There are 2 other things that you can do with that totem.
1)
Use the nearby trapdoor to find and kill the shaman that operates the totem. Afterwards you can tell the goblins through the totem to gift you some of their stuff.
2) This one is a bit more drastic:
Destroy the totem and you will gain a Bloodstone. Doing this will make all the goblins hostile.
