Translation is often perceived to be a simple process that aids companies with their expansion strategy. Any expansion that is aimed at conducting business across borders or to target multilingual consumers within its own domestic market has to consider translation as the core component that contributes to success. Translation can be very intricate, owing to the subject matter and linguistic differences between languages. For this reason, professional translators specialize in particular domains so that they are able to precisely communicate the meaning of a source language text to the target language.
The alignment of global economic interests and ease of connectivity between markets have benefit the business world immensely. Many firms now pursue international expansion because a global presence adds value to a brand resulting in greater reach and eventually higher profits. However, international expansion is a major undertaking and requires a complete overhaul of a product or service in some cases for a specific market. The success of expansion is underpinned by translation that is able to effectively convey the brand message to a different audience. Consumers today are more aware and demanding than ever before, and language plays an important role in their perception of a brand. A significant 52.4% of foreign market users wouldn’t buy from websites that are not available in their language.
The benefits of translation are numerous are linked to greater success of a business. Using translation leads to greater business by targeting languages that tap into new consumer bases. Languages like Chinese, Spanish, Japanese, German, Korean, etc., have significant populations that are ripe for targeting with localized products or services.
By reaching out to customers in foreign language markets, new channels of revenue open to a business. Economies in Asia and South America are flourishing and, with their growing middle class, there hasn’t been a better time to branch out to these foreign markets. Similarly, translation is also helpful in domestic markets, where certain minorities have developed into sizeable local communities. The Hispanic population in the US has trillion dollar purchasing power, making them a noteworthy economic group. With cases like this, translated content would not only be useful for foreign markets, but also for domestic market consumers.
One thing that deters many decision makers is expected costs of translation. However, translation is not expensive especially when compared to other costs that a business incurs. The average cost of creating content is $0.65 while the average cost of translation is only $0.10*. The return on investment for translation is also very high because translated content helps a company target new consumers.
Translation is not a difficult process either, and with a large pool of talent in the industry, recruiting suitable individuals would not be a hassle. Similarly, there are a number of reputed translation agencies who have experience working for global brands. Such agencies are able to provide a customized service that would help a company to broaden their language support while keeping the brand consistent, albeit with local touches.
A global presence adds great value to a brand, aiding reputation and revenue as a result. Globally established companies are able to rely upon the different markets that they operate in to continually achieve targets. Smart decision makers have used a global presence as a method to remain profitable by diverting their focus on booming markets. A strong local presence in multiple markets is key to creating a global presence, and the central component to achieve this is translation.
*Common Sense Advisory
Source: Talha Fazlani, Business2Community.com