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Market mapping for Briox to expand in Finland

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Briox develops and sells their own web based business systems for accounting, invoicing, sales support and time tracking, for the purpose of streamlining accounting processes. In 2015 Briox decided to expand to Finland and were in need of an extensive market mapping of this foreign market. Business Sweden provided the company with a detailed report including market mapping and identification of relevant customers, to ensure an effective and profitable expansion.

Briox develops software from scratch in order to assure the product has full compatibility with local legal frameworks on respective market. The company is a spin out of the Swedish firm Fortnox, the largest provider of web based business systems in Sweden. The concept of Briox is that the developed systems build on the same technical platform as Fortnox, although language and accounting regulations are conformed and rebuilt according to country.

Briox expected a strong need on the Finnish market for the implementation of web based solutions in accounting operation for many businesses. The company contacted Business Sweden to get answers to critical questions about the business system industry in Finland, mainly in terms of existing market players, technical maturity among users and method of operation.

Identification of true market demand

“To enter a new market and country means an enormous investment for any company, it is therefore vital that an internationalisation is based on informed decisions.”, said Jens Collskog, responsible for Briox operations in Finland. With the help of Business Sweden’s market knowledge and analysis, Briox could feel confident when positioning themselves in Finland.

“The market analysis gave us the answers that we wanted, which indicated demand for our product.”, said Jens. The analysis led to gained insights regarding that the Finnish market indeed was technically mature to work more effectively in web based accounting systems, however the supply was limited.

“As Business Sweden’s team live and work in the country, they have broad knowledge of the market structure, language and players, which is difficult for an external party to have.”, said Jens. He expresses that without the help of Business Sweden, their landing on the Finnish market would have meant a longer and more difficult process.

Effective establishment of new customer relationships

Jens explains that their customer segment is narrow and the product is not spontaneously bought, as a new accounting system is an extensive commitment. “You need to develop a new ecosystem of dependent actors when entering a new market, Business Sweden have given us a clear roadmap on where to start in this process for us to appear attractive on the market.”, said Jens.

Briox was challenged by finding Finnish customers that met their specific requirements. The process of establishing new customers was accelerated through Business Sweden’s partner search, as 15 new customer relationships were enabled through the service.