Martin pasquier goldman_sachs_social_media_manager

GOLDMAN SACHS

Going digital – Beliefs, Methodology and Proposals

5/13/2012

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

TABLE OF CONTENTS

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

  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

In a nutshell

1 1.a

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

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 !

1

4

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

• 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 !

Are you the new Grand Satan ?

CONTEXT Are you the new Grand Satan ?

1 1.a

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

5


• 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

A trade misunderstood

CONTEXT A trade misunderstood

1 1.b

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

6


• 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.

An international context

CONTEXT An international context

1 1.c

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

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• 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)

Social media and finance : it’s already on !

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

1 1.d

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

8


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

2

9


• 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.

What’s the difference between GS and Darth Vader ?

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

2 2.a

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

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• 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.

Talk to people, to convince their leaders

OBJECTIVES Talk to people, to convince their leaders

2 2.a

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

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• 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

GS as an innovator on social media

OBJECTIVES GS as an innovator on social media

2 2.a

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

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• 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.

Know and master your e-reputation

OBJECTIVES Know and master your e-reputation

2 2.a

Pictures of “Goldman Sachs” as seen in Google Images

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• 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

Driving change to adapt GS to the social company

OBJECTIVES Driving change to adapt GS to the social company

2 2.a

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

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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

3

15


• 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

Keep it simple and stupid

BELIEFS Keep it simple and stupid

3 3.a

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

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• 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

They’re thousands… and you, too

BELIEFS They’re thousands… and you, too

3 3.b

Cover of Thomas Hobbes « Leviathan »

17


• 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.

A guarantee of a return… if precise objectives exist

BELIEFS A guarantee of a return… if precise objectives exist

3 3.c

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

18


• 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.

Going digital means accepting a deep change

BELIEFS Going digital means accepting a deep change

3 3.d

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

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• 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.

Authenticity on social media is key

BELIEFS Authenticity on social media is key

3 3.e

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

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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

4

21


• 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

Co-creating a social media strategy with you

METHODOLOGY Co-creating a social media strategy with you

4 4.a

Picture of a social media mapping by Martin Pasquier

22


• 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

A “constitution” for social media at Goldman Sachs

METHODOLOGY A “constitution” for social media at Goldman Sachs

4 4.b

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

23


• 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

A media and a social media plan

METHODOLOGY A media and a social media plan

4 4.c

Picture by BirgerKing http://www.flickr.com/photos/birgerking/4719629563/lightbox/

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• 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

Consulting services : at the edge of innovation

METHODOLOGY Consulting services : at the edge of innovation

4 4.d

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

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Going digital – Beliefs, Methodology and Proposals

Strategy

M1 M2 M3 M4 M5 M6 M7 M8 M9

Interviews, Benchmark, Mapping

Proposal and presentation

Two-week test

Charters and experimentation

Webdesign / Development

Media/Social media plan (official launch)

Community Management

SCHEDULE 4 4.e

5/13/2012

Charters & Process

Launch (event + ads)

Consulting services

Weekly KPI reporting

Project Management

26


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

27


• 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

A 143 y.o social brand (a storytelling)

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

5 5.a

Picture of Manchester United Timeline on Facebook

28


• 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)

Corporate news and CRM on Twitter

A FEW PROPOSALS Corporate news and CRM on Twitter

5 5.b

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

29


• 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

Reveal your inner self with the Goldman boys and girls

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

5 5.c

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

30


• 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

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

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

5 5.d

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

31


• 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

Show me the money (2): the picture way

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

5 5.e

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

32


• 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

GS is everywhere. But where exactly ?

A FEW PROPOSALS GS is everywhere. But where exactly ?

5 5.f

Picture of Foursquare as seen on their website

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• 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...

Social gaming : play it as Goldman Sachs

A FEW PROPOSALS Social gaming : play it as Goldman Sachs

5 5.g

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

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Martin Pasquier BLOG// http://martinpasquier.wordpress.com/ MAIL// [email protected] TWITTER// @martpasquier LINKEDIN// http://www.linkedin.com/in/martinpasquier

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Martin pasquier goldman_sachs_social_media_manager

Economy & Finance