Rock & Roll for Credit Unions 9: Sing Us a Song, You’re The Piano Man

It’s hard to find a teenager who doesn’t know Lady Gaga or Justin Bieber.  Ask that same teenager if they know who Steven Tyler is, and there’s a good chance you get a yes as well. They may not know him as “the guy from Aerosmith” but as the “guy from American Idol.” Tyler, unlike many older rockers has been able to re-invent himself, and some would argue stay relevant with current pop culture.

Other artists, not so much. Ask a teenager today who Billy Joel is and see what response you get. “I dunno” is my bet. “The guy that sang Piano Man.” Ah yes. “I think my parents listen to that song.”

Back in the day, Billy Joel was a superstar (and to some he still is.) But without new music within the last two decades, Joel is becoming irrelevant to the younger generations.

A New York Times interviewer asked him earlier this year why he hasn’t put out any new music since “River of Dreams” in 1993.   “I never stopped writing music.” He said. “I’m still writing music — piano pieces, orchestral music, dramatic pieces — but they could become songs. Some of them are like hymns that I just don’t have words for, but I might.”

Joel, obviously a music lover is still creating music, but not for the masses. There’s a small library he keeps out of the hands of record labels and fellow music lovers. As a huge music lover myself, I could only wish to hear the great creations Joel has hidden away in his private collection. But isn’t it funny that we as credit unions many times adhere to the same principles that Billy Joel has over the last two decades?

So often credit unions rest on the laurels of yesteryear with the same messaging we did when “Only The Good Die Young” was topping the charts. As Joel continues to tour, he relies on his decades old catalogue of hits that made him famous, but doesn’t play anything newer than 1993.

Even though many credit unions continue to provide newer, relevant services for members too often that message is tucked away somewhere. In fact, I was having dinner with a credit union CEO just last week and when she started telling me about some of the great services they have, that not many other financial institutions do not offer. I pressed about the success they’ve had with those products and services. “I don’t think too many people know about them,” she said. I inquired where I could find them on the website (knowing I’ve never seen them listed or promoted.) “They’re on there somewhere.” As that credit union continues to rely on their “Piano Man” messaging, they’re missing the boat by not letting their fans in on some of the great new stuff they have available.

Stop relying on yesterday’s marketing message for tomorrow’s success. The new generation isn’t familiar with the “hits” that made us a success. It’s time for a comeback and become relevant with the next generation of consumers. When you’re thinking about the good ol days, wondering if your credit union will ever return to its heyday of success, remember these words from Billy Joel himself: “The good ole days weren’t always good, and tomorrow ain’t as bad as it seems.”