What Credit Unions Can Learn From Santa Clause

December 19, 2014 at 7:47 am 1 comment

In any business, there’s always going to be a tension between catering to the commercialism of the moment and remaining true to the core values that made your institution great in the first place.  Some people react to this tension by pretending they are above commercialism, while others recognize that their products and offering have to change with the times.  Why even Santa Clause is not immune.  If you read “Twas the Night Before Christmas” by Clement Clark Moore, how exactly does the image of an elf in “a miniature sleigh and eight tiny rein-deer” square with the image of a modern day Santa — an avuncular fellow who looks like he’d be fun to throw back a few with.  The answer actually has a lesson for credit unions — trust me.  Believe it or not, we owe much of our image of the modern day Santa to Coca Cola.

Coke has been advertising using Santa’s image since the 1920s, but the real breakthrough came in 1931 when the Coca Cola Company commissioned Haddon Sundblom to spice up Santa’s image for advertisements to be placed in magazines including The New Yorker, Ladies Home Journal, the Saturday Evening Post and National Geographic.  My guess is that there was a fair amount of elitism here.  After all, the Depression had kicked by then and there was a good chance that if you had time to read these magazines, you had survived the worst of it. I am also guessing that there was some cold-blooded commercialism going on as well.  Soda is easy to sell in the summer time, but how do you sell a cold drink in the dead of winter.  Hitching a ride to Santa’s sleigh is pretty cynical and pretty smart.  Anyway,Haddon used the image of Santa from the famous poem as his inspiration to capture the essence of Santa, but clearly took some liberty with the image.  For example, Santa had a wedding ring.  He wasn’t an elf but a full-fledged human modeled after a salesman and then Sundblom himself.  Sundblom painted images of Santa until 1964 and the images have become so famous that they have been shown in museums around the world.

What does all this have to do with credit unions?  Irrespective of the size of your credit union, the best assets that your credit union has are the values with which the public identifies the credit union movement.  When people think of credit unions they think of good service, fair prices, and a financial institution that is not a bank.  But good feelings don’t necessarily translate into more members. The traditional credit union model is an increasingly antiquated vestige of a different time and place.  Those credit unions that will survive and prosper will be those that change with the times by, for example, offering cutting edge technology that deemphasizes traditional banking, but doing so in a way that remains true to the core values of the movement.  Clement Moore might not even recognize today’s Santa, but he would recognize that he is a happy, decent guy out to give people a break.  Hopefully, future generations of credit union members will think the same way about our institutions.

On that note, your blogger is going on hiatus until the new year.  Thank you for reading, happy holidays, and have a very Merry Christmas.

Entry filed under: General. Tags: , , .


1 Comment Add your own

  • 1. Anonymous  |  December 20, 2014 at 12:24 pm

    Thanks Henry for your daily incites throughout the year.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed

Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 503 other followers