With the promise of social networks, many colleges and universities have gone 'all-in' creating institutional and departmental presences on social networks such as Facebook and Twitter.
Yet, at least one industry is starting to question their social investment. In a research report on five 2011 retail eCommerce trends, Forrester Research found an increased level of skepticism around the role of social networks in driving sales.
While the hype of social networks in commerce has created a frenzy around S-commerce" (social commerce) and "F-commerce" (Facebook commerce), the reality is that those buzzwords have been more speculative than proven.
For two years running, Forrester's research with Shop.org has shown that retailers have all created presences on social networks, but most have been unable to quantify the return on this investment and even fewer have found that social networks grow their business.
According to Forrester, fifty-nine percent of retailers surveyed in an annual survey with Shop.org said that the returns on social marketing strategies are unclear, while 28% said that social marketing strategies broadly have helped them grow their businesses to date.
To the degree that retailers find any benefit at all from social strategies, it is most frequently driven by tactics like ratings and reviews on a website rather than activities on social networks.
Finally, what may put the nail in the coffin: Social networks in fact ranked dead last on a list of 10 customer acquisition tactics when retailers were surveyed in our 2010 Shop.org survey.
As higher education enrollment marketers are faced with an ever-expanding communications toolbox, take time to consider the implications. Raise your line of sight and consider the following questions:
- What are your interactive marketing objectives? Listening? Supporting? Talking? Embracing?
- Are you set-up to manage (planning, people, processes, and technology) a true multi-channel experience for your prospective students?
- What enrollment metrics can you reverse engineer (and measure) from the desired end result?
Balance innovation and hype by focusing on fundamentals.