing without the story that goes with it. The power of storytelling was demonstrated before things even officially began with the master storyteller of our industry, Matt Landau, premiering his Homerunners series at the Alamo Drafthouse on Sunday night. Though I arrived too late to attend, the photos of the attendance, and the glowing reviews I heard in the halls over the course of the conference, demonstrated that while we are getting more interested in data and learning, what really grabs our attention and our interest are the stories built around the data.

This became more and more apparent as the conference went on when it came to what stories we told and how we told them to various constituencies. From our teams as covered in the previously mentioned keynote, to our homeowners as covered in sessions like The Owner Acquisition Playbook from Brynn Flaherty and Alisa J. Justice of Bluetent and others, to our guests as masterfully presented in sessions like What Travelers Want from Vrbo’s Carmela Gillenwater, to how we position ourselves and tell our story and that of our industry in our local communities as covered in sessions like Building Local Coalitions with Dana Lubner of Rent Responsibly, Robin Craigen of Moving Mountains, Matt Curtis of Smart City Policy Group, and more, so much of the meat of the message across sessions was about how we better use that data we are looking at to craft our own story. After all, if we leave it to someone else to author, it is as likely we will end up the villain or a bit part player as the hero of our tale

From what I saw and heard this week, this is an industry filled with heroes. It’s time we helped more people realize that.

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Did You Ever Know You Were My Hero?

Speaking of heroes, one thing that came up again and again was just how collaborative and generous this community is. From Amy Gaster gushing about how Doug Brindley and so many others went out of their way to mentor and help her as she got her now thriving business off the ground twenty years ago, to Matt Durette of Cozi demonstrating how Amy is now paying it forward when he shared how excited he was by Amy’s offer to let him and his team come shadow her and learn from what she has built. There was also Jill and Lee Thompson of Clemson Vacation Rentals talking about how they were in the same position as Amy, albeit three years ago, as total newbies to the industry, and how the advice and mentorship they received helped them to grow an astounding 7.5X(!) over those three years, to how they now found themselves being able to contribute and give back as mentors themselves. And then was the always inspiring example of, Daniel Perry and Jacob Hillman of BookStayHop who were avid sharers and contributors in their very first VRMA, and industry conference period. The examples were many, varied, and real of the virtuous cycle of collaboration and generosity that permeates our industry.

I had the good fortune to personally sit on two panels made up of what many, if you knew nothing about the industry, would think are fierce competitors. In one on pricing and revenue management I got to speak with my peers like Anurag Verma of PriceLabs, Andrew Kitchell of Wheelhouse, Ryan Saylor of Beyond, and Simon Lehmann of AJL Atelier, all thanks to the organization and moderation of David Jacoby of Hostfully. In another, this time with Margot Schmorak of Hostfully, she pointed out how she was sitting on a panel with a direct competitor, Tyann Marcink of Touchstay. In neither did the discussion feel awkward of forced. This is because while yes, we compete for the same customers, we also serve a broader mission, which is to educate and elevate our industry. The competition is real. The ferocity unnecessary.

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Where We Go From Here

?Looking forward there are two main themes I took away from San Antonio that I believe, and hope, will guide our industry going forward.

?The first has to do with impact. Impact on our environment, on our communities, on our employees, and more. We all have an impact. We can choose to be deliberate about what that impact is, and make it a positive one, or we can choose to be passive about it, and leave it open to the possibility of making a negative impact. Either way, it is a choice. Either way, it is our choice.

?From the DEI workshop over the weekend run by Kristina Williams, to What’s Your Triple Bottom Line? How Socially, Environmentally and Financially Profitable Businesses Stand the Test of Time, a panel I got to be a part of while representing Rented along with Margot Schmorak of Hostfully, Merilee Kerr of Under the Doormat, Angela Leone of Coconut Condos, and Matt Landau of VRMB, to Engaged Employees Lead to More Profitable Business Outcomes from Sue Jones of HR4VR and many more, I was and am so happy and proud to see the VRMA and so many of my peers choosing to be deliberate in ensuring each of us creates a positive impact.

The second major trend could be a big part of how we get there as well. This has to do with the role of innovation and technology in our industry. It was personally gratifying to see 4(!) Techstars Atlanta/Techstars Social Impact companies attending this year’s conference. From Daniel Cruz of Washbnb pitching with many other impressive companies in this year’s battleground, to Derrick Barker and Brittany Mosely of Nectar and Alikiah Barclay of ReRent deciding last minute to come (and admitting it was WELL worth it), to the aforementioned Kristina Williams actually running a session, the interest from some of tech’s best and brightest in our industry was apparent. Just as apparent was the interest of our industry and learning about, and better utilizing the amazing tools and technologies being created that can help elevate our businesses, and our industry.

Our Best Days Are Ahead Of Us

Everyone admitted how difficult the past 18 months had been. Everyone also spoke about the incredible resilience of our industry, and the record-breaking performance many began to see right after things looked at their darkest.

Many also admitted that they had no crystal ball. But even if none of us can accurately say exactly what things will look like, with the right data, with better technology, with the right mindset and masterful storytelling, one thing that is certain is that as we together write this next chapter, we have every opportunity to make it our best yet.

We got this.