Video: B2B Growth in the Nordics: Real Advice from VAEKST’s CEO
Expanding into the Nordic region is high on the agenda for many B2B companies - and for good reason.
But as Mik Lokdam, co-founder and CEO of VAEKST, explains in our latest Export Playbook interview, breaking into the Danish, Swedish, Norwegian, or Finnish markets takes more than a good product.
It requires strategy, patience, and a deep understanding of local nuances.
I apologise for my unfortunate light conditions, lesson learned. Hopefully, the great content balances it for you.
Who is Mik Lokdam?
Mik is the driving force behind VAEKST, a B2B sales and marketing agency with offices in Copenhagen and Malmö.
With a 60-person team of native Nordic speakers, VAEKST has helped over 150 B2B brands - from tech to heavy industry - enter and grow in the Nordics.
VAEKST’s Approach to Market Entry
VAEKST supports companies with high contract value offerings, typically in tech, finance, professional services, and complex industrial sectors.
Their approach is structured and proven:
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Onboarding & Strategy Workshop: The first month focuses on defining segmentation, targeting, and positioning (STP).
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Tool Setup & Outreach Launch: In month two, VAEKST builds lead lists, crafts personalized messaging, sets up CRM and outreach tools, and begins outbound efforts.
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Pipeline Building & Optimization: During months two to three, campaigns are refined based on insights, data, and early leads. The strategy is then scaled in month four and beyond.
The First Three Months: What to Expect
Mik broke down VAEKST's onboarding framework using the STP method (Segmentation, Targeting, Positioning):
Month 1 – Strategy & Setup:
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Kick-off workshop
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Define Ideal Customer Profile
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Build messaging & positioning
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Set up CRM and tools
Months 2-3 – Outreach & Optimization:
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Start multichannel outreach
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Combine sales & marketing
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Gather feedback and adapt targeting
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Begin building a data-driven pipeline
By the end of the third month, companies should have clear signals on what segments work and how to scale.
The average time to close a deal in the Nordics? Seven to twelve months, sometimes more for complex industries. Building a brand and a pipeline takes time.
But once you’re in, the loyalty and lifetime value of Nordic clients can outweigh those longer sales cycles.
Sales + Marketing = Results
One of Mik’s strongest messages? Don’t treat sales and marketing as separate silos.
In the Nordics, marketing builds trust - but it’s personal outreach that closes the deal. Companies that align both functions consistently outperform.
“The best-performing campaigns combine brand-building through marketing and trust-building through sales,” Mik explains.
Where to Start: Denmark, Sweden, Norway, or Finland?
Mik's recommendation:
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Start with Sweden or Finland – easier to get meetings
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Go to Denmark or Norway once your pipeline is strong
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Match your industry with the local strengths (e.g., Denmark for life sciences, Sweden for manufacturing)
What Makes the Nordic Market Worth the Wait?
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High GDP per capita
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Mature B2B buyers and decision-makers
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Strong willingness to pay for quality
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A local reputation that opens doors globally
“Success in the Nordics signals credibility. It’s a brand in itself,” Mik notes. Companies that perform well in Scandinavia often use that credibility to expand further into Europe or North America.
Cultural Fit Matters - a Lot
Mik underscores the importance of local understanding:
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Danes are hard to book, but serious when they commit.
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Swedes and Finns are often more open to meetings.
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Success in the Nordics enhances your global reputation.
“You can’t just apply a British or American sales approach here,” Mik warns.
Instead, companies must respect local expectations for professionalism, directness, and long-term thinking.
Common Mistakes by Foreign Companies
According to Mik, three major pitfalls hold companies back:
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Not visiting the market physically.
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Expecting short-term wins instead of preparing for a 9–12 month sales cycle.
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Using generic, non-personalized outreach (which is illegal in Denmark, by the way).
Budgeting for Success
Mik suggests businesses base their investment on expected customer lifetime value (CLTV) and prepare to operate for at least nine months before landing their first deal.
Partnering with local experts is often more cost-effective than setting up a local office from scratch.
If you want to play long-term, you need cash flow to match. Mik recommends looking at:
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Customer lifetime value
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Cost of acquisition
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12-month runway if it takes 9 months to land your first deal
“A solid export setup could cost between €1,000 to €5,000/month depending on the strategy. Compared to hiring in-house, it’s often far more cost-effective.”
Final Advice for Exporters
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Align sales and marketing from day one.
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Start with Sweden or Finland if your brand is unknown - it’s easier to get meetings.
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Don’t rely on secondary data. Talk to experts. Run primary research.
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Treat Nordic expansion as a long-term investment, not a quick win.
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Don’t try to do it all yourself. Work with locals. Validate your assumptions.
Ready to Enter the Nordics?
If you're looking to expand into Denmark, Sweden, Norway, or Finland, reach out to local experts like VAEKST - or connect with our Export Playbook team to get your customized market entry roadmap.
Need Help in the Nordic Markets?
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