The increasingly competitive marketplace has encouraged companies to expand their business into the global economy. Globalization of a company’s products and services require companies to seek new ways to communicate and market their products differently. A company’s financial success in the global economy greatly depends on their ability to functionally market products and services to a culture that most likely speaks a different language and is rooted in a belief system that may be markedly different.
Companies who experience growth and sustainable profitability in the global economy communicate with people in their own languages to build trust and confidence. Companies are many times challenged in finding ways to market their products to large populations of consumers from diverse societies. Economics and cultural diversity can easily become barriers to organizations doing business internationally.
When working with international customers simply having familiarity with a foreign language is inadequate. International business partners must invest in cultural understanding of their customer’s values and traditions. Successful international business involves learning another cultures ways of doing things, as well as the rules and regulations associated with business practices. Many cultures depend on the ability to develop social business relationships that communicate respect and honor even more so than monetary aspects.
Companies expanding in to the global marketplace may find it advantageous to develop partnerships with agencies that can provide highly skilled translators and interpreters. These agencies can be beneficial to companies who are buying, selling, marketing or developing partnerships in international business. Companies looking for growth and sustainable development in global e-commerce often determine that website globalization is cost prohibitive without the support, expertise and diversity of translation agencies.
Multinational companies may find it more cost effective to rely on the services of translators and interpreters to increase their marketability in foreign countries and successfully communicate their business goals across language barriers. An inability to communicate with international customers and business partners may lead to compromised relationships, misunderstandings, failed business opportunities, irreparable damage to a company’s reputation and financial loss to all parties.
U.S. companies experience international business failures that exceed more than $4 billion annually as a result of poor communication, misunderstood business practices and lack of preparation for international business development. These devastating financial losses would have the potential to be minimized by developing partnerships with companies who have the ability to understand cultural differences and the skill to communicate with potential clients in their own language to promote business development internationally.
International business development and marketing requires an investment in communicating with a targeted population in a specific location. When conducting business in a country it is important to communicate in the target language and become familiar with the language and terminology associated in your industry. Communicating with business partners in their own language communicates respect, courtesy and builds confidence in your products and services. Translation agencies provide services that are valuable in promoting and marketing international business, these services include: website localization, targeted marketing, product localization, tools for e-commerce, document translation and many times interpreter services.