In 2021, Apple announced (after months of rumors) some big improvements to music streaming. They claimed your favorite songs would sound a lot better. And this absolutely relates to your credit union (when don’t I make the connection?).
Skip the audio explanation if you must. You’re missing out, but I understand the need to get right to the point. I’ll help you identify what your credit union should be doing to ensure the value you create is recognized. For everyone else, let’s sing!
What’s in a Song (File)?
(The not-too-technical dive into how music works on your phone, iPod, or even CD collection)
So here’s the basics on digital audio, from a guy who puts way too much time into his music quality (When Circle of Life blows your socks off, everything’s just right):
- Most services stream music at “near-CD quality”, which has some technical numbers surrounding bitrate (how big the file is), bit depth (difference between quietest and loudest sounds available), and frequency (amount of times per second the amplitude is sampled). Don’t worry about that stuff.
- This quality means a lot of the original information is thrown away, but it still sounds good because engineers are really smart about only tossing the parts of the file we can’t hear too easily.
- Whether you use Spotify, Apple Music, Amazon Music, or another “standard” service, a typical stream or file is 256kbps (bitrate), 16-bit, 44.1KHz. You can go a little up or down, depending on data usage or service, but that’s close enough.
- Hi-Res (specifically Lossless) audio aims to capture every piece of the original recording. It does so by bumping up each of those values. Bitrate goes up about 5x, depth to 24-bit, and frequency to 192KHz (usually).
- But that’s just the technical side, and I can guarantee your speakers aren’t good enough for you to notice much of a difference from just those changes.
You may be wondering, “why bother?” if I just explained that few people will ever hear anything. Great question. It’s also one the music services considered, so they’re not just bumping up the raw audio quality. They’re also adding value.
Your Music. All Around.
Full disclosure: I wrote that headline before seeing that Apple wrote…hmm, the same thing. Something about “great minds”?
When you have more room to put audio information, it’s worth considering what you can do beyond making that cymbal crash just a tiny bit more realistic. Imagine being at a concert. How did it feel?
If it was a great venue and the band (and sound engineers) were top-notch, you had a special experience. Their music didn’t just come from right in front of you. Nor did it sound like it was only blasted from their loudspeakers.
The music arrived as a series of individual sounds, woven together in an intricate pattern. The drums were “behind” the lead vocals, while the bass hung out on the “side”. The rhythm guitar kept things moving on the other end.
Building a Soundstage
You hear music aficionados describe the “soundstage” of great recordings as they review headphones, speakers, and amplifiers. My Sonos systems are especially adept at doing this. (Yes, that was a promo for them. Sorry not sorry.)
Listen to some Beatles songs and you’ll notice their skill at creating a soundstage. Each of the Fab Four can be heard harmonizing or playing from a different “position” in the song. And though some were remastered, a lot of it came from 60s tech!
Of course, for that to work, you have to be planted in front of a high-end system, or, wearing premium headphones. Not to mention the source music has to be great. But is there a new option in town?
Dolby Atmos
Most of the time, you hear about this for action films and shows. A typical surround system has 5.1 speakers (three in front, two in back, and a subwoofer). This gives you sound all around you in a single plane.
A Dolby Atmos system goes one more dimension (height), with, say, 5.1.2. That extra two would represent a pair of speakers which create an “above you” sensation. Instead of a helicopter flying from behind to in front, it could be hovering directly overhead.
Apple Music is adding Dolby Atmos to millions of songs. Which means your music, when using supported headphones and speakers, may sound like it’s coming from all around (assuming they’re mixed properly). And that’s not their only treat.
Spatial Audio
I use this feature on AirPods Pro, but if someone wants to send me an AirPods Max just to make sure it’s a similar experience, I’ll allow it.
Spatial Audio with head-tracking is definitely a “you have to experience it” feature. In essence, what you hear is “locked in space” no matter how you move around. The sensors in your headphones keep track to manage the sound field.
In a sense, it’s like Dolby Atmos that follows you around, but works with stereo, also. For me, it’s definitely a film feature more than music, but can work with both. Partially a gimmick, partially a neat thing. One trick it’s fooled me on a few times:
If I have head-tracking active and I look away, sometimes I can’t tell if it’s the spatial audio “moving” or I’m actually just blasting the surround system (or even laptop speakers). The effect is oddly convincing.
It’s only for headphones (your head turning doesn’t move the soundbar), but combined with good surround (Atmos, usually), the immersion is nice.
Long explanation short, Apple Music added Dolby Atmos support to millions of tracks. While this was originally written before the feature was available, now that I’ve had a chance to listen, the lesson will shift slightly.
Member Value at Your Credit Union
How does this whole audio exploration and announcement relate to your credit union operations? Perfect question. Because you deserve to sound your best! Ok, not just that.
It’s about how you frame the value of being a member. While ensuring the value you provide is real and useful, and never perceived as a gimmick.
I deliberately skipped the most important part of the Apple Music announcement:
They’re providing all these new capabilities for every existing subscriber. Even with this new stuff, the subscription price will remain the same.
They added value to the experience. Are you helping members have a better credit union experience? Answer these questions:
- During the pandemic, what did you set up to make your members feel safe, connected, and empowered?
- Did you raise fees or interest rates to provide these new services and capabilities?
- Would you say your credit union in today is a better place to achieve your financial goals than your credit union in early 2020? Or 2019?
I can guess the answers to that last bullet. Would your members say the same? Have you communicated these improvements so they understand the value you deliver? And as a 2023 addition, are these improvements real and tangible?
Just Doing It May Not Be Enough
Your credit union made a lot of adaptations and improvements to weather the pandemic. It also has a history of continuous service across all offerings. I know because I checked your CU history page. Yes, for your credit union.
Creating a better place for your members to save, borrow, learn, and protect is your mission. But it’s not how you make those things happen. That requires some sort of marketing and product development.
If you improve various credit union services, but your members don’t know, did they really get better? It’s a strange question, yet so much of your ongoing success is bundled into perceptions (what have you done for me lately).
Say you have a great new platform for automating savings day to day. That’s wonderful, and is a direct answer to the seamless ability of many fintech apps and big banks. But there’s one problem: No one knows it exists. Is it still so impressive?
Enhancing Value & Marketing…Together
Here’s one place Apple has a leg up on you. Ok, on all of us. They don’t need to market (though they still do, quite a bit). Others are happy to talk up their latest actions (I recognize the irony here).
If you don’t have major media, bloggers (hello), YouTubers, and specialist sites writing about your services, this section is important. Because it means your marketing needs to be a source of information.
You create value for members. That’s perfect. Now, you need to tell your members about that new (or existing) value. How you do that depends. Maybe an app notification. Perhaps a home page mention. Could even be a physical letter (meh).
I’m a fan of combined marketing outreach to engage across a variety of mediums. That way, everything connects no matter how a member experiences your institution.
Whatever channels you choose, the message needs to directly address these two things:
- Reduction of pain now
- Increase of pleasure now and into the future (often used with savings strategies)
The first is overcoming a member pain. In other words, something they don’t enjoy or want. Your value is in replacing that pain with, well, not pain. The second is creating immediate or anticipatory pleasure. I’m giddy with excitement!
As an example, making it easy for members to avoid fees is addressing a pain, the pain of paying. Offering a savings tool that runs automatically is addressing a (future) pleasure, where members are looking forward to what they can do with that money.
Create Your Own Hi-Res Value
From car buying services to new app features, you have a wide range of ways to deliver value. Look at your own data to see what valuable capabilities are going unused. Then, show members how they can further enhance their relationship.
And where it makes sense, partner or build your next great value-add. I look forward to hearing (get it?) about your credit union’s newest hi-res value!
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