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Lost In Translation: Why Businesses Stall In Global Markets

Uncertainty And Risks Is Part Of Every Business Venture 

A business cannot sustain itself in the long term unless it is being managed efficiently and consistently. Although success brings a lot of profitability, a bigger market share, and more opportunities to expand, it also comes with its fair share of problems. Chinese simplified translation services are one example. They had to face a lot of challenges embedded within the vicinity of risks and insecurity when expanding their operations. 

And what happens is that a time comes when a company is unable to expand and enlarge in its home territory or market. It becomes more and more arduous to attain a higher profit margin, even if the investment is not compromised. 

Penetrating Foreign Markets And Its Challenges

In this scenario, professionals strive to penetrate foreign markets. As it is the only viable option that enables companies to acquire a new audience with another stream of revenue. It’s a matter of choice, not a necessity. 

Targeting new audiences and ameliorating your revenues might sound very rewarding, but it comes with its own challenges and risks. Primarily, business expansion into foreign markets comes with two main obstacles;

  1. Native Language of the target audience
  2. Cultural Diversity

Unpreparation 

These challenges can be tackled effectively. And the reason many companies are unable to land a successful offering in new markets is that they are usually unprepared. Just because globalization has given you the opportunity to invest in a new market, does not mean that you can do that without any context and preparations. 

It’s another thing to believe in oneself. But equally important is to study and understand your consumer. If you are not aware of what your consumers want, you’ll probably create something that might not sit well with your audience. 

Never Rush

The worst mistake that you can make is if you rush with your initiatives. It will cause you more harm than good. And you will place yourself for irrevocable damage to your brand identity and value. Numerous businesses have failed just because they thought they had an idea that would work. And if they rush in quickly, they would get the first-mover advantage. 

Hence, in this article, we will discuss that how can firms protect themselves from these repeated pitfalls. Let’s review three ways that lead to a failed business expansion;

Dearth Of A Bonafide Strategic Planning

Rushing Often Lacks Acute Strategic Planning

Long haul sustenance in the competitive market field requires a constant struggle and toe-to-toe emulation with your competitors. Undoubtedly, this is a valid statement, but the issue is that it often motivates firms to hurry into a foreign business venture. 

This rush often lacks an acute strategic plan. Hence, leading to an unreceptive response from the target audience. 

Learn From The Mistake Made By Walmart 

For example, Walmart is a world-renowned brand. It has taken the initiative of expanding into multiple markets, with the aim of carrying its original business model and enforcing it into the target market. This strategy turned out to be an unsuccessful one when Walmart tried to expand its operations into South Korea. 

The reason behind this failure was that Walmart did not offer their goods based on consumer preferences. Eventually, they had to leave the South Korean market. 

If we look from a consumer perspective, Walmart penetrated the market without keeping the cultural intricacies intact. They believed that just because their strategy worked for another market, it would suffice for others. 

Henceforth, the aim should be to localize your content. Localization and translation via website translation services would be the right approach. 

Absence Of Local Unification 

Integrating With Local Supply Chains

It does not matter how alluring your product is, if you are not integrating it with the local supply chains, the chances of failure would exponentially increase. Just because you are a UK-based company, is not a guarantee that the local audiences will be able to relate to you. It takes a lot of time, patience, and constant reminders for people to notice your presence. 

Moreover, the professionals that are already working in that local area might pose off opposition to your operations, if you are not taking them into account. 

Specialization 

Translation services, often add the name of specific languages whenever they are targeting a particular audience. For instance, Malay translation services, or Chinese simplified translation. 

These names are associated with a particular segment rather than general services like “language translation services”. Such names will do you no good, especially when you are expanding into a foreign market. 

Absence Of Cultural Intricacies And Linguistic Preferences 

A Question To Ponder

Let me ask you a question!

Would you buy a product or service that has all the information written on it in a language you are not familiar with?

The answer is probably “No”.

Similarly, if companies are penetrating a foreign market, they need to communicate with their audiences in their native language. And in order to communicate effectively, they also need to focus on the cultural intricacies, traditional values, legal parameters, and linguistic preferences of the target market. 

Taking Assistance From Cultural Experts 

Organizations that are planning to offer their product in a foreign market should take assistance from cultural experts. These experts will not only translate your content but will localize it as well. Localization would increase the adaptability of your content and will help the local people to understand what you are selling. 

At this point, it would be preferable to mention Malay translation services that have all the resources necessary for you to capture the Southeast Asia market.

Translation Services Can Change Your Fate

Some of the world’s leading CEOs claim that taking assistance from translation services is the most effective way to penetrate a foreign market. The reason is that people often do not buy from websites that offer products or services in only one language, i.e., the English language. 

Multilingual websites have better turnover statistics. Almost 60% of online shoppers buy from companies that have multilingual websites. 

Effective Communication With Target Market 

This aspect ameliorates the significance of website translation services. These agencies enable a brand to community effectively with your target market. They have expert translators with years of experience. Their expertise in the local dialects will quickly transfer your message to the audience. 

Conclusion 

In this article, the most important and fundamental concept that we have learned is that never to rush or hurry when you are trying to penetrate a foreign market. 

Taking time in doing research is the key tenet that every business venture must abide by. First, it is crucial to understand the culture of the target market. Once the culture is conceptualized, it will become easier for firms to create content that the target audience can relate to and understand. 

Meanwhile, get integrated with the local supply chains so that you are familiar with what the ground realities are. And how you can establish, grow and sustain your own presence in that market. Thereby, it’s better to be safe than sorry. Take the advice of experts, learn from the mistakes of other organizations. And take time to become a part of that culture. Rather than just being on the fence lines, hoping things would work out.

 

halenterry

Halen Terry is a creative writer and a professional linguist with expertise in using advanced translation management systems. She has been working in the localization industry for more than 6 years now. She creates informational content every day with the aim to serve the community and aspire translators to grow professionally.

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