Today, every aspect of our lives is international. Thanks to the internet and globalisation, we live in a world where survival in business is increasingly dependent on international presence, whether you’re sourcing cost-effective components overseas, selling services in Asia, or are looking for new investment opportunities and business partnerships.
However, if you’re yet to make the leap into international trade, we’re here to help you understand exactly why you should be trading overseas, and how you can overcome international trade’s most common challenges, with the power of translation services.
Why international trade is for you
Companies that trade internationally are (almost always) more successful than those that don’t.
Trading successfully internationally will increase your turnover, while improving the credibility of your business. On average, companies that export become 34% more productive than those that don’t, meaning lower costs and greater profits.
So, whether you’re looking for new sources of revenue, having exhausted your growth in the domestic market, need to keep up with your competition who are already beating you overseas, or are even looking to extend the life of your products, international trade is the first and only option for your business.
But with great rewards, come great challenges.
International Trade: Barriers and Hardships
We won’t sugar coat it. Achieving success in international trade can be very hard.
There are many barriers, and if you and your business fail to take them seriously, the most likely outcome is that you will lose your investment, or even bankrupt your business.
1. Overseas legal requirements. Every country has its own unique (and complicated) legal requirements. If you do not understand your target country’s laws, your imports, exports and services won’t be able to navigate its legal framework, and you probably won’t be allowed to operate in the country.
2. Rectifying this will cost you money. Proper assistance, and preparation from legal experts, and professional linguists is the simplest and most cost-effective way to overcome this obstacle. It takes a bit longer but getting this right will save you money in the long-run.
3. Overcoming the language barrier. Selling products in an international market is no different to selling products in a domestic market. To succeed, people need to pay for your products and services. Before they’ll pay for them, they need to know about them, and for that to happen, your marketing needs to work. There’s no way around it; to succeed internationally, your marketing needs to speak the language well. Think about it, what is your first reaction when you read a poorly translated description of a product? I’m willing to bet that it isn’t a sudden urge to buy the product. The only truly effective way of ensuring you have a professional translation is to trust an expert translation agency.
4. Understanding cultural differences. Your business must understand that every country is different. If you’re looking to do business in Saudi Arabia or Egypt, the best time probably isn’t Ramadan. The type of products that sell well in England, won’t always speak to Latin American or even central European consumers. It’s important that you consult an expert before setting out on a bold international adventure, to make sure you truly understand each country’s audience, cultural identity and consumer preferences. If you don’t, you might find yourself selling something completely inappropriate (like umbrellas in Chile’s Arica, the driest place on Earth)!
Translation services are international trade’s best friend
While international trade presents a lot of challenges, you’ll be relieved to know that you can easily overcome them with the support of expert translation services.
1. Translation Services give your business THE competitive advantage. If you speak the local language and your competitors don’t, locals will be more inclined to buy your product or service. No country prefers to speak English, or another second language ahead of their own. By speaking the local language, you also level the playing field with the local competition.
2. Translation services help you diversify your business. There’s a difference between a business and a product. If your international customers buy your product, but don’t identify with your business, you’re going to find yourself stuck selling that product. Translation services allow customers in international markets to engage with your company and develop a relationship with your brand. In turn, this allows you to establish your business, rather than your product in international markets, inspiring consumers to trust you when you launch new products, truly allowing you to diversify your business.
3. Translation services build a stable base in an international market. If you have the confidence that every official certificate of trade documentation and all of your promotional material has been translated into the local language, and is 100% accurate, you don’t need to worry about it anymore. By providing a stable base for your business, translation services allow you to focus on growth in new international markets.
4. Translation services will unlock your business’s potential to reach its international trade goals. Get the translation right, and you don’t have to worry about the main barriers of international trade, meaning you can realise the benefits, whether it’s revenue, cheaper components, or a more suitable climate or regulatory regime for your business.
At Linguist Point, we specialise in helping businesses achieve their goals in international trade, thanks to our offer of comprehensive translation, localisation and transcreation services in over 100 languages.
We understand the challenges that every business face when entering a new market and are made up of a team of native-speaking professionals, who deliver services that will make your business truly international.
If you’re considering expanding into foreign markets today, and need a partner you can depend on, don’t hesitate to find out how we can help you succeed.