A Good Move for Goldman Sachs?

There has been a lot of hype surrounding the recent launch of Goldman Sachs’ advertising campaign.  The firm that has built a reputation for being a group of elitist “bad boys” wants to change its image.  Perhaps it was the reference to the firm as “a great vampire squid wrapped around the face of humanity” in a Rolling Stone article that caused the firm to act.  In any case, the most profitable U.S. securities firm in Wall Street history wants the public to know that it creates jobs and loves the small-business community.

The firm’s first ad appeared in The Wall Street Journal and The New York Times, and it has been reported that ads will follow in other daily papers across the country.  Initially, I was surprised that their first effort to “repair their image” was via a full-page ad in two of the nation’s costliest media outlets.   If the firm’s message is one of inclusion and engagement, hence the tagline, “Progress is everyone’s business,” why is Goldman Sachs choosing to limit its campaign to a one-way message rather than engage the public with an integrated campaign that includes social media and public relations tactics?

A Goldman Sachs spokesperson said the advertising campaign is meant to “reflect the work we do for clients and the effect on the economy as a whole.”  Writing and circulating stories about the work they’ve done, the jobs they’ve created, and the industries they’ve helped would bode well in social media and traditional public relations.  In today’s environment, these tactics can be the most powerful weapons in a marketing arsenal.

What do you think?  Is Goldman Sachs on the right track to repair its image?

— Debbie Dryden, VP, Thought Leadership

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