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Norway Entry Strategy

Company Profile

Movado is a distinguished watchmaker renowned for its timeless elegance and precision craftsmanship. Established in Switzerland in 1881, Movado has upheld a legacy of excellence in watchmaking for over a century. Our distinctive designs merge classic aesthetics with modern innovation, appealing to discerning individuals worldwide. Committed to quality, each timepiece undergoes rigorous testing to ensure utmost accuracy and durability. With a dedication to innovation and sophistication, Movado continues to set the standard for luxury timepieces, embodying the essence of refined style and sophistication for generations to come.

  • The brand is yet to establish high brand recall among its consumers

Weaknesses

  • The brand has stayed true to its name that means ‘Always in motion’ by design and technology innovations that have been patented
  • The company has been included in the Forbes list of Americas best 200 companies
  • Strong Country of Origin effect

Strengths

Strengths and Weaknesses

(Figure 1b)

(Figure 1a)

Source: Figure 1a and 1b: Source: Marsh (2023)

Situation Analysis

Political

  • Norway had a political stability and absence of violence/terrorism rating of 0.9 in 2022 (World Bank, 2024).
  • Despite the Ukraine Russia crisis, indicators suggest a favorable business environment, especially for businesses looking to expand within Europe (Marsh, 2023).

Social

  • Total population in 2023 = 5,597,924, 84% of which lives in urban areas (The World Factbook, 2023)
  • Good work benefits and a culture of staycations and outdoor recreation make Norway one of the happiest countries in the world.(The World Factbook, 2023)

Situation Analysis

Economic

  • Norway's GDP was $546.77 billion in 2023, and is expected to increase to $589.82 billion by 2027 (Statista, 2023 a)
  • Norway also has the 4th highest GDP per capita in Europe
  • Disposable income = €39,206, which is approximately GBP 33610 (Euronew, 2024)

Situation Analysis

Technological

  • Norway has been trying to shift its focus from oil, gas and fishing to technology. Recent success in IT as evidenced from the likes of Kahoot, Vivaldi, and Opera Software has been great
  • Almost all Norwegians have access to the Internet and use it on a regular basis. However, much needs to be done to make a radical shift from its traditional industries to the digital world
  • Facebook is the most popular social media platform Norway (Statista, 2023 b)

Legal Non-domestic companies do not necessarily have to incorporate a Norwegian legal entity but would have to register in the Norwegian Business Register for general business purposes, such as tax purposes and employer status, and other regulatory purposes depending on the scope of the business (Deloitte Legal, 2022).

Situation Analysis

Environment

  • Norway, along with other Nordic countries are considered leaders in the use of renewable energy and green technologies, and advocacy of sustainability (International Trade Administration, 2022)
  • This reflects in their purchasing patterns as well, as 66% Nordics consumers have expressed concerned about the sustainability and carbon footprint associated with e-commerce (EcommerceDB, 2023). People also prefer to order online and pick up from physical stores

Competitor Analysis

  • Rolex: A globally recognized luxury watch brand, known for its quality and prestige.
  • Omega: Another well-established Swiss brand, often associated with precision and innovation.
  • Patek Philippe: Renowned for its craftsmanship and high-end timepieces, Patek Philippe is a prestigious Swiss watchmaker.
  • Audemars Piguet: Famous for its Royal Oak collection, Audemars Piguet is a high-end Swiss watch manufacturer.
  • Cartier: A French luxury brand offering a range of jewelry and watches, known for its elegance and timeless designs.
  • IWC Schaffhausen: A Swiss luxury watch manufacturer with a focus on precision engineering and distinctive designs.
  • Tag Heuer: A Swiss brand recognized for its sporty and avant-garde watches.
  • Chopard: Known for its exquisite jewelry and luxury watches, Chopard is a Swiss brand with a strong presence in the luxury market.
  • Jaeger-LeCoultre: Renowned for its intricate movements and elegant designs, Jaeger-LeCoultre is a Swiss watchmaker with a rich history.
  • Hublot: A Swiss luxury watchmaker known for its fusion of materials and bold designs
  • Already existing major international brands in the Norwegian maret that have higher brand awareness and recall
  • The luxury segment is very demanding in terms of brand image and brand positioning leading to need of tough and innovative marketing strategies

Threats

  • Potential to tap into new market with high disposable income
  • Potential to expand in a new market with low business/political risk
  • Potential to target highly eco-conscious customers

Opportunities

Opportunities and Threats

Short-term objective: to generate £400,000 worth of sales during 9 months in Norway by implementing effective international marketing plan.

Medium-term objective: to increase market share of Movado in Norway from 0% to 10% over 9 months by implementing effective international marketing plan.

Objectives

Medium-term objective: to increase brand awareness of Movado in Norway by increasing brand recall and brand recognition from 0% to 10% over 9 months by implementing effective international marketing plan.

  • Women and men above 18
  • Singles earning > 400,000 NOK/year
  • Families earning > 800,000 NOK/year (after tax median salaries)

Segementation

Geographic

  • GeographicCities with a population of above 60,000 people, i.e.,
  • Oslo - 580,000
  • Bergen - 213,585
  • Trondheim - 147,139
  • Stavanger - 121,610
  • Drammen - 90,722
  • Fredrikstad - 72,760
  • Kristiansand - 63,814
  • Sandnes - 63,032
  • (World Population Review, 2024)

Demographic

  • Environment and sustainability conscious, value-oriented
  • Regularly engage in activities such as recycling, composting, and reducing energy consumption
  • Frequent online shoppers
  • Luxury brand enthusiasts
  • People who seek out eco-friendly transportation options like electric cars or public transportation
  • People willing to pay a premium for products and services that are environmentally friendly and sustainably sourced

Segementation

Behavioural

Psychographic

Positioning

For individuals who appreciate timeless elegance and exquisite craftsmanship, Movado offers luxury timepieces that seamlessly blend Swiss precision with avant-garde design. As a symbol of understated sophistication and enduring style, Movado watches embody the essence of modern luxury, empowering wearers to make a bold statement of individuality and refinement.
  • Allows luxury brands to maintain exclusivity and prestige by catering to a select group of affluent consumers who appreciate unique and specialized offerings
  • Enables luxury brands to craft tailored marketing messages and experiences that resonate deeply with their target demographic.
  • By offering personalized experiences, exclusive perks, and access to limited-edition products or events, luxury brands can engender loyalty and advocacy among their niche audience, leading to repeat purchases and positive word-of-mouth referrals

Targeting

Niche Targeting

Social Media & Movado Website

In-store Experiences

Department Stores

Click-and-Collect

Omnichannel Distribution

Distibution Strategy

Click-and-Collect

66% of Nordic consumers are concerned about the environmental impact of home deliveries (EcommerceDB, 2023). So they adopted the click-and-collect method of delivery.When customers go to pick up the watches in-store, the Movado section would have a distinctive fragrance and melody to create a unique experience for customers. They would also receive a QR code label with their product where they can get 10% off their next purchase.

Omnichannel Distribution

Movado can adopt an omnichannel strategy where the market coverage would be “Exclusive” to amplify the brand’s reach. This strategy would enable Movado to communicate a consistent message throughout its communication and advertising channels.
Source: Similarweb, 2024

Website Analytics

26,000+ visitors worldwide, monthly

78% organic search traffic

9.22% social media traffic

12.61% direct traffic

Steen & Strøm

Steen & Strøm is a large department store right in Oslo's city center, with a number of well-known and attractive brands.

Department Stores

Norway's strong emphasis on sustainability permeates various aspects of daily life, including consumer behavior. With 41% of Norwegians opting for online channels for their shopping needs, there's a notable trend towards convenience and eco-consciousness. This preference aligns with the country's values, reflected in the choice of luxury department stores as the primary distribution channel, where quality, ethical sourcing, and environmental considerations are paramount.
Source: Similarweb, 2024

Website Analytics

316,000+ visitors worldwide, monthly

10.75% social media traffic

17.16% paid traffic

23.26% direct traffic

Ferner Jacobsen

Ferner Jacobsen stocks brands such as Ralph Lauren, Burberry, Armani, Max Mara, Ermenegildo Zegna, Hugo Boss, Corneliani, Barbour and Stenström.

Department Stores

Source: Similarweb, 2024

Website Analytics

23,000+ visitors worldwide, monthly

79% organic search traffic

9.27% social media traffic

10.37% direct traffic

Paleet

Stylish shopping gallery with more than 20 high-end fashion and lifestyle shops, bars, cafés and restaurants

Department Stores

Giveaways

Personalization

Eco Packaging

QR Codes

QR codes displayed in department stores that redirect customers to informative landing pages related to sustainability and Movado’s value and product pages

On-spot engravings and other personalization options

Customized eco-friendly packaging with a unique scent

Chocolate giveawaysThemed giveaways for occasions like women’s day, mother’s day, father’s, day, Christmas, and NYE

In-Store Experiences

Movado Website

Have an official Movado website for Norway in English. The products will be available on the Movado website which will implement the click-and-collect model.

Social Media

Facebook and Instagram are the most used platforms in Norway (Statista, 2023 b). Run targeted ads on the official social media pages of Movado.
  • Target specific demographics such as Norwegians interested in luxury watches and jewellery and sustainability.
  • Lead them to the official Movado website, integrated into the posts.
  • The ads will also highlight key selling points such as craftsmanship, sustainability, and exclusivity.
  • Implement a consistent posting schedule to maintain audience engagement and brand presence.

Creative Strategy

Our creative strategy for introducing Movado to the Norwegian market involves leveraging a multi-channel approach, blending traditional and digital platforms. Emphasizing sustainability, heritage, and luxury, Movado aims to establish itself as a premier brand known for Swiss craftsmanship and timeless elegance. Through strategic placement in high-traffic locations, collaborations with influential figures, and digital advertising tools, our goal is to build widespread awareness, drive traffic, and boost sales in Norway. This comprehensive strategy integrates print advertising, social media engagement, and targeted online campaigns to effectively penetrate the Norwegian market and resonate with its discerning audience.

QR Code

Print Advertising

Social Media and Influencer Collaboration

Google Advertising

  • QR code leads to an article on Movado’s website explaining the history of Movado.
  • Content-specific on sustainability, heritage, and its “Made in Swiss” feature,
  • Will contain sections to purchase Movado watches and jewellery.
  • SEO optimized to ensure its higher ranking in SERP results and drive traffic to the official website.
QR code posters will be placed on the most famous street of Oslo, Karl Jhans Gate in the Promenaden Fashion District. Karl Johans Gate has a high footfall and is the most visited street in Norway. (Colliers, 2023)

QR Code

Benefits:1. Brand awareness2. Product showcase3. Website traffic4. Increased sales and revenue

Newspaper and magazine advertising in Norway, with an estimated reach of 1.9 million and 1.5 million users respectively, offers a significant opportunity to enhance brand visibility and engage with a broad audience across the country, potentially leading to increased brand recognition and sales.

Print Advertising

The projected revenue for the Magazine market is expected to reach US$33.39 billion by 2024 (Statista, 2024 a).

Scandinavia VogueA prominent fashion magazine focusing on the latest trends, styles, and cultural influences within the Scandinavian region.

Dagbladet MagasinetAnother weekend magazine associated with the newspaper Dagbladet. It focuses on in-depth articles, interviews, and features on various topics including politics, society, and culture.

VG (Verdens Gang) A weekend magazine associated with the popular Norwegian newspaper VG. It covers a wide range of topics including lifestyle, culture, and entertainment.

Magazines

The projected revenue for the Newspaper market increased to 5.6 million in 2022 and is expexted to increase more (Statista, 2024 b).

Dagbladet A prominent Norwegian daily newspaper known for its investigative journalism and diverse coverage of current affairs, culture, and sports.

AftenpostenA leading Norwegian daily newspaper recognized for its comprehensive reporting on politics, business, and culture.

VG (Verdens Gang) A popular Norwegian tabloid newspaper known for its wide coverage of news, entertainment, and sports.

Newspaper

According to Statista (2024 c), the ad spending in Norway's Influencer Advertising market is forecasted to reach US$102.70m in 2024.

Social Media and Influencer Collaborations

Movado's social media strategy will focus on showcasing its products, sustainability efforts, and Swiss heritage. Utilizing user-generated content and branded hashtags, along with consistent posting, will foster community engagement and brand presence. Collaborations with influencers will further amplify awareness and sales potential, featuring Movado products in various content formats across platforms like Instagram and YouTube to resonate with diverse audience segments.
Source: Scan Magazine
Source: Instagram, 2024

Focused on luxury and sustainability

833k followers

Actor and DJ

Thomas Hayes

Influencer Collaboration

Source: Forbes
Source: Instagram, 2024

1.4 mil followers

Luxury fashion-focused

Model

Fariba Rahimi

Influencer Collaboration

Post-COVID-19, search advertising spending has surged from $81 million in 2021 to $1.07 billion in 2024, projected to hit $1.39 billion by 2028. Utilizing Google Ads, Movado can target keywords related to watches and jewelry, reaching users actively seeking luxury items, boosting conversion rates and ROI.

Google Advertising

luxury jewelrylusury jewelry Norwaygold luxury jewelrytop 20 uxury jewelry brandssilver luxury jewelry

Suggested keywords:luxury watchesluxury watches menluxury watcheswomenluxury watches Norwaytop watch brands

Google Advertising

July 2024

March 2025

Media Plan

The media plan covers a duration 9 months, starting from July 2024 to March 2025. Online platforms will include Movado’s English website and existing Facebook and Instagram accounts. Targeted advertising will include Norwegian customer demographics, profile, and interests.

Budget

Newspaper advertising is more prevalent in Norway than magazinesEstimated reach: 1.6 million through magazines, 2 million through newspapers (Statista Market Insights, 2024)

Source: Influencer Marketing Hub (2024)

Budget

  • Recommended Google ads budget is usually between GPB 1000-10,000 (White Shark Media, 2023)
  • Proposed budget for Google ads spending = 9000 per month for 9 months
  • Recommended social media advertising budget is usually between GBP 4000-7000 (Buffer, 2024)
  • Proposed social media advertising budget = 6000 for 9 months

Social shares and brand mentions

Evaluation/KPIs

Total sales

Revenue per website visit

Organic/paid website visits

Click Through rate

Conversion rate

Recommendations

  • Expand into the nordic countries: Norway, Sweden, Finland and Denmark collectively have approximately 27 million people with similar interests and shopping habits
  • Create Scandinavian website and socials
  • Repurpose content to be usable across all countries in order to maximize ROI
  • Open exclusive luxury boutique 3-5 years down the road after building substantial brand awareness
  • Consider launching exclusive collection that focuses heavily on eco-friendly sourcing and sustainability since there is potential in the Scandinavian market and customers are consumers are willing to pay

Team

Drishti Joshi

Esmeralda Blackson

Arsalan Ahmed

Keerthana Canumalla

Reference List

  • Buffer (2024) How to Spend a Social Media Budget. [online] Available at: https://buffer.com/resources/social-media-marketing-budget/ (Accessed on 13 March 2024).
  • Colliers. (2017). Retail Market Norway q4 2017. Colliers. Available from https://www.colliers.com/-/media/Files/EMEA/Norway/Markedsrapporter/Retail-rapport_2017_lav.ashx [Accessed 17 March 2024].
  • Deloitte Legal (2022) Doing business in Norway A comparative guide. Available at: https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Legal/dttl-legal-doing-business-in-norway.pdf (Accessed on 2 March 2024).
  • EcommerceDB (2023) Sustainable Fashion in Nordic eCommerce: Promoting Innovative Eco-Solutions. Available at: https://ecommercedb.com/insights/sustainable-fashion-in-nordic-ecommerce-promoting-innovative-eco-solutions/4626 (accessed on 2 March 2023).
  • Euronews (2024) Where in Europe do people have the most disposable income? Available at: https://www.euronews.com/business/2024/02/03/income-inequality-in-europe-which-countries-have-the-highest-and-lowest-disposable-income (Accessed on 2 March 2024).
  • Influencer Marketing Hub (2024) Influencer Rates: How Much do Influencers Really Cost in 2020? [online] Influencer Marketing Hub. Available at: https://influencermarketinghub.com/influencer-rates/ (Accessed on 13 March 2024).

Reference List

  • International Trade Administration (2022) Norway - Green Technologies. Available at: https://www.trade.gov/country-commercial-guides/norway-green-technologies (Accessed on 2 March 2024).
  • Marsh (2023) Political Risk Report 2023. Available at: https://www.marsh.com/dk/en/services/political-risk/insights/political-risk-report-2023.html#sizetracker (Accessed 03 March 2024).
  • Statista (2023 a). Gross domestic product (GDP) at current prices in the Nordic countries from 2011 to 2027, by country . Available at: https://www.statista.com/statistics/1274423/gdp-current-prices-nordic-countries/ (Accessed on 2 March 2024).
  • Statista (2023 b) Most popular social networks in Norway as of September 2023, by share of visits. Available at: https://www.statista.com/statistics/621354/most-popular-social-networks-in-norway-by-page-views/.(Accessed on 2 March 2024).
  • Statista Market Insights (2024) Print Advertising - Norway | Statista Market Forecast. Available at: https://www.statista.com/outlook/amo/advertising/print-advertising/norway (Accessed 10 March 2024)
  • Statista. (2024). Newspapers & Magazines - Norway. Statista. Available from https://www.statista.com/outlook/amo/media/newspapers-magazines/norway#revenue [Accessed 17 March 2024].
  • Statista. (2024). Magazine - Worldwide. Statista. Available from https://www.statista.com/outlook/amo/media/newspapers-magazines/print-newspapers-magazines/magazine/worldwide [Accessed 17 March 2024].
  • Similerweb. (2024). Ferner Jacobsen. Similerweb. Available from https://pro.similarweb.com/#/digitalsuite/websiteanalysis/overview/website-performance/*/999/3m?webSource=Total&key=fernerjacobsen.no [Accessed 17 March 2024
  • Similerweb. (2024). Paleet. Similerweb. Available from https://pro.similarweb.com/#/digitalsuite/websiteanalysis/overview/website-performance/*/999/3m?webSource=Total&key=paleet.no [Accessed 17 March 2024].
  • Similerweb. (2024). Steenstrom. Similerweb. Available from https://pro.similarweb.com/#/digitalsuite/websiteanalysis/overview/website-performance/*/999/3m?webSource=Total&key=steenstrom.com [Accessed 17 March 2024].
  • Statista. (2024). Luxury Goods - Norway. Statista. Available from https://www.statista.com/study/48392/norway/ https://www.statista.com/outlook/cmo/luxury-goods/norway#methodology [Accessed 17 March 2024].
  • The World Factbook (2023). Norway - The World Factbook. Available at: https://www.cia.gov/the-world-factbook/countries/norway/ (Accessed on 2 March 2024).

Reference List

  • Watson, A. (2023). Ranking of newspapers in Norway in 2022, by total circulation. Statista. Available from https://www.statista.com/statistics/633203/ranking-of-newspapers-in-norway-by-circulation/ [Accessed 17 March 2024].
  • Watson, A. (2023). Ranking of magazines in Norway between 2022 and 2023, by number of readers. Statista. Available from https://www.statista.com/statistics/690640/ranking-of-magazines-in-norway-by-number-of-readers/ [Accessed 17 March 2024].
  • World Bank (2024) Worldwide Governance Indicators. Available at: https://databank.worldbank.org/source/worldwide-governance-indicators/Series/PV.EST (Accessed on 2 March 2024).
  • World Population Review (2024) Population of Cities in Norway. Available at: https://worldpopulationreview.com/countries/cities/norway. (Accessed on 14 March 2024).
  • Yltävä, L. (2024). Top online stores in the fashion segment in Norway in 2022, by e-commerce net sales. Statista. Available from https://www.statista.com/forecasts/871130/top-online-stores-norway-fashion-ecommercedb [Accessed 17 March 2024].

Reference List

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Opportunities

Contextualize your topic
  • Plan the structure of your communication.
  • Give it a hierarchy and give visual weight to the main point.
  • Add secondary messages with interactivity.
  • Establish a flow through the content.
  • Measure results.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Opportunities

Contextualize your topic
  • Plan the structure of your communication.
  • Give it a hierarchy and give visual weight to the main point.
  • Add secondary messages with interactivity.
  • Establish a flow through the content.
  • Measure results.

Opportunities

Contextualize your topic
  • Plan the structure of your communication.
  • Give it a hierarchy and give visual weight to the main point.
  • Add secondary messages with interactivity.
  • Establish a flow through the content.
  • Measure results.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Threats

Contextualize your topic
  • Plan the structure of your communication.
  • Give it a hierarchy and give visual weight to the main point.
  • Add secondary messages with interactivity.
  • Establish a flow through the content.
  • Measure results.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Opportunities

Contextualize your topic
  • Plan the structure of your communication.
  • Give it a hierarchy and give visual weight to the main point.
  • Add secondary messages with interactivity.
  • Establish a flow through the content.
  • Measure results.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Tip: Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.