24/7 Wall Street, a leading global business and finance publication, recently produced a list of the top 25 thriving and dying global industries. Ranking second on the list of thriving industries was translation and localization services. While certainly a welcome sign for us, it also highlights a critical movement happening in business – global is no longer a choice, but a key prerequisite for businesses to sustainable success.
Why is global reach absolutely necessary? Firstly, because global reach means your business no longer relies on one specific market for its revenue. That means that financial instability in one market may hurt your bottom line, but it will not sink your enterprise. Secondly, growth is exponentially easier when you can consistently identify new locations to sell your product or service. Since you’ve already invested significant time and energy into developing a new product, the cost of marketing and selling it to new markets is quite small in comparison and the ROI is demonstrably higher than attempting to create new products or services for markets that you’re already established in. High-quality translation and localization services offer a cost effective mechanism for bringing your innovations to new audiences and helping you capitalize on new markets.
The second question is how you should go about making your global aspirations a reality. Global reach is more achievable than ever before because of two key factors. Firstly, technology makes borders less relevant and gives products a unique level of global scalability. Secondly, professional translation services and localization services enable business to optimize their existing materials to ease entry into new markets at an extremely competitive cost.
Global reach is both possible and achievable at a reasonable cost and offers significant ROI. The only question that remains is whether 2016 is the year your business takes the plunge.