We’ve all heard, “The Trend Is Your Friend” and if your company’s global marketing strategy is unaware of the massive shift in digital economy, based on analysts’ research at Statista, then your business may be missing out on a potentially huge market share. The projections are based on the statistics of the new comprehensive compendium, Statista’s Digital Economy Compass, examined the competitive development of platform businesses in eCommerce, eTravel, and Digital Media.
Take a look at some of the biggest Brands, like Alibaba, Baidu, Tencent, and Huawei, from China that have gained global recognition and achieved impressive figures.
Tobias Bohnhoff, Head of Market Analytics with Statista had stated, “In the foreseeable future, the growth of the US big four will be increasingly challenged by their Chinese counterparts. Furthermore, there is no major player from the West that has comparable reach or impact on the global digital landscape.”
The researched data highlights a comprehensive overview and analyzes the trends. It gives deep insights into the hard facts of different sub-segments, from media and marketing to connected cars, smart homes, fintech, cloud, social, mobile and voice-control. Cutting-edge techonologies like artificial intelligence (AI), augmented reality (AR) and virtual reality (VR) are setting standards for the digital economy and global businesses.
Knowing such vital information on the digital economy, how then do you strategize your business to tap on the shift?
The global market has made translation and localization a necessity. With more customers interested in a personalized user experience, companies need to adapt their marketing strategies to both local and foreign markets. It’s a dynamic environment, as businesses need to adapt to specific situations, which vary with each country and new culture they do business with.
Translation and localization ensure that companies learn to speak like locals. Companies must adapt to new market conditions and requiremments fast and tap on the potential of developing countries. Localizing for China will put your business at the fore-front of a massive new market.
2017 saw a high demand for translation and localization services, and 2018 is going to bring even more work for language solutions service providers.
Based on another report, Catalyzing Growth and Revenue Opportunities With Content Localization, the data covers more than 300 marketing decision makers, across countries, on the scope and momentum of their localization efforts now and within the next 12 months.
Here are the findings:
- On average, companies have international footprints in 7 different markets, and translate their content into 7 different languages. With the existing growth of multilingual markets in Europe, emerging markets are also coming from Asia and Africa. These new markets have been attracting more companies to go abroad to promote their brand in different languages. To enter into a new market successful, businesses must ensure their brand and marketing content are translated into the native language of the international market.
- Over the next 12 months, these companies plan to expand into 7 new markets on average. Ambitious companies are planning to double the size of their international market base, of which 88% require translation services for their new markets. Such a feat will require smart ways to streamline the process, including the use of technology to automate content workflows, centralize translation projects, and provide data to optimize the go-to-market strategy for translated content. In order to be highly effective in achieving these goals, companies are urged to partner with language solutions service provider in order to enhance efficiency in setting their footprints in the new markets.
- The main benefit for entering in to new markets is to increase sales. Translated content doesn’t just look better to international audiences. Companies actually see clear ROI from their content localization efforts, directly impacting their bottom line. Customers appreciate the time companies take to speak in their native language. As the mantra goes, people will do business with those people they know, like, and trust.
- More than 50% of companies find the content localization process to be too manual and needs to be more automated. For instance, the process of emailing translators back and forth can get too complex to manage, especially when this strategy is part of a new global operation. For those companies that will be in 14 international markets by the end of 2018, keeping tabs of at least 14 translators for 14 different languages will be challenging. With a language solutions service provider, this burden can be taken off their shoulders.
- The biggest challenge of content localization is the inefficiency in translating and marketing. Recognizing ROI from international markets becomes a concern when source content just isn’t getting translated in a timely manner. The process of hiring a translator can be time consuming, let alone find a translator with the necessary experience of the new international market.
- 94% of companies plan to increase their localization expenditures. Most companies have expanded their 2018 budgets for localization efforts to supplement their global expansion efforts. Investments in global marketing are becoming inseparable from investments in localization.
- A bigger footprint means more opportunities for localization of content services. The top 5 types of content that companies are localizing are their website, social media, digital, video, and technical information. The most successful localization efforts cover these crucial digital marketing channels and the essential steps of the buyer’s journey on the website.
Knowing that China may be overtaking the US during the year, wouldn’t you want your business to tap on the largest digital market users?
Going global has now become an opportunity to take advantage of, whether you’re in the medical line that requires pharmaceutical translation services, marine industry that requires maritime translation services, logistics industry that requires logistics translation services, film and production industry that require media translation services, or subtitling services, manufacturing or engineering industry that requires construction translation services, or even the banking and finance industry that requires financial translation services, the fact that you can now take your business across the globe without having an office there, and still drive international sales and garner trust and market share for your brand, is an opportunity not to be missed.