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16 March 2013
Reality
Check
presented at
Insight One20
@lvincent
#BrandReal
THE BRAND STUDIO
2
@lvincent
ā€œThe most negative
brand in America.ā€
Representative George Miller
(D) California
3@lvincent
ā€œThe most negative
brand in America.ā€
4@lvincent
ā€œThe law ā€¦ became closely associated
with President George W. Bush,
and as his popularity slid, the law, and its
name, came under attack and ridicule.ā€
5@lvincent
Law of Contagion
ā€œā€¦a folk belief which
suggests that once two
people and/or objects have
been in contact, a magical
link persists between them
until a formal exorcism or
other act of banishing
breaks the bond.ā€
@lvincent
@lvincent
ā€œLetā€™s Rebrandā€
MARPMental Asset Recovery Program
REDOResourcing Educational Development Outcomes
AACAAAAll American Children Are Above Average
NEW TESTNot Even We Think Educational Standards Teach
GOODERGeneral Oversight Of Domestic Education Reforms
8@lvincent
Why I wrote Brand Real
9@lvincent
Why I wrote Brand Real
Too much emphasis
on brand identity;
Not enough emphasis
on brand behavior.
9@lvincent
Beyond Petroleum Woo hoo!
Award-winning brand identities
10@lvincent
@lvincent
What we value when we have to chooseā€¦
12
92%Consistently exceeds
expectations
87%Brand does
what it claims
39%
Consistently great
customer service
Feel a relationship
with the brand
The brand has a
good reputation
The brand shares
my values
The brand has a
good image
78%
78%
77%
71%
67%
@lvincent
What we value when we have to chooseā€¦
12
92%Consistently exceeds
expectations
87%Brand does
what it claims
39%
Consistently great
customer service
Feel a relationship
with the brand
The brand has a
good reputation
The brand shares
my values
The brand has a
good image
78%
78%
77%
71%
67%
11%
17%
23%
23%
25%
26%
27%
Always has the
best price
Everybody uses it
It isnā€™t for everybody
Brand has the
best logo
People I admire use
the brand
Brand is willing to
be controversial
I like the brandā€™s
design
@lvincent
What brand really means
BEHAVIOR IDENTITY+
13@lvincent
What brand really means
BEHAVIOR IDENTITY+
Actions Trade-Offs
13@lvincent
Choosing why you matter
Ease-of-Use
Brand is simple
and easy to use
1 Price
Brand is the
lowest price
2 Cust. Service
Brand has great,
friendly customer
service
3 Design
Brand has the
best design
4 Availability
Brand is available
in the most
places
5
14
Competitor A
1 2 3 4 5
Available everywhere with a lot of
customer service
Competitor B
The service brand
1 2 3 4 5
Competitor C
The brand everyone talks about
because it is consistently the coolest
1 2 3 4 5
Competitor D
1 2 3 4 5
The cheapest option and one of
the easiest to get
@lvincent
Trade-offs matter
3.1
3.0
2.9
3.03.1
15
Competitor A
1 2 3 4 5
Available everywhere with a lot of
customer service
Competitor B
The service brand
1 2 3 4 5
Competitor C
The brand everyone talks about
because it is consistently the coolest
1 2 3 4 5
Competitor D
1 2 3 4 5
The cheapest option and one of
the easiest to get
Ease-of-Use
Brand is simple
and easy to use
1 Price
Brand is the
lowest price
2 Cust. Service
Brand has great,
friendly customer
service
3 Design
Brand has the
best design
4 Availability
Brand is available
in the most
places
5
@lvincent
16
Expectations
Experiences
Brand Value =
17@lvincent
A BRAND IS A
PROMISE
18
@lvincent
19
What is a brand promise?
An effective promiseā€¦
ā€¢ Distinguishes a brand from competition
ā€¢ Sets an expectation in the audienceā€™s mind
ā€¢ Guides decisions the brand team must make
@lvincent
Six types of brand promises
20
ACCESS
@lvincent
Six types of brand promises
20
ACCESS FEATURES
@lvincent
Six types of brand promises
20
ACCESS FEATURES APPROACH
@lvincent
Six types of brand promises
20
ACCESS FEATURES APPROACH
PERSONALITY
@lvincent
Six types of brand promises
20
ACCESS FEATURES APPROACH
PERSONALITY CAUSE
@lvincent
Six types of brand promises
20
ACCESS FEATURES APPROACH
PERSONALITY LIFESTYLECAUSE
@lvincent
21@lvincent
ā€œContrary to the
nature of our brand.ā€
21@lvincent
22
Brands that stick
to a promise make
tough choices that
earn our trust
@lvincent
The trade-offs lead to credibility
23
Awareness Familiarity Credibility Favorability Attachment
ā€¢ Recognition
ā€¢ Recall
ā€¢ Knowledge
ā€¢ Understanding
ā€¢ Differentiation
ā€¢ Trustworthiness
ā€¢ Expertise
ā€¢ Popularity
ā€¢ Positive
attitudes &
opinions
ā€¢ Likeability
ā€¢ ID Affiliation
ā€¢ Love
ā€¢ Loyalty
ā€¢ Evangelism
High frequency High leverage
@lvincent
The trade-offs lead to credibility
23
Awareness Familiarity Credibility Favorability Attachment
ā€¢ Recognition
ā€¢ Recall
ā€¢ Knowledge
ā€¢ Understanding
ā€¢ Differentiation
ā€¢ Trustworthiness
ā€¢ Expertise
ā€¢ Popularity
ā€¢ Positive
attitudes &
opinions
ā€¢ Likeability
ā€¢ ID Affiliation
ā€¢ Love
ā€¢ Loyalty
ā€¢ Evangelism
High frequency High leverage
@lvincent
Brand Credibility
24
Structural relationships between brand credibility, perceived
quality, perceived risk, and information costs saved
Brand Credibility
Trust-
worthiness Expertise
Perceived
quality
Perceived
risk
Information
costs saved
@lvincent
Skeptical
Audiences
25@lvincent
26
Persuasion knowledge
PERSUASION KNOWLEDGE
TOPIC KNOWLEDGE
How much the consumer
knows about what theyā€™re
being sold.
SELLER KNOWLEDGE
What the consumer knows
about the sellerā€”what kind
of relationship.
What the consumer senses
about the sellerā€™s motives
and sales tactics.
@lvincent
26
Persuasion knowledge
PERSUASION KNOWLEDGE
TOPIC KNOWLEDGE
How much the consumer
knows about what theyā€™re
being sold.
SELLER KNOWLEDGE
What the consumer knows
about the sellerā€”what kind
of relationship.
What the consumer senses
about the sellerā€™s motives
and sales tactics.
@lvincent
What brand really means
BEHAVIOR IDENTITY+
27@lvincent
What brand really means
BEHAVIOR IDENTITY+
Internal Character
External
Presentation
27@lvincent
ā€œItā€™s just a faster-looking steedā€
George Saridakis
Design Manager,
2010 Mustang
@lvincent
Before After
29@lvincent
ā€œ We wanted to give the Mustang pony a more realistic
feel. We lifted the head to make the pony more proud,
tipped the neck into the wind to give it a feeling of
greater speed and better balance.ā€
Douglas Gaffika
Chief Designer,
2010 Mustang
@lvincent
Source: brandnew.com
@lvincent
@lvincent
@lvincent
Expectations
Experiences
Brand Value =
34@lvincent
35
Good brand experiencesā€¦
ā€¢ Reduce skepticism
ā€¢ Appeal to objectivity
ā€¢ Make us consider all reasons
we should like a brand
ā€¢ Convert us into defenders
and evangelists
@lvincent
@lvincent
@lvincent
Brand experience guides what weā€¦
38
THINK FEEL DO
@lvincent
Think different
39@lvincent
Brand experience adheres
to the laws of storytelling
@lvincent
The logic of storytelling
41
CAUSE EFFECT
@lvincent
The logic of storytelling
41
CAUSE EFFECT
Situation
Ordinary Life
Complication
Disruption that raises a
question the story must answer
Climax
Opposing forces in the
story come to a head
Resolution
Everything is resolved;
no loose ends
(unless you want a sequel)
@lvincent
Anticipation vs. expectations
42
ā€œI canā€™t wait
to see what
happens
next!ā€
@lvincent
Anticipation vs. expectations
42
ā€œI canā€™t wait
to see what
happens
next!ā€
ā€œI knew that
was going
to happen!ā€
@lvincent
Wheel of slogan
43@lvincent
Wheel of slogan
44
J S O I
@lvincent
Wheel of slogan
45
J S O IU T D T
@lvincent
46
( ? )
M I N E T H E G A P
@lvincent
UNNECESSARILY
CENSORED
@lvincent
@lvincent
Three stories every brand should address
Self Identity
The literal, observable, historic
and reported story of the brandā€”
the one most concretely linked to
the brandā€™s reputation.
49@lvincent
Three stories every brand should address
Self Identity
The literal, observable, historic
and reported story of the brandā€”
the one most concretely linked to
the brandā€™s reputation.
Category Identity
The story implied by association
with the enclosing category.
Categories are the first cognitive
anchor for understanding what a
brand is about.
49@lvincent
50
@lvincent
Three stories every brand should address
Self Identity Category Identity Stakeholder Identity
The story associated with stakeholder
identities (customers, employees,
etc.).
51
The literal, observable, historic
and reported story of the brandā€”
the one most concretely linked to
the brandā€™s reputation.
The story implied by association
with the enclosing category.
Categories are the first cognitive
anchor for understanding what a
brand is about.
@lvincent
52@lvincent
@lvincent
54
BRAND ATTACHMENT
ATTACHED BRAND
Ignored Brand Respected Brand
FavorableUnfavorable
HighRelevanceLowRelevance
The
opposite
of me
I never
think
about it
Nice,
but not
for me
A lot
like me
Averse Brand
@lvincent
54
BRAND ATTACHMENT
WHEN BRAND MEANS SOMETHING
A LOT LIKE ME
SEPARATION ANXIETY
Consumer willing to do
without something else to
keep the brand in their life
MUST-CARRY
Consumer is happiest
when brand is close
BRAND-SELF DISPLAY
Consumer badges and
evangelizes the brand
ATTACHED BRAND
Ignored Brand Respected Brand
FavorableUnfavorable
HighRelevanceLowRelevance
The
opposite
of me
I never
think
about it
Nice,
but not
for me
A lot
like me
Averse Brand
@lvincent
55@lvincent
56@lvincent
ā€œI make it a point to
buy brands from
companies whose values
are similar to my own.ā€
ā€” Young & Rubicam, 2010
71% of US consumers agree:
@lvincent
@lvincent
Brand Aversion Brand Attachment
Customers must
recognize that
you stand for
something.
Howard Shultz, CEO Starbucks
60@lvincent
THINK INSIDE OUT
PROMISE
Brand starts here
for employees
PROMISES GUIDE
BEHAVIOR
The values associated with
your brand promise
influence the behavior that
customers experience
VALUES
EXPERIENCE
Brand starts here
for customers
Creative expression
of the brand
Rules that guide
behavior
THINK INSIDE OUT
PROMISE
Brand starts here
for employees
PROMISES GUIDE
BEHAVIOR
The values associated with
your brand promise
influence the behavior that
customers experience
WHOLE FOODS
Read a Disgruntled
Whole Foods Employeeā€™s
Epic Resignation Letter
Late Friday afternoon, an employee of the
Whole Foods Market in Toronto sent this
epic resignation letter to the entire company.
It's an alternatingly amusing, enlightening,
and occasionally infuriating readā€”but a good
read, nonetheless.
The letter begins with a point-by-point
evisceration of the grocery chain's carefully
calibrated image as an earth-and-body-
friendly, organic foods paradise. Likening the
chain to "a faux hippy Wal-Mart," our
disgruntled bulk foods buyer accuses the
JUL 24, 2011 10:29 PMBY SETH ABRAMOVITCH
695,507 480Share
GET OUR TOP STORIES
TOP STORIES
Like 16k
Enlarge This Image
Victor Kerlow
Related
Times Topic: Goldman Sachs
OP-ED CONTRIBUTOR
Why I Am Leaving Goldman Sachs
By GREG SMITH
Published: March 14, 2012 372 Comments
TODAY is my last day at Goldman Sachs. After almost 12 years at the
firm ā€” first as a summer intern while at Stanford, then in New York
for 10 years, and now in London ā€” I believe I have worked here long
enough to understand the trajectory of its culture, its people and its
identity. And I can honestly say that the environment now is as toxic
and destructive as I have ever seen it.
To put the problem in the simplest
terms, the interests of the client
continue to be sidelined in the way the
firm operates and thinks about making
money. Goldman Sachs is one of the
worldā€™s largest and most important
investment banks and it is too integral
to global finance to continue to act this
way. The firm has veered so far from the place I joined right
out of college that I can no longer in good conscience say
that I identify with what it stands for.
It might sound surprising to a skeptical public, but culture
was always a vital part of Goldman Sachsā€™s success. It
revolved around teamwork, integrity, a spirit of humility,
and always doing right by our clients. The culture was the
WORLD U.S. N.Y. / REGION BUSINESS TECHNOLOGY SCIENCE HEALTH SPORTS OPINION ARTS
RECOMMEND
TWITTER
LINKEDIN
COMMENTS (372)
E-MAIL
PRINT
REPRINTS
SHARE
62
4 reasons why brand experiences fail:
The team insideā€¦
63@lvincent
4 reasons why brand experiences fail:
The team insideā€¦
ā€¢Donā€™t know
63@lvincent
4 reasons why brand experiences fail:
The team insideā€¦
ā€¢Donā€™t know
ā€¢Donā€™t believe
63@lvincent
4 reasons why brand experiences fail:
The team insideā€¦
ā€¢Donā€™t know
ā€¢Donā€™t believe
ā€¢Donā€™t care
63@lvincent
4 reasons why brand experiences fail:
The team insideā€¦
ā€¢Donā€™t know
ā€¢Donā€™t believe
ā€¢Donā€™t care
ā€¢Donā€™t have tools/resources to execute
63@lvincent
@lvincent
@lvincent #BrandReal

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Reality Check: How to build a real brand

  • 1. 16 March 2013 Reality Check presented at Insight One20 @lvincent #BrandReal THE BRAND STUDIO
  • 3. ā€œThe most negative brand in America.ā€ Representative George Miller (D) California 3@lvincent
  • 4. ā€œThe most negative brand in America.ā€ 4@lvincent
  • 5. ā€œThe law ā€¦ became closely associated with President George W. Bush, and as his popularity slid, the law, and its name, came under attack and ridicule.ā€ 5@lvincent
  • 6. Law of Contagion ā€œā€¦a folk belief which suggests that once two people and/or objects have been in contact, a magical link persists between them until a formal exorcism or other act of banishing breaks the bond.ā€ @lvincent
  • 8. ā€œLetā€™s Rebrandā€ MARPMental Asset Recovery Program REDOResourcing Educational Development Outcomes AACAAAAll American Children Are Above Average NEW TESTNot Even We Think Educational Standards Teach GOODERGeneral Oversight Of Domestic Education Reforms 8@lvincent
  • 9. Why I wrote Brand Real 9@lvincent
  • 10. Why I wrote Brand Real Too much emphasis on brand identity; Not enough emphasis on brand behavior. 9@lvincent
  • 11. Beyond Petroleum Woo hoo! Award-winning brand identities 10@lvincent
  • 13. What we value when we have to chooseā€¦ 12 92%Consistently exceeds expectations 87%Brand does what it claims 39% Consistently great customer service Feel a relationship with the brand The brand has a good reputation The brand shares my values The brand has a good image 78% 78% 77% 71% 67% @lvincent
  • 14. What we value when we have to chooseā€¦ 12 92%Consistently exceeds expectations 87%Brand does what it claims 39% Consistently great customer service Feel a relationship with the brand The brand has a good reputation The brand shares my values The brand has a good image 78% 78% 77% 71% 67% 11% 17% 23% 23% 25% 26% 27% Always has the best price Everybody uses it It isnā€™t for everybody Brand has the best logo People I admire use the brand Brand is willing to be controversial I like the brandā€™s design @lvincent
  • 15. What brand really means BEHAVIOR IDENTITY+ 13@lvincent
  • 16. What brand really means BEHAVIOR IDENTITY+ Actions Trade-Offs 13@lvincent
  • 17. Choosing why you matter Ease-of-Use Brand is simple and easy to use 1 Price Brand is the lowest price 2 Cust. Service Brand has great, friendly customer service 3 Design Brand has the best design 4 Availability Brand is available in the most places 5 14 Competitor A 1 2 3 4 5 Available everywhere with a lot of customer service Competitor B The service brand 1 2 3 4 5 Competitor C The brand everyone talks about because it is consistently the coolest 1 2 3 4 5 Competitor D 1 2 3 4 5 The cheapest option and one of the easiest to get @lvincent
  • 18. Trade-offs matter 3.1 3.0 2.9 3.03.1 15 Competitor A 1 2 3 4 5 Available everywhere with a lot of customer service Competitor B The service brand 1 2 3 4 5 Competitor C The brand everyone talks about because it is consistently the coolest 1 2 3 4 5 Competitor D 1 2 3 4 5 The cheapest option and one of the easiest to get Ease-of-Use Brand is simple and easy to use 1 Price Brand is the lowest price 2 Cust. Service Brand has great, friendly customer service 3 Design Brand has the best design 4 Availability Brand is available in the most places 5 @lvincent
  • 19. 16
  • 21. A BRAND IS A PROMISE 18 @lvincent
  • 22. 19 What is a brand promise? An effective promiseā€¦ ā€¢ Distinguishes a brand from competition ā€¢ Sets an expectation in the audienceā€™s mind ā€¢ Guides decisions the brand team must make @lvincent
  • 23. Six types of brand promises 20 ACCESS @lvincent
  • 24. Six types of brand promises 20 ACCESS FEATURES @lvincent
  • 25. Six types of brand promises 20 ACCESS FEATURES APPROACH @lvincent
  • 26. Six types of brand promises 20 ACCESS FEATURES APPROACH PERSONALITY @lvincent
  • 27. Six types of brand promises 20 ACCESS FEATURES APPROACH PERSONALITY CAUSE @lvincent
  • 28. Six types of brand promises 20 ACCESS FEATURES APPROACH PERSONALITY LIFESTYLECAUSE @lvincent
  • 30. ā€œContrary to the nature of our brand.ā€ 21@lvincent
  • 31. 22 Brands that stick to a promise make tough choices that earn our trust @lvincent
  • 32. The trade-offs lead to credibility 23 Awareness Familiarity Credibility Favorability Attachment ā€¢ Recognition ā€¢ Recall ā€¢ Knowledge ā€¢ Understanding ā€¢ Differentiation ā€¢ Trustworthiness ā€¢ Expertise ā€¢ Popularity ā€¢ Positive attitudes & opinions ā€¢ Likeability ā€¢ ID Affiliation ā€¢ Love ā€¢ Loyalty ā€¢ Evangelism High frequency High leverage @lvincent
  • 33. The trade-offs lead to credibility 23 Awareness Familiarity Credibility Favorability Attachment ā€¢ Recognition ā€¢ Recall ā€¢ Knowledge ā€¢ Understanding ā€¢ Differentiation ā€¢ Trustworthiness ā€¢ Expertise ā€¢ Popularity ā€¢ Positive attitudes & opinions ā€¢ Likeability ā€¢ ID Affiliation ā€¢ Love ā€¢ Loyalty ā€¢ Evangelism High frequency High leverage @lvincent
  • 34. Brand Credibility 24 Structural relationships between brand credibility, perceived quality, perceived risk, and information costs saved Brand Credibility Trust- worthiness Expertise Perceived quality Perceived risk Information costs saved @lvincent
  • 36. 26 Persuasion knowledge PERSUASION KNOWLEDGE TOPIC KNOWLEDGE How much the consumer knows about what theyā€™re being sold. SELLER KNOWLEDGE What the consumer knows about the sellerā€”what kind of relationship. What the consumer senses about the sellerā€™s motives and sales tactics. @lvincent
  • 37. 26 Persuasion knowledge PERSUASION KNOWLEDGE TOPIC KNOWLEDGE How much the consumer knows about what theyā€™re being sold. SELLER KNOWLEDGE What the consumer knows about the sellerā€”what kind of relationship. What the consumer senses about the sellerā€™s motives and sales tactics. @lvincent
  • 38. What brand really means BEHAVIOR IDENTITY+ 27@lvincent
  • 39. What brand really means BEHAVIOR IDENTITY+ Internal Character External Presentation 27@lvincent
  • 40. ā€œItā€™s just a faster-looking steedā€ George Saridakis Design Manager, 2010 Mustang @lvincent
  • 42. ā€œ We wanted to give the Mustang pony a more realistic feel. We lifted the head to make the pony more proud, tipped the neck into the wind to give it a feeling of greater speed and better balance.ā€ Douglas Gaffika Chief Designer, 2010 Mustang @lvincent
  • 47. 35 Good brand experiencesā€¦ ā€¢ Reduce skepticism ā€¢ Appeal to objectivity ā€¢ Make us consider all reasons we should like a brand ā€¢ Convert us into defenders and evangelists @lvincent
  • 50. Brand experience guides what weā€¦ 38 THINK FEEL DO @lvincent
  • 52. Brand experience adheres to the laws of storytelling @lvincent
  • 53. The logic of storytelling 41 CAUSE EFFECT @lvincent
  • 54. The logic of storytelling 41 CAUSE EFFECT Situation Ordinary Life Complication Disruption that raises a question the story must answer Climax Opposing forces in the story come to a head Resolution Everything is resolved; no loose ends (unless you want a sequel) @lvincent
  • 55. Anticipation vs. expectations 42 ā€œI canā€™t wait to see what happens next!ā€ @lvincent
  • 56. Anticipation vs. expectations 42 ā€œI canā€™t wait to see what happens next!ā€ ā€œI knew that was going to happen!ā€ @lvincent
  • 58. Wheel of slogan 44 J S O I @lvincent
  • 59. Wheel of slogan 45 J S O IU T D T @lvincent
  • 60. 46 ( ? ) M I N E T H E G A P @lvincent
  • 63. Three stories every brand should address Self Identity The literal, observable, historic and reported story of the brandā€” the one most concretely linked to the brandā€™s reputation. 49@lvincent
  • 64. Three stories every brand should address Self Identity The literal, observable, historic and reported story of the brandā€” the one most concretely linked to the brandā€™s reputation. Category Identity The story implied by association with the enclosing category. Categories are the first cognitive anchor for understanding what a brand is about. 49@lvincent
  • 66. Three stories every brand should address Self Identity Category Identity Stakeholder Identity The story associated with stakeholder identities (customers, employees, etc.). 51 The literal, observable, historic and reported story of the brandā€” the one most concretely linked to the brandā€™s reputation. The story implied by association with the enclosing category. Categories are the first cognitive anchor for understanding what a brand is about. @lvincent
  • 69. 54 BRAND ATTACHMENT ATTACHED BRAND Ignored Brand Respected Brand FavorableUnfavorable HighRelevanceLowRelevance The opposite of me I never think about it Nice, but not for me A lot like me Averse Brand @lvincent
  • 70. 54 BRAND ATTACHMENT WHEN BRAND MEANS SOMETHING A LOT LIKE ME SEPARATION ANXIETY Consumer willing to do without something else to keep the brand in their life MUST-CARRY Consumer is happiest when brand is close BRAND-SELF DISPLAY Consumer badges and evangelizes the brand ATTACHED BRAND Ignored Brand Respected Brand FavorableUnfavorable HighRelevanceLowRelevance The opposite of me I never think about it Nice, but not for me A lot like me Averse Brand @lvincent
  • 73. ā€œI make it a point to buy brands from companies whose values are similar to my own.ā€ ā€” Young & Rubicam, 2010 71% of US consumers agree: @lvincent
  • 75. Brand Aversion Brand Attachment
  • 76. Customers must recognize that you stand for something. Howard Shultz, CEO Starbucks 60@lvincent
  • 77. THINK INSIDE OUT PROMISE Brand starts here for employees PROMISES GUIDE BEHAVIOR The values associated with your brand promise influence the behavior that customers experience
  • 78. VALUES EXPERIENCE Brand starts here for customers Creative expression of the brand Rules that guide behavior THINK INSIDE OUT PROMISE Brand starts here for employees PROMISES GUIDE BEHAVIOR The values associated with your brand promise influence the behavior that customers experience
  • 79. WHOLE FOODS Read a Disgruntled Whole Foods Employeeā€™s Epic Resignation Letter Late Friday afternoon, an employee of the Whole Foods Market in Toronto sent this epic resignation letter to the entire company. It's an alternatingly amusing, enlightening, and occasionally infuriating readā€”but a good read, nonetheless. The letter begins with a point-by-point evisceration of the grocery chain's carefully calibrated image as an earth-and-body- friendly, organic foods paradise. Likening the chain to "a faux hippy Wal-Mart," our disgruntled bulk foods buyer accuses the JUL 24, 2011 10:29 PMBY SETH ABRAMOVITCH 695,507 480Share GET OUR TOP STORIES TOP STORIES Like 16k Enlarge This Image Victor Kerlow Related Times Topic: Goldman Sachs OP-ED CONTRIBUTOR Why I Am Leaving Goldman Sachs By GREG SMITH Published: March 14, 2012 372 Comments TODAY is my last day at Goldman Sachs. After almost 12 years at the firm ā€” first as a summer intern while at Stanford, then in New York for 10 years, and now in London ā€” I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the worldā€™s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for. It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachsā€™s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the WORLD U.S. N.Y. / REGION BUSINESS TECHNOLOGY SCIENCE HEALTH SPORTS OPINION ARTS RECOMMEND TWITTER LINKEDIN COMMENTS (372) E-MAIL PRINT REPRINTS SHARE 62
  • 80. 4 reasons why brand experiences fail: The team insideā€¦ 63@lvincent
  • 81. 4 reasons why brand experiences fail: The team insideā€¦ ā€¢Donā€™t know 63@lvincent
  • 82. 4 reasons why brand experiences fail: The team insideā€¦ ā€¢Donā€™t know ā€¢Donā€™t believe 63@lvincent
  • 83. 4 reasons why brand experiences fail: The team insideā€¦ ā€¢Donā€™t know ā€¢Donā€™t believe ā€¢Donā€™t care 63@lvincent
  • 84. 4 reasons why brand experiences fail: The team insideā€¦ ā€¢Donā€™t know ā€¢Donā€™t believe ā€¢Donā€™t care ā€¢Donā€™t have tools/resources to execute 63@lvincent