The futuristic lifestyle shown in some Sci-Fi movies since we were little boys or girls is close to coming to reality in 2021. Studies demonstrate that automation, robotics and IT are on the top of businesses. As the pandemic war recently showed us all people around the world are connected. Now, part of globalization, the language diversity influences almost all management decisions in modern multinational corporations. The English language mainly will lose more importance in the future as predominant languages around the world will be used more often to close business deals in the native language.
Today, an increasing number of businesses are operating on an international level. It is estimated that over 40% of all business deals are now done cross borders. What’s more, is the fact that the internet and social media channels as TikTok, Instagram, Facebook and Youtube have made doing business internationally very easy; it has created opportunities for growth in places that were non-existent over two decades ago. That’s why so many companies, regardless of size, are deciding to expand overseas.
To launch any business successfully, especially in foreign markets, it is important to adapt. The ability to adapt often means the ability to converse with potential clients and customers in their native language. One way to do that is to employ foreign workers and translators who can help your business get passed the so-called language barrier.
In this article, I invite you to explore other reasons why businesses in foreign markets should understand the importance of local languages.
Your Business Needs to Interact with Foreign Clients
Your business will have to be multilingual mainly to identify foreign business opportunities, to access local information and to analyze new markets and be able to interact with foreign clients. Regardless of what your company can offer, it cannot effectively communicate it across the board, that offer is limited and lost. The best way to get the point across is to express it in their (clients or customers) native language. Not only does that deliver a personal touch, but it can be advantageous when it comes to building a brand image.
A recent survey conducted by the Common Sense Advisory (“Can’t Read, Won’t buy”), found that 75% of global consumers are more likely to buy products in their own language and 60% rarely or never buy from websites that are only in English.
Hiring bilingual staff or translator services will help to develop relationships with foreign businesses and to hasten the pace of business processes in a foreign country. It is even though English is still spoken in many parts of the world, English as a second language does not often help get the point across. So the time and money you spend on advertising in English, for instance, may be wasted or not yield the expected results. Advertise in English and in other native languages to get in the mind of your customers and in their hearts.
Multilingual employees also ensure that your business is culturally aware, which is imperative when dealing with clients. Keep in mind that the cultural difference between two neighbouring countries can be stark, so failing to take this into account can be a major blunder. One instance of this is that in Germany, where humour and small talk aren’t part of their business etiquette. So, taking the light-hearted approach may not work as well as it may in the UK, perhaps.
Helps Tailor Assets to the Region
Your business assets may include its website, marketing material, salespeople, and other industry-specific items. However, every asset, like your website, needs to be localized. Localizing is the adaptation of a service or product to meet the needs of a particular language, culture or desired population “look and feel”. Localizing is a significant part of expanding any business abroad because it helps people in that country to trust you. It also allows you to build bridges with them, so to speak. If anything, that makes doing business easier.
Many businesses will find that apart from just changing the language on their website from English to any other, it will also need to be culturally appropriated. That often requires a native translator to sit down and make sure that everything on the website and, consequently, marketing material aligns with the country’s cultural norms.
Many businesses miss the importance of engaging their global audience with a full experience that states their brand, reputation and trustworthiness and new studies projected that the worldwide retail e-commerce sales will reach a new high by 2021. E-commerce businesses should anticipate 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021.
Start giving a tremendous importance to languages and drive your company to another level.
The Yazyk team encourages you to be multilingual and to develop your company in a futuristic way that aligns with today’s market trends.