Conquering the Scandinavian Markets
Scandinavian markets represent an extraordinary opportunity for Czech manufacturers and other companies – they offer stability and high purchasing power, and European suppliers are interested. How to succeed in them and what should you know before expanding to Sweden, Norway, Denmark or Finland?
Why Scandinavia?
Scandinavia is a region with extraordinary economic strength. For example, Sweden, which is the most accessible Scandinavian market for Czech companies, has a GDP per capita comparable to Canada or Great Britain.
“The Scandinavian market is attractive due to its stability and, after Germany and France, it should be another natural choice for Czech companies in their export efforts. In addition, our companies benefit from the fact that local companies are abandoning Asian suppliers and are looking for new business partners in our region,” says Tomáš Rousek, director of the foreign office of CzechTrade Scandinavia, in an article on the CzechTrade website.
Strengths of Scandinavia
- Economic stability – the region has long been among the most stable economies in the world
- High purchasing power – for example, Sweden’s GDP per capita in purchasing power parity exceeds $62,000 (almost 1.4 million CZK), which is almost double that of the Czech Republic (source)
- Innovation environment – Sweden invests more than 3% of GDP in research and development (source)
- Openness to foreign companies – Scandinavia is traditionally open to international trade
Specifics of Scandinavian markets
Scandinavian business culture has its own distinct specifics that you should know before you travel to the region.
In Sweden, for example, you will encounter the cultural philosophy of jantelagen , which emphasizes modesty and a move away from excessive self-promotion.
As the US International Trade Administration article notes, “the Swedish cultural philosophy of jantelagen still rejects excessive self-presentation and highlighting one’s own achievements as inappropriate, although this attitude is changing, especially in the startup environment.”
Common features of business culture in Scandinavian countries:
- Straightforwardness – Scandinavians prefer businesslike dealings without unnecessary polite phrases
- Punctuality and reliability – these are values that northerners highly value.
- Emphasis on quality – high level of products and services is expected
- Team decision-making – hierarchy exists, but it is less pronounced than in other countries
- Long-term relationships – Scandinavians prefer long-term partnerships over one-off deals
The role of imports in Scandinavian economies
Due to their geographical location and limited natural resources, the Scandinavian countries are heavily dependent on imports. Sweden in particular, a major industrial player, requires a significant amount of raw materials and components from abroad for its production capacities.
The Swedish economy is characterized by its openness – according to available data, the country’s total imports have reached hundreds of billions of US dollars in recent years, which underlines the importance of international trade for the local economy.
What is most imported to Scandinavia:
- engineering products and components
- auto parts and components for the automotive industry
- technological equipment
- electrical products
- raw materials and semi-finished products
How to successfully enter the Scandinavian markets
Be objective and well prepared during negotiations
Scandinavians value directness and structured communication. They consider polite phrases a waste of time. Come to the meeting perfectly prepared and show that you understand not only your product but also the local market.
Stick to the schedule
Punctuality is absolutely essential. Arriving late can be perceived as an insult by the other party. Remember that in Scandinavia, work and leisure are strictly separated – plan business meetings during working hours.
Bet on sustainability
Scandinavian countries are leaders in the field of ecology. If your product offers environmental benefits, be sure to highlight this in your presentation.
Be patient.
Scandinavian companies often make decisions based on team consensus. Expect a longer decision-making process, but if you succeed, you will gain a reliable and likely long-term partner.
Respect local specifics
Avoid comparing the Scandinavian countries to each other. Also avoid personal questions or religious comments.
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Resources:
- The Scandinavian markets – ScandiConnect
- Sweden – Market Entry Strategy
- Doing Business in Sweden: Risks and Advantages | Wolters Kluwer
- Doing business abroad: Finland, a country of innovation – CzechTrade
- The Swedes are more interested in us than before. Let’s try to take advantage of it – CzechTrade
- Swedes are fair and direct traders – CzechTrade
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