On May 24th, Goldman Sachs Tweeted for the first time. In the three months since, the investment banking firm has continued to develop its Twitter influence. So, in the spirit of financial reporting, a quarterly review of Goldman Sachs’ social media use is in order. What do these quarterly results reveal?
As one of the most hesitant Wall Street institutions to embrace social media, Goldman Sachs had some catching up to do. Held back, in part, by strict FINRA and SEC regulatory standards, Goldman Sachs demonstrated the uncertainty many financial institutions face when deciding to use social media. Nevertheless, Goldman Sachs entered the Twittersphere on May 24th with about 4,900 followers. By August 31st, Goldman Sachs had Tweeted 264 times, and its following had swelled to 21,478 followers. A fourfold increase in followers is notable, and Goldman Sachs’ 264 Tweets indicate a high level of communication.
But numbers are only one side of the story. What about engagement? Goldman Sachs’ first (real) Tweet read:
The Tweets that followed in the days afterwards reflected Goldman’s famously formal corporate culture. However, with the widely publicized hire of a Social Media manager, the public persona of Goldman Sachs started to loosen up on Twitter. It began retweeting other followers and exhibiting a personality all of its own. Take this Tweet congratulating its interns:
Or this retweet about philanthropy:
As a result, this quarter witnessed a transformation of Goldman Sachs in the public eye. Previously a highly-private institution that often seemed inaccessible to the public, Goldman Sachs has truly turned a new page. Not only has it increased its influence in terms of numbers, it has also humanized itself. Through the use of Twitter, Goldman Sachs developed a more accessible public persona through interacting with others in a more open, friendly manner.
The bottom line? Based on Goldman Sachs’ quarterly results, it is certainly a “buy” in terms of social media engagement.