Going Global From The Get Go. Is it Actually Possible?
Thanks to multilingual online marketing strategies and a higher level of flexibility, micro multinationals are challenging the old ways of doing business and threatening bigger players in the market.
In today’s world, it’s not about how many people work in a business, it’s about the power the business holds. What gives micro multinationals their power? Going global from the get go.
Establishing global connections from birth will put your company in front of the rest.
Micro multinationals are different to multinationals. Just like our own startup, they are comprised of only small teams which can harness their knowledge of technology, effective online marketing tools and translations to expand through online sales and keep connected with international consumers and teammates. Thanks to these tools, micro multinationals can reach a fair amount of international sales, but without having hundreds of employees and multiple teams onsite in different countries.
Multilingual Marketing Strategies
Online lead generation tools and translations can be merged and accessed via platforms and APIs, and they do the job for you while you sleep. We ourselves learned that this was the correct next step. With the advances in technology and a change in market trends, we have evolved from a traditional translation agency to an intelligent translation management system leveraged on inbound marketing tools and machine learning, and we keep on growing.
Same as it happens in many other industries out there, in order to compete in the industry as a whole, we had to adapt to satisfy our clients fast-delivery and easy-management needs.
Translation has made it possible to reach foreign markets easier, but they are just an instrument of other marketing tools, for example, multilingual marketing strategies across Social Networks and Email Marketing.
One trade-off that a lot of small companies face is the desire to expand globally but a low budget. After all, for an investment to be worthy, there has to be a high return.
We faced this problem when we wanted to launch into the Chinese market. Growing a team of qualified translators in the Chinese language was an investment of both time and money for us. As with any project, translations require an initial cost, but this investment allowed us to reduce the costs of creating subsequent teams by 70%, and we have distributed that cost across the whole line of new business created by the addition of Chinese to our list of available languages.
It’s the same story with our clients too. Companies have learned that they have to distribute these initial costs across the new business lines they open once they hit a new foreign market.
Multiply Your Initial Efforts With Localization
So, what if you are a small company, how can you join this micro multinationals trend?
To keep translation costs at a minimum, it would be more worthwhile for Spanish companies to translate Spanish to English. The main trends are English to Spanish translations and Spanish to English translations, and because these are the most popular choices, the pricing is slightly lower. Deciding to translate to English provides Spanish companies with the opportunity to expand into both the UK and the USA, with a small extra cost for localization from English in the UK to USA English.
This ultimately means little investment is needed in the beginning, considering that these are two of the most profitable markets in the world.
Another huge emerging foreign market that doesn’t mean high investments is Latin America. By localizing content from Spanish Spain to Spanish Latin American, newly born companies can reach a juicy market with little efforts. In other words, their translation investment provides a profitable return. Localizing into these languages would be a lot easier and cheaper than addressing China or Germany and having to translate Spanish to Chinese or translate to German for example.
So, What Do I Do Now?
So, as you can see, it is possible for newly born companies to challenge the big market players. It’s all about a strong communication strategy with overseas clients. Micro multinationals have proved that you don’t need to open multiple offices around the globe to grow internationally. Yes, they can do that in the future and create a native team to stimulate growth further, but it is not essential initially.
What are you waiting for? You can be the next micro multinational.
GearTranslations offers professional translations and multilingual content creation for technical sectors such as IT, Finance, Health, Safety, Legal, Pharma, and Manufacturing. Accurate, professional translations and creative content are a vital component in the internationalisation of your business to break down the language barriers that prevent fluid communication with international consumers, foreign distributors, and foreign suppliers in any market overseas.
We offer 24/7 access to our online platform, speedy delivery of up to 5 hours, a cloud-based back-up copy for all previous translations. Our personalised translation library means you can save costs in the long run and our unique algorithm lets you capitalise on each translation, transforming your multilingual content into valuable assets for your company.
We’re a startup that values expansion at a global level. We understand that internationalisation entails many challenges because we ourselves have been there too when we expanded into new foreign markets. So, are you ready to embark on the internalisation journey, launch into new market destinations, and drive sales abroad? Contact us. Our translation service and multilingual content copywriting is the door to expand your business! We have a team of talented linguists, software developers, and creative millennials ready to help you improve your multilingual communications.
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