Martin pasquier goldman_sachs_social_media_manager

GOLDMAN SACHS
Going digital – Beliefs,
Methodology and
Proposals

5/13/2012

TABLE OF CONTENTS
SOMMAIRE
1  Context
a.  Are you the new Grand Satan ?
b.  A trade misunderstood
c.  An international context
d.  Social media and finance : it’s already on !
2  Objectives
a.  What’s the difference between GS and Darth Vader ?
b.  Talk to people, to convince their leaders
c.  GS as an innovator on social media
d.  Know and master your e-reputation
e.  Driving change to adapt GS to the social company
3  Beliefs
a.  Keep it simple and stupid
b.  They’re thousands… and you, too
c.  A guarantee of a return… if precise objectives exist
d.  Going digital means accepting a deep change
e.  Authenticity on social media is key
4  Methodology
a.  Co-creating a social media strategy with you
b.  A “constitution” for social media at Goldman Sachs
c.  A media and a social media plan
d.  Consulting services : at the edge of innovation
e.  Schedule
5  A few proposals
a.  A 143 y.o social brand (a storytelling)
b.  Corporate news and CRM on Twitter
c.  Reveal your inner self with the Goldman boys and girls
d.  Show me the money (1): the open-data way
e.  Show me the money (2): the picture way
f.  GS is everywhere. But where exactly ?
g.  Social gaming : play it as Goldman Sachs

5/13/2012 2

1
1.a

In a nutshell
  A methodological proposition to have Goldman Sachs implied in the definition of its strategy, in 4 steps
  An empirical approach with tests and KPIs to manage social media

  A realistic schedule with 3 months of co-creation of strategy, 1 month of official launch and then full-time Community
management + consulting
  A few proposals for what could be Goldman Sachs « Business to Opinion » social media plan
  A set of beliefs based on 4 years of social media management to avoid bullshitting on a sensitive case with true image
opportunities

About Martin Pasquier
  28 y.o, living and working for 4 years in a corporate social media agency in Paris, France
  My 3 key achievements in the industry

  Buzzmarketing operation with 200K+ interactions on Facebook and Twitter (food industry)
  Consulting on global social media strategy for a 35b$ company (civil engineering industry)
  Having a minor French Internet Service Provider become #1 of industry on Twitter with a CRM approach (IT industry)
  Marathon runner, road-tripper, organic food extremist

5/13/2012 Going digital – Beliefs, Methodology and Proposals 3

1
GOING DIGITAL – BELIEFS, METHODOLOGY AND PROPOSALS

Context

a.  Are you the new Grand Satan ?
b.  A trade misunderstood
c.  An international context
d.  Social media and finance : it’s already on !

4

1 CONTEXT
1.a Are you the new Grand Satan ?

Are you the new Grand Satan ?

• No need - for now - to look in the detail
at Goldman Sachs e-reputation for the
moment. It’s grim. It’s ugly.
• Let’s take it as an advantage : on social
media, you have nothing to lose. This
position of the challenger makes the
whole thing exciting.
• Such a bold move wouldn’t come
without significative means !

Picture by Mike Licht as seen on Flickr http://www.flickr.com/photos/notionscapital/4408916040/


1 CONTEXT
1.b A trade misunderstood

A trade misunderstood

• You’re known to be the perfect
example of what « financial economy »
would be, opposite to the « real
economy ». If part of this claim may be
true, there’s still much room to show
what’s your concrete achievements,
• Social media, and the various types of
contents you can put on it, is an
excellent vehicle to show the reality of
your teams, your job and your
investments.
• Take a look at the open-data
movement. A city like
NY is able to be seen in a totally different
(and participatory) way

Photo by Spec-ta-cles as seen on Flickr http://www.flickr.com/photos/hey__paul/7126442883/


1 CONTEXT
1.c An international context

An international context
• Goldman Sachs is a big company, with
many offices. This proposal must also help
you to frame your social media presence
all over the world, not just from your NY
headquarters.
• Management is heavily impacted by IT.
Social media is another factor
companies must take into account. Their
employees are all on Facebook, some
on Twitter. They can harm, or help.
• Communication is becoming
necessarily more important as our lives
become digital, and more : social.
• This offer will fix a HR structure for social
media at Goldman Sachs.

Engraving of Gerard van Schagen as seen on Flickr http://www.flickr.com/photos/caveman_92223/3184683869/


1 CONTEXT
1.d Social media and finance : it’s already on !

Social media and finance : it’s already on !

• Your competitors are already in (JP
Morgan : 40K Facebook fans, Morgan
Stanley) and use heavily of Twitter as a
CRM and HR channel
• American Express leads the way with 5
top ranking Facebook pages and a taste
for innovation as seen with its voucher
deal on Twitter.
• Some even offer trade services through
Facebook (Zecco) or personal advisers
on LinkedIn (AmeriPrise)

Screenshot of Zecco’s innovation on its Facebook page https://www.facebook.com/zecco


2

Objectives

a.  What’s the difference between GS and Darth
Vader ?
b.  Talk to people, to convince their leaders
c.  GS as an innovator on social media
d.  Know and master your e-reputation
e.  Driving change to adapt GS to the social company

9

2 OBJECTIVES
2.a What’s the difference between GS and Darth Vader ?

What’s the difference between GS and Darth Vader ?

• Get public opinion to know you better
and be able to make the difference with
Darth Vader.
• Much of the hatred aimed at GS may
be prevented or turned into something
neutral - albeit positive, if you can explain
what you do. And respect social media
etiquette.
• Social media, the way it allows to micro-
target and the variety of content you
can put there, is one key to come back
and be understood.

Picture by Krossbow on Flickr http://www.flickr.com/photos/krossbow/4365875125/


2 OBJECTIVES
2.a Talk to people, to convince their leaders

Talk to people, to convince their leaders

• Be a brand that people and leaders
can meet without shame.
• You may feel unconcerned with public
opinion. But this public opinion is linked to
elected leaders, which in turn are your
direct customers (see Greece).
• Better linking with public opinion is key to
have leaders accept your presence
near them.

Picture by Distillated as seen on Flickr http://www.flickr.com/photos/distillated/3151824312/


2 OBJECTIVES
2.a GS as an innovator on social media

GS as an innovator on social media

• Keep and strenghten the innovative
image of GS.
• Social media, a rather new field, gives
brands able to make the best of it an
innovation bonus. And, when some of
them become mature, you may reap
truly material benefit : employer brand,
setting new standards for financial
communication…
• We’ll try here to both keep easy but
edgy so as not to be yet-another-big-
bad-brand trying to get social

Picture by Seth1492 as seen on Flickr http://www.flickr.com/photos/28674126@N02/4316157064/


2 OBJECTIVES
2.a Know and master your e-reputation

Know and master your e-reputation

• Master the e-reputation of your brand
and your executives.
• You may feel GS e-reputation is already
doomed. GS executives may think
differently, when attacked because of
their position in « The Firm ».
• This proposal must include knowledge
and capability to answer to reputation
crisis which may occur on social media.

Pictures of “Goldman Sachs” as seen in Google Images


2 OBJECTIVES
2.a Driving change to adapt GS to the social company

Driving change to adapt GS to the social company

• Anticipate the digitalization of enterprise
and have it ready to be transformed by
social media.
• More than just « being on social media »,
this proposal is, on the long run, an offer
for a cultural change in a big company
and how to make it social-proof for the
years to come

Picture by Sean MacEntee as seen on Flickr http://www.flickr.com/photos/smemon/4518528819/


3

Beliefs

a.  Keep it simple and stupid
b.  They’re thousands… and you, too
c.  A guarantee of a return… if precise objectives exist
d.  Going digital means accepting a deep change
e.  Authenticity on social media is key

15

3 BELIEFS
3.a Keep it simple and stupid

Keep it simple and stupid

• KISS : Keep it simple and stupid, so that
your presence be seen and understood.

• Any proposal that wouldn’t match this
(and be said in less than 3min) is bullshit,
and won’t be heard by the audience

Picture of Sean MacEntee as seen on Flickr http://www.flickr.com/photos/smemon/4351759298/


3 BELIEFS
3.b They’re thousands… and you, too

They’re thousands… and you, too

• You’re thousands : and exactly 33 300
as specified on your Wikipedia page. Bet
on it.
• Alone, you’re nothing. With them,
you’re bigger, and much more authentic

Cover of Thomas Hobbes « Leviathan »


3 BELIEFS
3.c A guarantee of a return… if precise objectives exist

A guarantee of a return… if precise objectives exist

• 1 objective, 1 KPI. You’re an investment
bank, you don’t invest when you have
no means to calculate a return.
• Conversely, you don’t accept a KPI or a
digit if it’s not linked to an objective.
• So : have a few aims for your
communications strategy (part of which
will be on social media), and we’ll discuss
how to measure them.

Picture by RambergMediaImages as seen on Flickr http://www.flickr.com/photos/rmgimages/4882451468/


3 BELIEFS
3.d Going digital means accepting a deep change

Going digital means accepting a deep change

• If you go digital, you’ll have to change.
Nothing will be ever hidden from your
audience (customers as detractors).
• Everyone at GS will be able to voice its
(positive, negative) ideas about you as a
boss, as a manager, as a place to work,
even or thanks to good guidelines.
• Keep it in mind and understand that you
are about to go from a safe under
ground location to a public place where
everyone will have a tell on you.

Picture by Céline Lecomte as seen on Flickr http://www.flickr.com/photos/16856065@N03/6540521453/


3 BELIEFS
3.e Authenticity on social media is key

Authenticity on social media is key

• Cheat or not ? Some brands play
undercover, using fake accounts to
publish quasi-commercial messages on
blogs or forums
• Not only is this the opposite of what
social media means (transparency,
friendliness, long-term community
building).
• It is also a complete waste of time and
money as no ones will interact with such
posting. Nobody, in a connected world,
would ever believe a newcomer with no
history, friends or visible face.

Picture of Hammer51012 as seen on Flickr http://www.flickr.com/photos/hammer51012/3012413440/


4

Methodology

a.  Co-creating a social media strategy with you
b.  A “constitution” for social media at Goldman Sachs
c.  A media and a social media plan
d.  Consulting services : at the edge of innovation
e.  Schedule

21

4 METHODOLOGY
4.a Co-creating a social media strategy with you

Co-creating a social media strategy with you
• A set of interviews with key departments
and BU of GS
• A benchmark of the best practices of
the industry and similar cases
• A mapping of the sites and blogs we
should be friend with
• Success of this key step is the
participation and availability of top
management
• My key asset on this will be the mapping
of websites to know your friends and
foes, the main issues discussed, and how
to find the good position for our editorial
and animation practice on social media
• Timing should be of 1 to 2 months max

Picture of a social media mapping by Martin Pasquier


4 METHODOLOGY
4.b A “constitution” for social media at Goldman Sachs

A “constitution” for social media at Goldman Sachs
• Charters, guidelines, FAQs and a
validation process to publish and interact
on social media will give body to the
strategy.
• This « constitutional » step will allow to
know what, when, where and how we’ll
do thins on social media, and will ease
knowledge transfer to GS teams.
• Success of this step is to have a
framework for each media and to allow
flexibility inside these charters.
• My key asset will be these charters, for
they allow you to progressively take
control on your social media
• Timing should be 1 to 2 months max too

Picture of Ford social media guidelines http://blog.netnatives.com/wp-content/uploads/2011/10/Ford-Social-Media-
Policy.jpg


4 METHODOLOGY
4.c A media and a social media plan

A media and a social media plan
• Now we want to go live, to show the
world we have something to say
(strategy) and a place to do so (the tools
and platforms).
• A media and social media plan based
on an existing GS event to get in touch
with various audiences (journalists,
finance social media, banners, blogger
events). It must be short, brutal, massive
to be effective and seen
• My key asset will be to organize a
media/social media plan that covers
effectively all your audiences on a short
period
• Timing should be 2-4 weeks then
permanent community management
Picture by BirgerKing http://www.flickr.com/photos/birgerking/4719629563/lightbox/


4 METHODOLOGY
4.d Consulting services : at the edge of innovation

Consulting services : at the edge of innovation
• You’re almost all set, have your word
spread and your presence seen by
leaders. Now what ? You need to have a
consulting service to help you manage
the whole project, keep an eye on
innovation, provide crisis management
whenever needed, gather KPIs to track
the performance of your social media
presence.
• My key asset will be to deliver KPIs and
be able to modify on the margin the
strategy according to what worked or
not

• Timing should be during the whole
project, with weekly calls and monthly
strategic meetings

Picture by Max Barners http://www.flickr.com/photos/maximilianbarners/4577720666/


4 SCHEDULE
4.e

M1 M2 M3 M4 M5 M6 M7 M8 M9

Strategy

Interviews, Benchmark, Mapping

Proposal and presentation

Charters and experimentation

Charters & Process

Webdesign / Development

Two-week test

Media/Social media plan (official launch)

Launch (event + ads)

Community Management

Consulting services

Weekly KPI reporting

Project Management


5

A few proposals

a.  A 143 y.o social brand (a storytelling)
b.  Corporate news and CRM on Twitter
c.  Reveal your inner self with the Goldman boys and
girls
d.  Show me the money (1): the open-data way
e.  Show me the money (2): the picture way
f.  GS is everywhere. But where exactly ?
g.  Social gaming : play it as Goldman Sachs

27

5 A FEW PROPOSALS
5.a A 143 y.o social brand (a storytelling)

A 143 y.o social brand (a storytelling)

• A timeline of the history of GS on
Facebook will show where you come
from, who were your key men and
women, and what were your important
events.
• With some old pics, a few movies and
other rich media, you’ll be able to make
a good story of a 143 y.o company
• We’ll be able in the medium run to
develop specific apps for this Facebook
page

Picture of Manchester United Timeline on Facebook


5 A FEW PROPOSALS
5.b Corporate news and CRM on Twitter

Corporate news and CRM on Twitter

• A Twitter account with the latest press
releases and able to answer common
questions.
• It will be a good crisis management tool
too ! Alternatively, you could decide to
become an expert account on financial
issues.
• Remember, Twitter is said to lie on an
interest graph, with people gathering
willfully and asymmetrically (when
Facebook is based on a social graph
with symmetric relationships for most of
them)

Picture of a few “Goldman Sachs” resulsts on Twitter (English)


5 A FEW PROPOSALS
5.c Reveal your inner self with the Goldman boys and girls

Reveal your inner self with the Goldman boys and girls

• Have Goldman Sachs employees talk
for the brand on social media.
• A good and easy way to change the
image of the company and make your
people participate.
• Sweden gives the keys of its official
social media accounts to selected
citizens

Picture of a the actual Twitter account of Sweden http://twitter.com/#!/sweden


5 A FEW PROPOSALS
5.d Show me the money (1): the open-data way

Show me the money (1): the open-data way

• Where does all your money go,
Goldman ? Open-data is a good way to
show your money, where it comes from
and what you do with it.
• An audit of your available data, a
clever webdesigner and you’ll be looked
through your data, objectively.
• More : you can open your data and
reward the boldest proposals of a tech
community always looking to play with
digits

Screenshot ofNY City open-data website http://2011.nycbigapps.com/


5 A FEW PROPOSALS
5.e Show me the money (2): the picture way

Show me the money (2): the picture way

• Show pics of your investment all around
the world. Look at what The Boston
Globe did with its column “The Big
Picture” (86K Twitter followers)
• Finance is like a highway : you use it
everyday but don’t see anybody
working on it.
• What if you’d sponsor a few
photographs to have daily pics of your
investments all around the world ? A
Flickr account with connections to your
other sites would look good too

Screenshot of the Boston Globe “Big Picture” page http://www.boston.com/bigpicture/


5 A FEW PROPOSALS
5.f GS is everywhere. But where exactly ?

GS is everywhere. But where exactly ?

• Why not a Foursquare and Google
Maps account to show the world where
your offices are ?
• You could also reward users geotagging
places they’d like you to invest, and sort
the best ones per votes
• Geotagged tips could also be a means
to show your territory

Picture of Foursquare as seen on their website


5 A FEW PROPOSALS
5.g Social gaming : play it as Goldman Sachs

Social gaming : play it as Goldman Sachs

• Gamification is an important trend in
social media, as Chevron showed as
soon as 2007 with a SimCity-like game
about energy, developed with The
Economist
• You could build Simcity-like game of
portfolio management.
• And reward, in hard money or with a
position at GS, the best players of each
month/industry...

Picture of Chevron « EnergyVille » challenge http://www.energyville.com/


Martin Pasquier
BLOG// http://martinpasquier.wordpress.com/
MAIL// martpasquier@gmail.com
TWITTER// @martpasquier
LINKEDIN// http://www.linkedin.com/in/martinpasquier

Martin pasquier goldman_sachs_social_media_manager

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