December 22, 2015
Do you find yourself thinking about how to increase your customer base? Users are the lifeblood of most businesses, so it’s vital you keep acquiring new customers. However, generating new business is the biggest worry for most companies. There is lots of advice out there on how to build new users and expanding your existing customer base e.g. through advertising and content marketing, but most strategies miss a very effective but overlooked approach for accelerating business growth: localization.
Localization describes the process of making a product available for a different market, language and different cultural context. Wouldn’t it be fantastic to reach thousands of new potential customers without launching a new product or service but simply by expanding your business on an international scale?
Opportunity for International Expansion
Language is the first entry-barrier when it comes to entering new markets. People are more likely to buy a product when information is presented in their own language. Therefore, adapting existing products to new markets through translation and localization management is key for global growth and decision-makers become increasingly aware of its growing importance. Businesses that start localizing to sell abroad tend to grow faster and most business success stories have a strong concept of going international early on addressing an international audience.
In fact, companies that invest in translation are 1.5 times more likely to experience an increase in total revenue, according to a survey of Fortune 500 companies by Common Sense Advisory in 2011. E.g. FAMILO, a Hamburg-based Startup, developed localized versions of its app in 12 different languages and the results were astonishing. Since they began localizing their software, FAMILO multiplied its user base from 100.000 to 500.000 registered users and thereby increased its user reach for their mobile app by 400 percent – the number is still growing.
Translation Itself Is Not Enough
Translated content can reach new potential customers, allowing them to learn about your products. However, translation itself is not enough. Success in emerging markets requires adaptation to local conditions, attitudes and values. It is more than than e.g. just translating a product's user interface. Businesses localize products in order to overcome cultural barriers and to create a more culturally relevant customer experience. This results in customers being more likely to spread the word about the product. Businesses that localize content, therefore see improvements in market share, engagement and revenue.
Although a business might be successful in its native country, going global and penetrating a new market is easier said than done. Proper processes for translation and localization management need to be set up and local market conditions need to be monitored. Professional tools can support and boost the process. There are translation management platforms that can speed up the localization process by automating multi-language operations.
How Many Languages Does Your Business Speak?
Translated and localized content can work as a multiplier for your business. Extending already created products to the global market, is an effective but often overlooked approach for acquiring new customers and increasing profits. Within our globalized world, barriers to market entry have never been so low. So, are you ready for international expansion?
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