Reputation matters to consumers too

April 26, 2012

Reputation matters to consumers too


I agree wholeheartedly. Goldman Sachs’ CEO Lloyd Blankfein on public opinion and reputation of Goldman Sachs:

“I think the average American probably had no contact and had never heard of Goldman Sachs before three years ago. Shame on us in a way for not anticipating how important that would be. We’re an institutional business with no consumers. It turns out, another name for consumers are citizens and taxpayers. They became important for reasons that are obvious. They always should have been important, but it wasn’t part of our audience as we thought about it. Now we will have to develop those muscles a little better than we have. Shame on us.”

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Leslie Gaines-Ross
Leslie Gaines-Ross

As Weber Shandwick’s Chief Reputation Strategist, I focus on the ever changing world of reputation. For the past 25 years, I have relentlessly observed, researched and commented on the rise and fall of reputations.

  • Kirk Hazlett, APR, Fellow PRSA
    Posted at 02:00h, 11 May Reply

    How sadly true that some organizations choose (arrogantly?) to see themselves as “non-consumer” based and that it takes a catastrophic event to force them to face reality.Goldman Sachs…hopefully…has learned from its ordeals and will take the necessary steps to change its way of interacting with its “consumer” publics.

    This is a lesson that I hammered home in my just-completed first offering of “Corporate Social Responsibility” at Curry College…approaching the topic from the perspective of the public relations professional charged with both communicating the organization’s mission and ideals to target publics and serving as “corporate conscience” for its internal constituencies.

    • Dr. Leslie Gaines-Ross
      Posted at 00:32h, 11 May Reply

      That’s so interesting to me. I wonder how many programs even offer CSR courses. The idea of a corporate conscience should be mandatory curriculum. Congrats and thanks for reading the post. Best, lgr

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