Case Study: Social Media presence of Goldman Sachs: Looking to improve presence

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Goldman Sachs has a lackluster social media presence on platforms like Facebook, Twitter, LinkedIn, and YouTube compared to its peers in the financial services industry. Its Facebook page only has 20,000 fans and 16,000 likes, while a parody Twitter account about Goldman Sachs has over 320,000 followers. Strict financial regulations initially made banks hesitant to use social media as it requires monitoring interactions. However, Goldman Sachs is now looking to improve its presence by hiring a social media manager and providing training to employees on regulatory compliance when interacting with clients online. As customers and the public increasingly engage with financial topics on social media, Goldman Sachs recognizes the need to have a larger presence on these platforms.

Analysis & Outlook

Soci
Case Study: Social Media presence of Goldman Sachs: looking to improve presence
Despite being one of the biggest investor in Social Media companies like Facebook, Goldman
Sachs presence on Social networking sites like Facebook, Twitter, LinkedIn and YouTube is
quite lackluster.Goldman Sachs joined Facebook in June 2009 and till now it has only 20,000
fans, mere 16,000 likes which is far below when compared to its peers in the Financial Services
industry and also has many negative comments about the bank on the Facebook page. It started
its twitter account in May 2012 and since then it has 22,000 followers and the twitter account
highlights the events, work, research and employees. Goldman Sachs official twitter account is
nothing compared to a parody feed called @GSElevator Gossip, which has over 320,000
followers which reportsthe various conversations overheard in the bank’s elevators. Goldman
Sachs LinkedIn presence has 90,000 followers and is limited to job openings, recruiting interns
and informing about employee update and new hires.In February 2012, Goldman Sachs launched
YouTube channel and it features videos of employees discussing careers; experts interviewed on
topics such as the global economy; clients talking about relationship & work and its corporate
citizenship programs. Goldman Sachs is looking to hire a fulltime social community manager
who will manage its social media presence and will also monitor the activity.

The reason for such a lackluster presence for Goldman Sachs and slowly improving social media
presence for most of the Banks and Financial Institutions is due to the stringent financial
regulations by the regulators. Broker, dealers, Relationship managers must comply with very
stringent regulations regarding communications with their clients which had become a negating
factor. The SEC and FINRA quickly classified social media interactions as records just like
emails or physical communications which means they must be archived and managed according
to the same rules and which also means tight policing and steep sanctions these institutions face
in terms of violations from the SEC/other regulators will also be applied to social media records.
Most of the financial institutions were not confident that they could comply with such stringent
regulations while using social media so they avoided using it.But there are significant benefits in
using social media like advisors/traders/relationship managers can build trust with clients,
network more effectively and use social media as a marketing tool for more business and with
new tools available that help in archiving and managing social media interactions effectively,
Goldman Sachs and other Financial institutions & banks have been actively improving their
social media presence. Social Media policy is in place and employees are being trained in terms
of how to utilize and manage the social media presence, regulatory aspects and precautions to be
taken during client interactions is also provided to all the client facing teams.

Banks & Financial Institutions need to understand that the new era financial customers, clients
and public are social media savvy users which also has become an active part of their day to day
lives and Social media is disrupting the financial industry with the emergence of social media
real time money, investment and trading communities and crowd financing which is fundingnew
players. All the above factors have forced the financial institutions to enter the open and
transparent world of Social media. Goldman Sachs too is followingand improving presence.
Rajesh Prabhakar Analyst Bio @ http://socialmediacases.blogspot.com/

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Can You Measure the ROI of Your Social Media Marketing? FA L L 2 0 1 0 V O L . 5 2 N O. 1 R E P R I N T N U M B E R 5 2 1 0 5 Donna L. Hoffman and Marek Fodor COURTESY OF FLICKR USER CVRCAK1, STARBUCKS, SOUTHWEST AIRLINES, TARGET, DELL, SQUARE ENIX, BURGER KING FALL 2010 MIT SLOAN MANAGEMENT REVIEW 41 AS MANAGERS BECOME more comfortable with including blogs and social networks as part of their integrated marketing communications, they have naturally turned their attention to questions regarding the return on investment of social media. Clearly, there is no shortage of interest in the topic. A quick Google search recently for “ROI social media” returned over 2.5 million hits, many seemingly relevant. Internet marketing and online retailing conferences now devote attention to ROI issues, and managers are asking themselves every day, “What’s the ROI of [substitute social media application here]?” Blog posts, white papers and case studies pre- pared by social media gurus, consultants and industry analysts abound, yet the answer remains largely unsatisfying. That isn’t good, especially when the CEO and CFO are demanding evidence of potential ROI before allocating dollars to marketing efforts.1 M A R K E T I N G As social media applications like Facebook (here, cofounder Mark Zuckerberg) have changed the ways consumers interact with brands, companies have struggled to keep up. Target, Dell, Burger King and more are trying to learn what’s effective. Can You Measure the ROI of Your Social Media Marketing? You can. But it requires a new set of measurements that begins with tracking the customers’ investments — not yours. BY DONNA L. HOFFMAN AND MAREK FODOR THE LEADING QUESTION How can you tell whether social media are working? FINDINGS Forget traditional ROI. Instead of calculating the return on the company’s investment, managers should assess consumer motivations to use social media and measure the social media investments customers make as they engage with the marketers’ brands. Measuring customer investments in a social media relationship reveals the likelihood of a long-term payoff, not just short-term results. 42 MIT SLOAN MANAGEMENT REVIEW FALL 2010 SLOANREVIEW.MIT.EDU M A R K E T I N G We understand the pressures and the desire to quantify the return generated by investing in social media, but we believe most marketers are ap- proaching the issue the wrong way. Effective social media measurement should start by turning the traditional ROI approach on its head. That is, instead of emphasizing their own marketing investments and calculating the returns in terms of customer response, managers should begin by considering consumer motivations to use social media and then measure the social media investments customers make as they engage with the marketers’ brands. Handling the measurements this way makes much more sense. It take ...

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