If your business isn’t growing locally, it might be time to consider international regions. In 2007, US-based businesses sold over $1.1 trillion in goods to overseas customers. Today, that figure has nearly tripled due to the availability of e-commerce tools and low entry requirements set by fast-moving countries, such as United Arab Emirates, India and Brazil.
One of the main takeaways from Wal-Mart’s international struggles is that localization is not a silver bullet. Having what the average company considers unlimited resources is also no guarantee for success! Without a comprehensive plan to identify, evaluate and validate markets, penetration remains elusive. “When you build a castle you build the foundation first. Wal-Mart did it in reverse in Brazil,” explained a former Wal-Mart senior executive. “It is so hard to build a national chain when your system backbone is not in place.”
Globalization is a process that involves integration and interaction among individuals, governments and companies. The process is driven by investment and international trade. Many businesses have embraced globalization and placed themselves strategically in order to capitalize on its benefits.
The risk of misinterpretation when dealing with sensitive foreign documents is high, especially when the data is used for forecasting and reporting. Establishments that are honing their business strategies with the intention of hedging risks during the global market selloff may want to look into professional financial translation services.
Translation services are an important part of our increasingly interconnected world, but in no way can they compete with the likes of an icy cold Coke, the adorability of a puppy, the scent of a new car, and of course, the sparkle of Christmas! The worldwide tally as of 2015 hovers around $38 billion. While that may seem like a lot, the numbers start to diminish when compared to figures from other industries.
As 2012 draws to its end, many professionals in the translation localization industry are making new resolutions and revisiting their skill sets looking for ways to increase their success chances in 2013.
Last month, the US Federal and State Governments weighed the impact of language services on enforcing Civil Right and Security against growing deficits and budget constraints. Here is a summary of what transpired and the different ongoing arguments.
In the summer of 1981, I traveled to England to learn English at EF (Education First), a leader in language education. Although I started the process of learning English at school back home a few years earlier, my father insisted that living with an English family over a six week period and being immersed in the culture and the language will go a long way in increasing my command of the language and my confidence in using it. Thanks dad!
In his book The Lean Startup, Eric Ries argues that for any viral strategy to work, the viral coefficient has to be greater than one. Or to put it simply, for each person that uses your products, you want to automatically trigger at least one additional person to become a user. The higher the viral coefficient is, the more successful your viral marketing strategy becomes. Once you have a successful viral strategy in place, the challenge becomes not to limit its explosive potential growth.
When was the last major decision you made? Do you pray for a mulligan? Many over the years have asked me if it was wise to get involved in offering translation-localization services, a very competitive service business that is viewed by many as an archaic commodity industry. Last month, GlobalVision completed 15 years in business and I have given them the same answer year after year without missing a heartbeat. Here is why…
Winning the world is best done the old-fashioned way: Divide and conquer! All companies, no matter how large or small, have constraints that they need to operate within.
In the early 90s, while on a trip in Silicon Valley, my car rental sported a new GPS navigation prototype that the rental company was testing. It offered accurate and useful maps while in the San Jose area. But as I drove to visit a relative in Salinas, the GPS navigation display run out of data and displayed nothing but a blank screen with the car icon in the middle and a compass on top, rendering it almost useless and sending me adrift.