Where to Start with Translation Services

Table of Contents

• Benefits of translation
• Why you should think of exporting
• Free government resources
• Developing a translation plan

Think Global

Start by thinking global! US entrepreneurs often cite “fear” as the number one overwhelming obstacle to launching internationally – fear of becoming the littlest fish in a large pond, sunk costs, unknowable business cultures and currencies, regulatory requirements, missteps surrounding language and customs – yet every company that exports:

• Has higher revenue
• Is more profitable (by at least 17%, according to the US Commercial Service, Barry, Doug, editor. A Basic Guide to Exporting. 11th ed., U.S. Department of Commerce, 2015.)
• Sees smoother business cycles
• Operates at peak production capabilities
• More easily weathers domestic market fluctuations
• Increases the value of their intellectual property
• Increases company valuation

Fewer than 5% of US companies export, so you’d be one of the only fish in the international pond. The opportunity is all yours, and it’s easier than you think!

Export Now

According to the US Chamber of Commerce, 95% of the world’s consumers are from outside the US. The world has changed, creating seemingly limitless opportunities for expansion into global markets. For example:

• Websites make it easy for people to find you. If you have a website, anyone from anywhere in the world can find your business and turn you into an “accidental exporter.” Instead of letting it become a source of anxiety, think of it as a reactive exporting opportunity that brings with it initial profits, a specific international market within which to implement a translation strategy, and access to free market research via customer feedback. Call on an experienced language services provider to guide you!
• Young people have an international mindset. Millennials and the generations that follow will likely grow up traveling internationally so they are unafraid of cultural missteps, instead viewing international relations as an ongoing learning opportunity. As these young people start their own businesses, they're embracing global markets from the start; they’re tech savvy, they know how to incorporate translation into their websites, and they're leveraging technologies in ways that can help with cultural adaptation.
• The US population is evolving. Once a monocultural “melting pot” of people embracing the larger community, learning English, and abandoning their native culture, the US is now closer to a multicultural “mixed salad” or “mosaic,” with immigrants proud of their language and culture. The figure varies depending on the survey, but all agree that anywhere from 75% to 90% of consumers prefer to view websites and product packaging/information in their native language, and buy from companies that speak their native language, regardless of pricing.

Export to Manage Risk

Other benefits of exporting to a larger market include:

• Minimized domestic risk due to economic fluctuations. If the economy starts to slow down or decline here in the US, other markets will be thriving, so you're balancing your revenue.
• Diversified currency exposure by operating in multiple markets. When the dollar weakens, revenue from international markets can offset domestic losses.
• Extended lifecycles for your more mature products. Exporting gives them new life in other markets when their maturation comes to an end in the US.

Plus, companies that export tend to pay higher wages, grow at faster rates, and have happier employees.

Export Success Stories: Small Business Edition

Exporting is not just for large companies. In fact, about 97% of US exporters are small- and mid-sized businesses, most of them selling to just one other country. And the process is repeatable so just imagine the exponential growth that results from adapting the formula to other countries.

Walter Brooks, President and CEO of Brooksmade Gourmet Foods, found it easier to expand internationally with his specialty BBQ Sauces than to sell more in the competitive domestic US market. Building upon grants and support from the US government he secured $10 million in business, with an investment of about $100k. Calculate the ROI on that! Hear his story here on The Global Marketing Show podcast.

Don’t think you're too small to export – 70% of U.S. companies that successfully export have fewer than 20 employees!

Export Resources: Free Government Support for Businesses

There are free state and federal resources to help you. In Massachusetts, for example, the Massachusetts Export Center provides training sessions and free consulting and runs regular trade shows. The federal government supports similar organizations in every state, encouraging and propelling US businesses into exporting to assist in leveling the balance of trade.

Similarly, translation services are an approved use of state-level STEP Grants. Wherever you reside, another good starting point is the US Commercial Service, which provides a host of free resources, starting with an Export Readiness assessment to determine a company’s best course of action. Find out if you’re Ready to Export as a new, expanding, or experienced exporter. Or, depending on your export readiness, read a primer on exporting, find domestic support, or develop an export plan, all with the virtual, one-on-one assistance of the USCS.

For additional free resources, download our Treasure Map and set sail!

A Translation Plan Starts When You Trust the Process

If your biggest fear is not knowing how to handle other languages and cultures, you're not alone. But like everything else, putting a process in place minimizes risk, develops best practices, and creates a repeatable formula that works.

Readiness is a mindset; start the process today, right where you are. Starting is simple:

1. Think about your corporate strategy;
2. Refine your communication strategy to incorporate a translation management plan; and,
3. Formulate a framework for an initial campaign.

Once your team (or language services provider) has formulated a general framework, the types of translation to use will be clear. For example, if people are posting reviews on Google, you may not have to translate those with a high-quality translation service because Google Translate is fine for that; you’ll get the gist of the review. But if you're posting any marketing or legal materials or anything else with the ability to affect your bottom line, insist on a high-quality translation service.

The opportunities for sales growth via international markets are essentially limitless, with myriad proven approaches for getting the job done. The big question is: Are you ready?