fbpx

MARKET KNOWLEDGE

How social media can assist brands to enter new foreign markets

By our News Team | 2022

Firms can benefit from social media platforms like LinkedIn and Facebook to boost networking, as well as from social tools such as Buzzsumo.

For any company – especially one with limited resources – expanding into a new foreign market is challenging. In this situation, acquiring enough high-quality market knowledge can be a matter of life and death.

Turning to social media can be beneficial to these new international ventures and help them to survive, according to a study from the University of Vaasa in Finland.

Market Knowledge

Photo by Souvik Banerjee on Unsplash

This shows that newly established international firms and start-ups with limited resources can effectively use social platforms to learn about foreign markets and customers in a fast and inexpensive way.

In his doctoral dissertation, Emmanuel Kusi Appiah recommends these organisations use ‘ambidextrous learning’, which Appiah describes as “using two diverse ways of learning: exploratory learning and exploitative learning”.

‘Exploratory learning’ helps the company to discover new threats and opportunities in its environment. ‘Exploitative learning’, on the other hand, utilises the current market information the firm already has.

Switch between these two approaches

“A company can use social media for exploitative learning, but also for exploratory learning to survive in foreign markets. The company can also switch between these two approaches, according to the situation and company strategy. The use of social media has a positive impact on ambidextrous learning,” Appiah says.

Firms can benefit from social media platforms like LinkedIn and Facebook in their networking efforts. 

In addition, social media tools such as Buzzsumo, Tagboard and AgoraPulse can provide the necessary knowledge about customers, competitors and existing and new markets, thereby reducing the difficulties a new firm would otherwise face in foreign markets. 

Acquiring knowledge is usually more difficult when a firm is new, especially if it is new and foreign.

“Ambidextrous learning can help firms to combine new external knowledge with existing knowledge and prevent inefficiency and short-sightedness. It can also help firms to achieve a sustainable competitive advantage,” the author explains.

You can find out more about the research here (English translation available).

0
    0
    Your Cart
    Your cart is emptyReturn to Shop

    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.