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Why Translation Can Help Businesses Access Global Market Opportunities

A translation service is a service that converts text from one language to another.

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Translation businesses
Businesses across a wide range of industries need translation services. Pixabay

In this day and age, no business that wants to maximize its income can afford to ignore the potential that international expansion offers. The global economy is thriving. Statista shows actual and then projected global gross domestic product growth increasing year-on-year from USD $74 779.48 billion in 2015 to $111 569.46 billion in 2024. 

Industries of all sizes around the globe are increasingly relying on translation services to stay ahead of the competition – and in some cases just to keep up. We can explore the KOF Index of Globalization to understand this in simple terms. The index ranks countries based on their economic, social and political globalization credentials. 

Switzerland tops the 2019 Globalization Index, followed by the Netherlands, Belgium, Sweden, and the United Kingdom. A company looking to make the most of these globalized countries, all of which sit within a relatively small geographic area (at least in global terms), will need both translation services and localization services in order to truly excel. 

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Many businesses use legal translation services in order to ensure that their contracts and agreements with international partners are watertight. Pixabay

What is a translation service?

A translation service is a service that converts text from one language to another. What is the difference between translation and localization? Put simply, translation deals with language conversion, while localization addresses a far wider range of elements, from code to images and everything in between. The goal of localization is to adapt the content in question to the specific expectations of a local audience. 

When it comes to accessing global market opportunities, both translation and localization are key. Language barriers are a major obstacle for domestic businesses to overcome when they are seeking international clientele. 

Overcoming language barriers can also open up access to domestic markets. A Hispanic US company that takes the time to translate from Spanish to English will find that it suddenly has access to a much broader customer base. The Spanish to English translation means that 80% of the US population who speak English as their first language will now have the opportunity to engage with that company in their native tongue. 

Translation strategies

Why use translation services? Because they have the potential to increase your customer base, open up new partnerships, reduce manufacturing costs and, ultimately, make your business more profitable. 

Finding the right translation company (we’re talking human translation here – never machine) is the cornerstone of a successful language translation strategy. A decent agency will have specialists in a range of subject areas. When you’re first developing your product to sell overseas, their product translation team will be there to help. When you’re ready to undertake marketing activities, they will have a marketing translation specialist on hand to help. And when it comes to that all-important website translation, professional translation services will take care of everything from blog posts and imagery to coding and tags. 

It’s important to layout your need for document translation services clearly as part of your overall go-to-market strategy. This is not some last-minute bolt-on, but an integral part of your international success. This planning process will outline whether you’re likely to need all of these translation specializations at once, or whether the translation work should be completed in phases. 

Who needs translation services?

Businesses across a wide range of industries need translation services. If you want to connect with customers overseas, but don’t speak their language, you’ll need a professional language translator on hand – or several of them, most likely. Many businesses tend to rely on several core translation services. 

First off, many businesses use legal translation services in order to ensure that their contracts and agreements with international partners are watertight. Many also use certified translation services to affirm the authenticity of the translated documents. Certificates of certification are particularly useful when dealing with government agencies. 

Manufacturing companies also often rely on technical translation services in order to bring their products to the global market. Technical translators have specialist knowledge that means they can translate everything from detailed instruction booklets to datasheets. 

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Many businesses tend to rely on several core translation services. Pixabay

Another commonly used language translation service is financial translation. Financial documents can be tricky to translate, so it’s important to use a suitably qualified individual. Whether it’s your accounts or an intricate costing proposal, there’s no room for error when it comes to financial translation. 

How to contact agencies for providing translation services

Finding a suitably skilled and experienced translation services provider isn’t difficult but does require some careful consideration. Different agencies cater to different translation specialisms, so be sure to find one that provides all of the business translation services that you need. Research them in detail and read reviews online and asked for a clear and detailed explanation of their costs, timescales, and approaches to quality control. 

Remember localization as well as translation 

If you’re planning to access global market opportunities, it’s also essential to ask about localization services. Translation alone will not suffice if you want to do all you can to connect with local audiences.

Also Read- Companies Developing Advanced AI Should be Regulated: Elon Musk

An effective translation is one that is curated specifically for the target audience, not only in the way that copy is translated but also how it is presented, from images to the way that it caters to specific cultural trends and quirks. 

Ensure that the agency you use delivers both translation services and localization services and you’ll be doing all you can to maximize your chances of success.  

 

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Know What Post COVID World Holds For Industries

What will be the way forward post-pandemic elucidates Karan Bhagnay, Founder of The Global Luxury Group

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Covid-19 has led drastic changes to happen in the world economy. Pixabay

There is a lot of rhetoric and despair surrounding the current COVID-19 scenario which has declared the market slow-moving or outright stagnant. A cerebral two-day webinar, STIMULUS 2020, was designed to cut through the volume by speaking with industry experts who have dealt with similar cards before. To connect with strategists, business owners and executives in order to canvas possibilities and new ideas in media, luxury, lifestyle, leadership and other industries.

IANSlife spoke to Karan Bhagnay, Founder of The Global Luxury Group who co-organised the event with, Crosshairs Communications (PR Partner) & WIN (Women Inspiring Network – Content Partner) to find out his thoughts on the topic.

Q. Luxury is recession proof but is it also COVID-19 proof?

Bhagnay: We, at The Global Luxury Group agree upon the reality that the customer’s mindset at every level will change post lockdown. This could lead to minimalism in a large context, hence, it will actually affect the shopping pattern of certain customers; it will in turn increase its effect on the entire luxury market. So there will be huge demand versus supply. Hence unlike with recession, I think the entire luxury industry will go through a huge shift in mindset which will prove this that luxury is not COVID-19 proof. It is not.

Q. Startups to flourish or wither with impact of COVID-19

Bhagnay: According to me it is a very inappropriate question. It’s directly propotional to what startups are doing. For example if you were earlier solving problems like these which became a catalyst to the current way of living then the startup will do well. But if you are running a startup around social interactions or an event company then you will see that your numbers will fall drastically, it can nullify especially during the lockdown and later.

 

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COVID-19 has impacted states in many ways, recovering will be tough. Pixabay

Hence, startups will flourish or fade away is specific to what startup you represent. In my case it;s being able to hustle between a digital world and the physical world, its about hustling between events and ecommerce; so, my events business will go through rough times in the current days, but my ecommerce business and my digital businesses will flourish in the coming days.

Q. E-commerce and digitization the new normal for any and every business?

Bhagnay: I truly think so. It is true that ecommerce and digitalization is going to be the new social. You got to have your presence here, otherweise your company, whether it is a small luxury brand or a large scale mall, is going to loose its target audience attention soon. Without digitalization and ecommerce I think it will be very difficult to sustain in the coming wave of paranoia amongst the individuals. I think digitalization and ecommerce are here to stay.

Q. Events like The Indian Luxury Expo will overcome the fear of social proximity and will be back to business as usual?

Bhagnay: The current state is one and equal for everybody globally. I can not confirm that it will bounce back the way it has in its old glorious days. Indian Luxury Expo will tweak itself becoming a much meaningful event amongst select individuals. And that is how it’s going to redo itself than being a large scale event which calls for a huge social gathering. I think row concept of social gathering is going to fade for some years atleast two three years to come.

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e-commerce and digitalization likely to be the new social. Pixabay

Q. Is India is set to become the world’s fastest wealth creator in the next few years?

Bhagnay: Well definitely the way current government actually coped with the scenario, it is true that India will not be affected to the average potential of how it could have been, knowing our population and our way of living life which is quite social compared to Europeans or Americans.

We do indulge in a lot of social gatherings in every context from our office work to our transport systems to our religious beliefs. Knowing all of that I think we have not even touched an average estimate of what this could impact in India. And because we are overcoming that India remains pretty much safe in terms of its business.

Also Read: Abu Dhabi to Launch A Cleanliness Certification Drive

Since a large part of the Indian population consists of mainly youth, we are going to be wealth creators in a large way. We are a young nation, 70 percent of the total population is young and thus digitalised. The govt. has invested heavily in last five years in digitalization. Now most of the people are equipped with smart tools like mobiles phones and good internet connections. This will help the Indian economy to be much better than all the other large affected economies like Europe, United Kingdom, China or U.S.A. I think they are going to experience a sharp cut down in their GDP, in their entire scheme of being wealth creators. Now I think India will evolve as a huge young nation looking forward as a wealth creator in varoius ways. (IANS)

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Yogi Government to Allow Extra Concessions in Lockdown 4.0

Extra concessions likely in UP in lockdown 4.0

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Yogi Adityanath
Yogi Adityanath's government to provide extra concessions during lockdown 4.0. Wikimedia Commons

As the country prepares to enter lockdown 4.0 after May 17, the Yogi Adityanath government is likely to give some concessions and allow some more businesses to operate, albeit with conditions for following safety protocols.

The state government is expected to allow shops selling milk and milk products to open up.

During the lockdown, while local dairies have been severely hit, it is the milk producing giants that sell packaged milk that have benefited.

“In the first month of the lockdown, milk vendors were not allowed to move on the roads and local dairies were left with unsold stocks and suffered huge losses. People opted for packaged milk since the milkman was not available,” said a senior official.

The government now plans to allow sale of milk products from small outlets selling milk products like “lassi”, etc.

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The ‘halwai’ association appealed to the Chief Minister to allow them to resume business. Wikimedia Commons

The ‘halwai’ association has also appealed to the Chief Minister to allow them to resume business since they belong to the small category.

Shops selling spectacles have also urged the Chief Minister to allow them to reopen shops since eyewear is considered an essential item.

Dentists are also on the list and dental clinics may be allowed to resume functioning on conditions of maintaining social distancing.

Read More: German Researchers Identify Potential Cell Targets for COVID-19 Treatment

Restrictions, however, will continue in hotspots and red zone areas where the lockdown will continue to remain firmly in place.

According to sources, Yogi Adityanath had taken feedback from his ministers during a meeting and majority of them were in favour of continuing with restrictions till the spread of corona was checked effectively.

It is noteworthy that all 75 districts of Uttar Pradesh are now corona-infected and hotspots, including Lucknow continue to see a rise in number of corona positive cases. (IANS)

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Realme Global User Base Reaches 3.5 Crore, 2.1 crore in India Alone

Realme hits 3.5 crore user base worldwide

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Chinese smartphone Company Realme announced that it has 3.5 crore users worldwide on Thursday. Wikimedia Commons

Chinese smartphone manufacturer Realme on Thursday announced it now has 3.5 crore users worldwide, out of which 2.1 crore users are in India alone.

According to the company, it has created more than 7,500 direct jobs in India and will expand it to 10,000 by the end of this year.

At January-end, realme’s global user base reached 2.5 crore, and the company added another 1 crore users worldwide in the next 4 months.

Compared with the performance in Q1 2019, company’s global smartphone shipments increased by 157 per cent year-on-year, ranking the first in the world, according to Counterpoint Research.

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Realme became the top 7th global smartphone brand for the first time in the third quarter of 2019. Wikimedia Commons

Read More: Lockdown is Helping me Design New Routines and Choreographies: Ashley Lobo

Realme became the top 7th global smartphone brand for the first time in the third quarter of 2019 and continued its previous global ranking of Top 7 in the world in Q1 2020.

Realme said it will soon achieve monthly capacity of 3.5 million handset production at the Greater Noida plant.

The smartphone brand has already entered 27 markets around the world in only two years, including China, Europe, India, Southeast Asia and South Asia, Russia and Africa, and has ranked among the top five in multiple markets. (IANS)