With an entrepreneurial ecosystem rich in start-ups and scale-ups, the Nordic market is a key target for many B2B companies, especially those operating in the high-tech sector. Executing an effective market entry strategy would ensure a quick return on investment for B2B companies aiming to expand
B2B companies that aim at entering a new market must be ready to face many challenges. Breaking into a new country or region, delivering a successful value proposition to a new audience and adapting to new buying attitudes are potentially daunting endeavours. However, among the main challenges, one of the most stretching and stimulating is to establish a personal connection with new prospects and customers.
Today, the Nordic market is a pivotal target for many B2B businesses, especially for those that operate in high-tech. Nordic companies are known for their strong reliance on technology, innovation and digital solutions. But, in addition to that, this region has proven to be a great ecosystem for the establishment and growth of start-up and scale-up companies. This explains why a large number of unicorn companies are based in Scandinavia.
Flick quickly through the menu to crack the code to make B2B sales in the Nordics!
The Nordic countries have a small population (Norway, Finland, Sweden and Denmark together account for about 27 million people) with a very clear international orientation. The Scandinavian countries exert and receive a great deal of mutual influence on each other, and in many matters, they function as a unit. However, this peripheral region of Europe also maintains and expands its connections with the outside world.
The Nordic countries became powers thanks to their rapid development in modern times. This is why we endorse the Nordic culture and methods, so much so that we have developed our own brand, a “Scandinavian” or “Nordic model” characterised by freshness, sobriety and an appreciation and respect for the common good.
Besides, Norwegian, Finnish, Swedish and Danish languages are not spoken by many, which is why we have developed very good and strong English skills. Precisely for these reasons, the Nordic B2B market should be a focus for any company looking to expand and grow.
The Scandinavian region is experiencing its golden age. Many venture capitalists have turned their attention to Nordic start-ups and scale-ups because they are backed by a well-known track record of successful technology companies that have stayed afloat and even grown during the recession.
This makes Nordic companies very accessible to capital, which gives them the allowance to develop efficient business models that can immediately demonstrate their credibility. Thus, executing an effective market-entry strategy would ensure a quick positive ROI. But what is a good go-to-market strategy?
Even though the Nordic countries function sometimes as a whole, there are clear differences between Swedes, Danes, Norwegians and Finns. And when it comes to B2B sales, learning how to handle them is crucial to land on a mutual decision that makes both parties satisfied.
Even though people from Scandinavia are skilled at English, according to our business development representatives, they do appreciate closing deals in their language. In short, hiring native speakers will allow you to build closer and stronger relationships with the customers.
Note that the closer customers feel to the service provider, in this case, the BDR, the better they will understand each other and the closer they will be to making the right decision.
A data-driven approach balance with the right amount of trust is the one that works the best with Nordic customers. And if you want to get there, it makes sense to have a team with long experience in the Nordic market, both doing B2B sales and research. Again, having a native team can make a pivotal difference.
Even though it is relatively easy to reach out to Nordic customers on the phone, it is of vital importance to find the right approach. From the research we have done at VAEKST, we can conclude that if you invest some time and research to find the right time to approach customers, you have more than half the work done and you will increase your numbers in a way you wouldn't believe.
Personal connections are important for customers in Scandinavia, so you won’t spend too much time reaching out to companies. On the other hand, you will have to spend more hours working on your relationships.
The myth is true: people from the Nordic countries are direct. So make sure that you are able to present clearly, surely and from the get-go what is the reason why you’re reaching out. Go straight to the point and don’t waste time on unimportant matters.
The Scandinavian market is a very attractive option for companies looking to expand globally. At VAEKTS we are a team of Scandinavian business developers with international experience and extensive knowledge of the Nordic B2B market. We help companies aiming to expand into the Nordic countries to reach their sales targets and build a predictable customer pipeline through personalised outbound sales campaigns.
Our BDRs are gathering their insights and perspectives on what it is like to work with clients in Denmark, Sweden and Finland based on our data. So, if you are aiming to expand in the Nordics, collaborating with us might sound very good to you. At least, it's music to our ears.
Looking for a local partner in the Nordics? Let’s talk.