Lesedi’s Post

Tune in today as our CEO, James Odongo, goes live on ICON RADIO from 10 AM to noon! He'll discuss "Responsible business conduct for a sustainable future" and will be hosted by Wanjira Maganjo. You won’t want to miss it!

A few days ago, we listened to an interesting podcast (Sijoitukästi) in which Business Finland's Head of Region North America and the Consul General of Finland in New York were interviewed. The interview was about how to enter the U.S. market and succeed there. Naturally, their perspectives were Finnish due to their roles, but we decided to write some of their key points in English as they apply more or less to all Nordic companies. Entering new markets is a timely topic for many companies, as many industries have slowed down in the Nordic countries and the rest of Europe. So, we decided to summarize some of the key points of the discussion. We took the freedom to interpret them as we understood them and added some of our findings. Think Big: The U.S. market must be viewed as a strategic choice. A rule of thumb: the costs of your market entry will be three times higher than expected, revenue will be a third of what you hope, and everything will take three times longer than you think. But remember, putting in the effort pays off! Pitch Like a Pro: Quickly, with a smile, confidently, and always include a value proposition. Whether it's cost savings, earnings, or time savings – tell a compelling story. Follow up within 24 hours, showing reliability and dedication. Beyond the Coasts: Sometimes, starting business operations away from the coasts is worth considering. The Midwest is more affordable, making it an attractive option as manufacturing returns to the U.S., thanks to the government's focus on critical industries. Get the Conversation Started: Networking is key! Be active, leverage Business Finland's programs, engage with the right consultants, attend events, and use clever campaigns to break through. Regional Differences: Remember, doing business in the Midwest differs from doing business in New York. Overall, business in the U.S. is more ruthless and fast-paced than in the European markets. Consider entering the Canadian market before the U.S. market, as it is more European from many perspectives, and the competition is usually less. The interim step to building a business in Canada can help you avoid many costly mistakes in the U.S. market. Be aware: Many Nordic companies have technologically superior products. The U.S. market is not the place for the underpromise and overperform attitude. Get to know your competition and be able to communicate your differentiation! N.America offers incredible opportunities if approached strategically. Let's think big, build those relationships, and go after this market with confidence, but remain humble and with a mindset to understand customer needs! Over the years, we have learned that if things are done differently, it doesn't necessarily mean that one is better or worse—it is just different. Life will be much easier if we adapt to the market instead of trying to change it. What are your thoughts? https://lnkd.in/etr3bfn4 #NorthAmerica #MarketEntry #BusinessFinland #TeamFinland