Market Research Landscape in Sweden
To navigate the market landscape effectively, understanding the fundamentals of market research is crucial. Market research is the practice of gathering information about the needs and preferences of your target audience, potential consumers of your product. It is a vital tool that connects with every aspect of a business, including brand, product, customer service, marketing, and sales (Qualtrics).
The importance of market research cannot be overstated. It allows companies to make data-driven decisions to drive growth and innovation. Without market research, business decisions are based on subjective opinions or past consumer behavior, which may not accurately represent the current market dynamics. Market research removes subjective opinions and provides valuable insights that guide strategic decision-making.
Market research primarily focuses on understanding consumer behavior, preferences, and needs in order to meet those needs and mitigate the risk of an experience gap between customer expectations and what companies deliver. It also helps companies stay informed about their competitors’ offerings, enabling them to adapt and stay ahead of the competition.
In the market research landscape, two main types of research services are commonly utilized: primary research and secondary research.
Primary Research
Primary research involves collecting new and original data directly from the target audience or market segment. This can be done through surveys, interviews, focus groups, or observations. Primary research provides firsthand insights tailored to specific research objectives and offers a fresh perspective on consumer behavior and preferences.
Secondary Research
Secondary research involves the use of existing data that has already been collected, analyzed, and published. This data can come from various sources such as industry reports, government publications, academic papers, and market research firms. Secondary research is often more cost-effective and provides a broader understanding of the market landscape. However, it may be less specific to the research objectives and may not be proprietary to a particular company.
Both primary and secondary research have their advantages and are often used together to provide a comprehensive understanding of the market and consumer behavior. Primary research provides fresh and targeted insights, while secondary research offers broader market trends and industry data. The combination of both types of research provides companies with the confidence to make informed decisions.
By leveraging the power of market research, companies can gain valuable insights into their target audience, identify market trends, and make strategic decisions that drive business growth. In the following sections, we will explore the prominent market research companies in Sweden and delve into market insights specific to the Swedish market.
Types of Market Research Services
When it comes to gathering information about the needs and preferences of your target audience, market research plays a vital role. Market research allows companies to make data-driven decisions to drive growth and innovation. In Sweden, various market research services are available to help businesses gain valuable insights. The two primary types of market research services are primary research and secondary research.
Primary Research
Primary research involves collecting fresh data directly from the source. It allows companies to gather information specific to their research objectives and target audience. Primary research methods can include surveys, interviews, focus groups, and observations.
One advantage of primary research is its ability to provide tailored and specific insights relevant to the research objectives. By directly engaging with the target audience, companies can obtain firsthand information about consumer behavior, preferences, and needs. This enables businesses to make informed decisions and tailor their strategies accordingly.
Conducting primary research in Sweden can be done through various methods. Companies can design and distribute online surveys, conduct face-to-face interviews, or organize focus groups to gather qualitative feedback. These approaches provide a deeper understanding of consumer perceptions, attitudes, and buying patterns specific to the Swedish market.
Secondary Research
Secondary research involves utilizing existing data and information that has already been collected, analyzed, and published. This data can be obtained from various sources, such as industry reports, government publications, academic journals, and market research databases.
One advantage of secondary research is its cost-effectiveness, as existing data is readily available and can be accessed without conducting new research. It provides a broader perspective on market trends, industry insights, and competitor analysis. However, it’s important to note that secondary research may not always address specific research objectives or be as up-to-date as primary research.
In Sweden, businesses can leverage secondary research to gain insights into the Swedish market, consumer demographics, economic indicators, and industry trends. This information can help companies understand the competitive landscape, identify market opportunities, and make informed business decisions.
Both primary and secondary research have their advantages and are often best used when paired together to provide a comprehensive understanding of the market. Primary research offers fresh and targeted insights, while secondary research provides broader industry knowledge and can be obtained through research companies.
By utilizing a combination of primary and secondary research, companies in Sweden can gather robust market insights and consumer data to drive their business strategies forward.
Prominent Market Research Companies
When it comes to market research services in Sweden, several prominent companies stand out for their expertise and capabilities. These companies provide valuable insights and analysis to help businesses make informed decisions. Let’s explore some of the top market research companies in Sweden.
Next Research & Consulting AB
Next Research & Consulting AB is a leading market research company in Sweden that offers bespoke services tailored to their clients’ needs. Their areas of expertise include customer experience, employee engagement, brand surveys, and market surveys. By conducting comprehensive research and analysis, Next Research & Consulting AB provides valuable insights to drive business growth and success. For more information about their services, you can visit their website.
Tradewell Group
Tradewell Group specializes in surveys and analysis of customers in Sweden. Their focus is on helping companies increase sales and profitability through a deep understanding of their target market. By conducting thorough research and providing actionable insights, Tradewell Group assists businesses in making data-driven decisions to enhance their market position. To learn more about their services and how they can assist your business, visit their website.
IMCG
IMCG is a market research company in Sweden that has been helping companies and authorities implement green innovations since 2007. With their extensive expertise in sustainability and green strategies, IMCG supports organizations in developing and implementing environmentally friendly initiatives. By providing market insights and strategic guidance, IMCG assists businesses in aligning their operations with sustainable practices.
Pineberry
Pineberry is a renowned market research company in Sweden that specializes in search engine optimization, keyword advertising, and online marketing strategies. With a focus on driving brand visibility and reaching the target audience effectively, Pineberry helps businesses optimize their online presence. Through their expertise in digital marketing and advertising, Pineberry assists companies in maximizing their online reach and driving growth.
Garbergs
Garbergs is an independent advertising agency in Sweden that offers market research services along with their creative expertise. They focus on driving and creating ideas, brands, and people. By conducting market research, Garbergs ensures that their creative campaigns are backed by data and insights, enabling businesses to connect with their target audience effectively. To explore their services and how they can support your marketing efforts, visit their website.
These market research companies in Sweden bring a wealth of knowledge and expertise to the table, helping businesses gain valuable insights into their target markets. Whether you require customer surveys, brand analysis, sustainability strategies, digital marketing insights, or creative solutions, these companies can provide the necessary support to drive your business forward.
Market Insights in Sweden
Understanding the market insights in Sweden is crucial for businesses looking to enter or expand within the Swedish market. By gaining insights into specific sectors, companies can make informed decisions and tailor their strategies to meet the needs and preferences of Swedish consumers. In this section, we will explore the pet products market, sun care market, and provide an overview of the economic landscape in Sweden.
Pet Products Market
The pet products market in Sweden showcases positive retail value growth, driven by various factors such as other pet products and pet healthcare. Supplements for large animals, such as cats and dogs, are extensively developed and easily accessible in most pet aisles (Euromonitor). However, it’s important to note that pet ownership of cats and dogs remains popular, while other pet ownership is on the decline. The rising number of pets purchased during COVID-19 has led to increased pet abandonment reports, consequently slowing pet food consumption.
When examining specific segments within the pet products market, other pet food is experiencing a decline in retail volume, while birds, fish, and small mammal food are expected to record retail value growth. Rising unit prices are attributed to inflation and a shift in consumer habits. On the other hand, dog food is recording positive growth, driven by the humanization trend, which is boosting sales of dog treats and mixers. Pet owners increasingly consider their pets as integral parts of the family, influencing their purchasing decisions.
Sun Care Market
The sun care market in Sweden has experienced positive developments, attributed to factors such as a return to travel and a warm, sunny summer. The trend towards sun protection remains strong despite potential fluctuations due to weather patterns. It’s important for businesses in the sun care industry to understand the preferences and needs of Swedish consumers and tailor their products accordingly.
Economic Overview
Sweden has a well-developed economy that relies heavily on foreign trade. Major exports include telecommunications, pharmaceuticals, chemical products, and electronic appliances. The country boasts a population of 10 million, with approximately 25% immigrants from Europe, Asia, and African countries. Sweden offers a modern and sophisticated standard of living, with an active welfare system that attracts immigrants.
Sweden has 82 ports that facilitate easy and convenient transportation, playing a significant role in the country’s economic development. One-third of Sweden’s GDP is attributed to exports, with a shift towards exporting manufactured products such as hi-tech industrial equipment, telecommunication products, cars, and chemical products (Examinare). The Swedish market presents opportunities for investment in sectors such as agriculture, advanced technologies like IT services and smart devices, and iron and steel industries. Online shopping is popular, with 70% of internet users preferring to shop online for garments, footwear, and technology products (Examinare).
When it comes to ease of doing business, Sweden ranks 10th out of 190 economies, according to the World Bank’s Doing Business report for 2020. The country offers efficient processes for business formation and operations, including online filing platforms for various procedures like incorporation, taxes, property transfer, permitting, and more (Wolters Kluwer). This favorable business environment contributes to the competitiveness and attractiveness of Sweden as a market for businesses.
By staying informed about market insights and the economic landscape in Sweden, companies can position themselves strategically and make informed decisions that align with the preferences and needs of Swedish consumers. Conducting thorough market research is essential for businesses looking to succeed in the Swedish market.
Doing Business in Sweden
When it comes to doing business, Sweden offers favorable conditions that promote efficiency, innovation, and competitiveness. From the ease of doing business to the country’s focus on innovation, Sweden provides a conducive environment for companies to thrive.
Ease of Doing Business
Sweden ranks 10th out of 190 economies for ease of doing business, according to the World Bank’s Doing Business report for 2020. The country boasts efficient processes for business formation and operations, including online filing platforms for various procedures like incorporation, taxes, property transfer, permitting, and more (Wolters Kluwer). This streamlined approach simplifies administrative tasks, allowing businesses to establish and operate smoothly.
To further facilitate ease of doing business, Sweden provides a transparent and reliable legal system that protects the rights and interests of both businesses and consumers. The country’s commitment to transparency and efficiency creates a stable and predictable business environment, fostering trust and confidence among investors and entrepreneurs.
Innovation and Competitiveness
Sweden is renowned as an innovation hub, consistently ranking high in various global innovation indices. The government actively invests in sectors like biotechnology and food processing, driving research and development efforts. This focus on innovation contributes to Sweden’s competitive edge in the global market.
The country’s commitment to innovation is evident in its significant investments in infrastructure and research and development. Sweden supports key sectors such as pharmaceuticals, biotechnology, digital tools, and more, fostering an environment that encourages creativity and entrepreneurial spirit. Startups and technology companies thrive in cities like Stockholm and Gothenburg, where Sweden has produced successful billion-dollar firms like Spotify and Skype.
Furthermore, Sweden’s dedication to sustainability and green initiatives has propelled the country’s reputation as a leader in environmentally friendly practices. This commitment to sustainability not only aligns with global trends but also presents opportunities for businesses to develop innovative solutions that address pressing environmental challenges.
While Sweden offers numerous advantages for businesses, it’s important to note that the country’s high individual tax rates and cost of living, especially in cities like Stockholm and Gothenburg, can pose challenges. Additionally, navigating the complex labor laws, which include strong labor protections and formal rules for termination of employment, may require local expertise. Seeking professional assistance and understanding the local business landscape can help businesses navigate these intricacies effectively.
In conclusion, Sweden’s favorable business environment, ease of doing business, focus on innovation, and competitiveness make it an attractive destination for companies looking to establish or expand their presence. The country’s commitment to transparency, sustainability, and investment in key sectors creates opportunities for growth and success.
Top Market Research Companies in Sweden
When it comes to market research services in Sweden, there are several companies that stand out for their expertise and capabilities. Here are some of the top market research companies in Sweden that offer a range of services to assist product development teams and businesses:
Nordic Viewpoint
Located in Mölndal, Sweden, Nordic Viewpoint provides a variety of research services in the Nordics. They offer both business-to-business (B2B) and business-to-consumer (B2C) research, with in-house viewing facilities suitable for qualitative focus groups or quantitative computer-assisted personal interviewing (CAPI) in CL. Nordic Viewpoint is known for their flexibility, reliability, compliance, and creativity in their research offerings. For more information, you can visit their website here.
Stravito
Based in Stockholm, Sweden, Stravito offers an enterprise knowledge management platform tailored for market research and insights. Their platform features AI-powered search capabilities, company-specific adaptability, no manual tagging requirements, an intuitive user interface, and enterprise-grade security measures. Stravito enables businesses to efficiently organize, access, and derive insights from their market research data. To explore more about their services, you can visit their website here.
ALTIANT
Also headquartered in Stockholm, ALTIANT specializes in data collection, panels/communities, and syndicated research, particularly in luxury markets and wealth management industries. They assist marketing researchers with validated High Net Worth Individuals (HNWIs) and operate in 15 key luxury markets. ALTIANT offers services such as Luxury & Wealth Trackers and ad-hoc research to provide valuable insights to their clients. For further details, you can visit their website here.
Research Automators Sweden AB
Research Automators Sweden AB, situated in Sweden, focuses on data & analytics, software, and technology to automate surveys and PowerPoint reports. They offer services such as charting automation, OpenAI integration, native PowerPoint charts, and survey automation. Research Automators Sweden AB’s solutions streamline the research process and enhance efficiency for businesses. To learn more about their offerings, you can visit their website here.
These market research companies in Sweden have established themselves as leaders in the industry, providing valuable insights and services to assist businesses in making informed decisions. Whether you require qualitative research, quantitative analysis, or specialized industry expertise, these companies can help you navigate the Swedish market and gain valuable consumer insights.
