Business owners tend to seek for growth for their own companies, regardless of whichever industry they are in. After all, growth equates survival to face competition. One of the aspects in business growth is global growth, which most businesses seek. Should the importance of global growth be doubted by the business owner, he/she is restricting the growth of his/her business.
How do you obtain global growth for your businesses? In order to answer this question, let us look at the three main and traditional entry options to enter a foreign market:
- Joint Ventures
- Direct Exporting
With a repeatable business model, companies tend to adopt this strategy as their entry option. If you possess strong brand recognition or a unique business model, you will have an increased chance of success in that target market.
An equal split of risks and profits will be entitled to two organizations in this specific partnership.
In this option, you sell your products and services directly to the target market. You must choose the right agents and distributors who will represent your company or products in order for this option to succeed.
Apart from these options, there is also licensing, buying a company, Greenfield investments and more. However, not every option can be used in every country. While one strategy may work in one market, it will be useless in another.
So, what will be a strategy that can work with all the target markets? This strategy is TRANSLATION! Translation to some may be common and insignificant but, it has more value than all the entry options mentioned above. Without translation, all of these options are futile.
Rightfully speaking, translation is not a new strategy. It is just most of the businesses either do not know about translation, or consider it as an additional cost. Translation is an essential factor for going global. To testify this, a number of researchers scrutinized the market with 3,000 online shoppers across 10 countries and their findings are as of follow (CommonSenseAdvisory.com):
- 72.4 percent of customers say they would be more likely to purchase a product
if the product information is in their native language.
- 60 percent of the online shoppers rarely or never buy from English-only websites.
If you feel that English can help you grow in any foreign market, you are gravely mistaken.
- 20 percent of exporting companies suffer severe business losses, due to a big gap
in culture and language.
This clearly shows the paramount importance for translation in order to expand your business.
What Benefits You May Get
With accurate translation of your software, websites, marketing materials and other such documents, you will be able to:
- Increase the sales life of your services/ products in the target niches and markets.
- Minimize the dependence on local markets for entire revenues and income.
- Minimize the adverse effect of market fluctuations on your business.
- Compete against international brands and make your own identity (Global brands trump language!)
Capital issues? Here’s What to Do
‘Invest on the right place and you will receive heightened increase in revenues’. Such phrase sounds good, but to implement them is not easy. You need to invest in all of your resources, including money (capital), to get the desired outcomes. Hence, when it is about getting your documents translated, you will need a considerable amount to invest in the same.
But, if you do not have enough capital to invest into translation for multiple markets or countries, you can adopt the easy way out – which is to choose languages that are highly spoken around the world. Obviously, if the number of speakers (ie For Traditional Chinese – China and Hong Kong) for a specific language would be higher, you would be able to target multiple niches/markets/segments at once.
Here are some of the languages, which you can consider initially:
- Mandarin Chinese – 1,090 million speakers
- English – 942 million speakers
- Spanish – 570 million speakers
- Arabic – 385 million speakers
- Hindi – 380 million speakers
Believe it or not – translation is really the most classic and ideal way to not just enter the global market, but also find success.
In GCBG, we have more than 5000 native linguists worldwide which is one of the richest resources globally in the entire industry. You can spin the globe, select your target market and let us take care of your linguistic challenges. From there, the endless opportunities are there for you to pursue.