Translation Industry and the Evolving Global Marketing Scenario

Have a look at some interesting figures that the recent past has doled out. An assessment from research firm Common Sense Advisory has observed that 63 percent of global brands have reached more customers lately through an increase in the number of languages on their websites.

Localization has turned up as the 4th fastest-growing industry in the United States, according to the Centre for Next Generation Localisation.

If we look at what the US Census Bureau has gathered – a minimum of 350 languages are spoken in US homes. This is just a hint of the influx of a multi-lingual impact that other regions in the world have been embracing.

How can a brand not employ a translator for English to Spanish when targeting a Spanish customer who is looking for a product in the SEO list? Wouldn’t this user walk right past the brand if it doesn’t appear in a multilingual format across mobile devices, websites, and SEO lists?

Why does a brand tap services for translation from French to English? To make sure that a potential user doesn’t dissolve in the air just because the branding content was not served in a more comfortable language? Yet, today, despite these multi-lingual winds, about 53.6 percent of web content stays in English.

Brands have to adapt to this new multi-lingual, truly global world. And some of the smart ones are very well adapting it already.

The rise in the number of LSPs (Language Service Providers) – as many as 18,000 firms worldwide, as per Common Sense Advisory – is indication enough.

These language translation services can either offer specific segment or service like translation, localization or interpreting or they can bring a slew of accessory features as full-service providers. These LSPs would cover everything, right from translation, interpretation, web content, audio-video content features, publishing, and narration to machine translation, transcreation, localization, localization engineering, etc.

Powered with a rich pool of professionals, instead of just freelancers; and assisted with advanced technology and offerings that emerged from innovation; these LSPs are charting a new path of solutions that brands tap with outstanding results.

Overall, the translation industry has seen a clip of 6.46 percent growth recently and the journey is becoming more interesting every quarter.

Brands and businesses are coming up with new needs and potentially huge opportunities in many areas. Mobile devices, video content, subtitles, instruction manuals, app localization, software interfaces and many other upcoming areas are bursting with a new degree of demand and appetite.

It’s a time of ample opportunities but also the time for the right set of services to come and play. Shallow and sub-standard work can serve a small segment with no precise strategy but for a multitude of brands or marketers, what is needed is a full-spectrum offering equipped with deep expertise. The use of professional language translation services will make translation truly worth the effort.

It’s a global world and not just brands in the existing mediums of the web, branding collateral and advertising need the support of translation expertise but also brands that are nascent or about to incorporate extensions like apps, mobility or IoT in an unprecedented way.

Language translation service providers with the right resources, skills and experience can push the lever in the right direction. They can bridge the distance between businesses and new age customers, no matter where they are – on a website, on a road, in an aisle, on a mobile app, or simply, on Google looking for a rival brand.

Translation is not a quick fix but a deep and overarching strategy about branding for the new millennium. There is no way to cut corners or do it in a lazy way. Get it done from the best in the industry as this could define the future of your brand in overseas markets.

Business Globalization

Globalization is the ever-increasing process of integration of local and regional markets into one unitary market of products, services and capital. The main results of this process have been an increase in the interdependence of traditionally national markets on the macroeconomic level and the internationalization of corporate processes, especially production, distribution, and marketing, as well as the adoption of international business strategies on the microeconomic level.

Economists recognize the early signs of globalization in historical phenomena, such as the increased economic activity in the Age of Discovery in the 16th and 17th centuries, which led to the founding of the British and Dutch east India companies; and the new economic opportunities enabled by the scientific discoveriesof the 18th and 19th centuries, followed by the 20th century’s breaking ground on the Information Age. The World Bank identifies three waves of globalization, which happened between 1870 and the 21st century. The origins of the process are attributed to the falling costs of transport and the lowering of the politically-driven trade barriers. Trade in commodities developed into trade in manufactured goods. Initially land intensive production became labor intensive. Mass migrations for work became an everyday phenomenon, traveling becoming easier with the development of the more advanced transport technologies. The telegraph allowed more distant countries to benefit from the capital available on the stock exchanges, as stock exchange institutions were brought to new locations, contributing to the growth of financial markets. Two world wars blocked international trade as individual countries turned protectionist. The situation persisted up till the 1980s, by which time the international exchange between the developed countries was largely freed from the barriers, leaving the developing world outside of the free trade market. It was during the second phase of globalization, when the countries started to specialize in production and the businesses started to function around agglomerations and clusters, that economies of scale started to matter. A discussion on the wealth inequality and the rising poverty in the developing countries started, resulting in the postulates to allow all the nations to participate in the benefit of a free trade. Interestingly enough, the inequalities of the early globalization era in the 19th century were largely related to the ownership of the land, crucial both for the commodity trade and for the manufactures. However, the inequalities during the second phase of globalization showed a more systemic nature, being driven by the protectionist policies of the developed world. The third wave of globalization brings the “death of distance” in a traditional geographical sense. It does not matter any more whether the whole business process is situated at the same location, as the service and non-core functions, thanks to communication technologies, can be successfully performed even on different continents. The third wave of globalization created off-shoring locations in central and eastern Europe and the new, previously developing, economic empires of India and China. Although some of the former developing countries broke their way to the free market and compete successfully for the investments, others remained marginalized and are becoming even more excluded from the benefits of the world economic growth, than ever before. One of the most striking examples of poverty levels and inequality are in the region of sub-Saharan Africa.

The relationship between economic, social, political and cultural aspects of globalization is visible in the main determinants of globalization, which can be attributed to various spheres of human activity. They include but are not limited to digitization, which enables easy distribution of data, information and knowledge paired with a parallel advancement and accessibility of communication channels, especially the Internet; development and internationalization of mass media, which creates certain convergence of consumer patterns (e.g., mass accessibility of TV such as MTV makes the icons of contemporary pop culture such as McDonald’s or Barbie the symbols of capitalist world, which developing societies demand, aspiring to the Western style of life; moreover increasing capital consolidation in the sector of media enables the formation of media empires, like Rupert Murdoch’s, which allow a relatively small group of opinion-makers to influence whole societies); increasing cross-border and overseas migration trends, caused by people’s urge to improve their lives and economic standing; longing for freedom in those countries, which suffer internal oppression either from the ruling class or from any other form of political or economic regime; this enables the democratization political systems and in consequence the introduction of economic liberalization and popularization of the free market philosophy (e.g., the spectacular transformation of central and eastern Europe countries from centrally planned economies to the free market); advancing skills of global management allowing entrepreneurs to operate in the wider geographical scale (a new category of companies, called transnational corporations, is both a consequence of globalization processes and a response to increasingly tighter competition, stimulating global dispersion of corporate influence, management methods, production patterns and technologies); convergence of various economic orders toward a free market and liberal economy and, in consequence, a creation of the unified economic model-the only acceptable economic philosophy; technological advancement and dynamics of innovations with their net effects such as a quicker use up of limited Earth resources; this in consequence creates new organizational behavior patterns (i.e., business sustainability, where business models are created on the basis of energy savings and social responsibility); new rules of international labor division and, in consequence, creation of geographical competence centers (e.g., information technology [IT] services in India); centralization of purchasing by global clients and the economy of scale, which is a direct motivation for global expansion (unit production costs are significantly decreasing with a growing share of B&R, marketing and promotion costs in a total cost of production); standardization of production and services being a consequence of adopting certain strategies on the global market (a classical example of such standardization is presented by the quality measurement norms-series ISO-certified by independent bodies such as TUV; getting a certificate, which is determined by adopting standard procedures in the organization, often determines whether the company can obtain good contracts as the big companies with large international networks of suppliers and distributors often select partners for co-operation on the basis of quality certificates possessed); less restrictive trade tariffs; strategies adopted by transnational corporations, which aim at gaining more competitiveness on a wider market and which change the rules of labor division as well as internationalization of production process as a result of the complex network of relations between corporate branches in many countries.

Among the strategic decisions of enterprises, two have significant gravity in terms of their ability to force further globalization. First, mergers and acquisitions that contribute to enlargement of organizations per se. Second, off-shoring, or locating some business functions and processes in countries that offer cost reductions without compromising on the quality of the service. Enterprises forced to compete in a tighter and more challenging market seek strategic assets, which are often purchased through takeovers of other companies or through various forms of mergers. Increased mergers and acquisitions activity can be characterized not only by an increased volume of transactions, but also by its significant dynamics (measured by scale of change as compared to the previous year). It is one of the main stimulators of globalization and a response to more demanding and challenging conditions for competition (companies are looking for foreign markets, which are often less saturated than those of the enterprises’ origin, however, as foreign markets accept more players and in due course become a global market, entrepreneurs must compete through taking over the strategic assets). In 2006 the value of assets acquired by purchase or through takeovers reached $88.5 billion globally in almost 7,000 transactions. Off-shoring (or near-shoring in the case of locating operations in the countries in a close proximity to the home country) is a strategic trend stimulating foreign direct investments. Enterprises are largely driven by a paradigm of cost reductions these days. They can achieve it by locating their service functions and non-core activities in the countries that offer significantly lower labor costs and a decent level of skills at the same time. Key criteria used in making such decisions are: local economic and political stability, infrastructure, labor market and the level of education, language attainment, and the real estate market. A typical off-shored operation includes call centers and shared services centers, hosting mostly the IT, administration and accounting functions. As such investments bring many new jobs, they contribute to the growth of local economies.

The most competitive locations, in terms of labor costs and overall investment climate, attract great numbers of investments and as the local market saturates, wages start to increase in a natural way- stimulated by the demand-supply situation. At the same time, local governments tend to encourage the investments i the more complex and sophisticated processes to benefit from a transfer of knowledge and perhaps technologies as well. More sophisticated jobs require higher wages and as the local markets develop toward maturity, as the hosts for off-shoring operations, enterprises move on to the new, less-saturated locations, where they can benefit from the lower costs again. This specific form of colonization is also a part of the globalization loop, where transnational corporations are the reason and the result of the process at the same time. Last but not least, a change in the very nature of competition remains to be mentioned as a key driver of globalization. Geographic regions compete for resources, for example for the capital and external financing opportunities on the global market. Together with liberalization of capital transfers, new opportunities for obtaining external financing for the projects became available. Companies do not need to apply to banks anymore; they can raise the capital directly on the market, for example through the emission of stock. This phenomena changed the core role of the banks as the sole capital providers. Banking institutions now need to diversify their activity in order to stay competitive. Regions also compete for the investments, specifically foreign direct investments (FDIs), which bring new technologies and jobs. Globalization should be analyzed in the macroeconomic context-as an aggregated phenomena taking place in the global scale, and in its microeconomic context-at the level of individual enterprises, adopting certain development strategies and making strategic decisions (e.g., locating elements of a value chain in the countries with local advantages or centralizing them in one location). Economic globalization stimulates a significant institutional evolution. Global institutions are set up to manage certain aspects of activity in the global marketplace. They are equipped with both political and economic tools to control and influence the global market players. The most important include the World Bank, International Monetary Fund, and World Trade Organization.

Use VoIP As Marketing Tool

IP-Telephony literally changed the way we communicate. Traditional telecommunications companies like pressed the panic button and forced to launch their own voice over ip service. Internet telephony is no longer the cautiously protected secret of computer freaks it was before. With voip it is easy to bring your business confidently to the global market.

Initially Voip was launched as an IM PC tool with voice as an added feature. Within a very short time it became popular for making calls over the net.

In consequence Voip providers, e.g. like Skype, Vonage and Lingo, build a communication network of thousands of PCs connected to each other owned by people like you and me.

The purchase of Skype Technologies by the Internet auction leader eBay for an incredible amount of $2.6 billion unveils the potential of the power of this technology.

How do I benefit when using Internet telephony

You only need a microphone and speakers to call. The call quality is of high quality in most situations.
Most people are sure they know what Internet telephony is.
They know how to make free calls with a PDA, PC, iPhone or laptop over the net.
But voip is much more than to call over the Internet.
With additional software tools it becomes a powerful marketing tool.

VoIP services has some value added features like

  • call waiting,
  • call routing,
  • three way calling,
  • teleconferencing,
  • videoconferencing,
  • fax capabilities,
  • call filter options,
  • return call

Voip provides you with the facility of forwarding the call to a particular telephone number and gives you a busy tone and play a message.

Redirect your calls to your voip number no matter where you are. Than redirect the call to your landline phone or your cellular phone.
Sell your ebooks e.g. in Australia and ask for a local number. When you answer the call with Voip on your cellular phone no one will know that your are sitting on the porch in your garden in Chicago.

The real power of voip lies in the additional software tools.
Voip makes a phone a versatile tool not only for business owners.

Export Your Services Overseas: Compete Globally and Grow Your Market

While following up on a trade lead recently, I was reminded of how American products and services are viewed by most countries in the world as being of first-rate quality and consistency. A buyer submitted a request to purchase baking ovens in the next two to six months. The manufacturer who I procured to fulfill the order needed clarification on how the ovens will be used and where in the world the items will be shipped.

I called the buyer to verify the kind of ovens, how many shipments per year, etc. After providing the requested information, the buyer went on to say that while their company often imports from China, shipments can be unreliable, delayed, or of poor quality. In contrast, the buyer says that American products are known for their dependability, performance, and consistent delivery of their products and often meets or exceeds expected quality. I don’t know about you, but I was very proud to hear that. So I challenge all America small businesses to: Compete Globally. This one phone call was an affirmation of American products and skills – at least in my eyes – on the global market place. As a matter of fact, when it comes to exporting quality services overseas, America is second to none. The service sector is where many small businesses seeking to expand its market base, may find success.

While exporting your company’s service maybe more difficult than exporting a product, America is known for its leadership in technological advancement, banking and insurance, as well as broadcasting and entertainment. Exporting a service is more difficult due to services being an intangible product. It’s more difficult because overseas buyers may find it more challenging to secure loans to purchase services. But difficult or challenging in this context means doable, it does not mean impossible. If you have a website, then your service is already available to global customers. A website gives you the possibility to take and process orders from customers in Canada, Australia and the United Kingdom, to name a few. Translating your website to another language nowadays is easy, making it possible to enable your Webstore to interact with customers’ in their native language.

Here are Five Service Exports with Potential for Success

•Green and Environmental Services: Green goods and services have taken off here in the US, and therefore, there will be an increase in demand abroad for services related to renewable energy and energy efficiency (RE&EE). Providing your technological know-how and expertise to global economies is a great way to broaden your horizons, and at the same time increase your customer base, which of course increases your company’s bottom line.

•Banking, Financial and Insurance Services: According to the A Basic Guide to Exporting, companies operating in this market segment exported $52 billion in 2006. Some of the areas where your company can provide services and compete effectively are account management, credit collections, underwriting, risk evaluation, and insurance.

•Travel and Tourism: Is the largest market for the United States service sector, with earnings of $86 billion in 2006. Your company can provide recreational services, lodging, transportation, and refreshments to tourist.

•Education and Training Services: If your company provides management training, then you can provide these services to overseas companies. English Language training services should also do well due to the English being the International Language of businesses world-wide.

•Professional and Technical Services: Globally, American companies are looked at as pioneers and leaders in this sector. Services such as: Accounting, management consulting, legal should be able to expand their services successfully to a global market place.

In conclusion, competing globally puts your business at an advantage, not only domestically, but internationally as well. Forcing overseas companies to compete in their own backyard, translates into less competition from them here in the U.S. But also, be proud of your expertise and knowledge, export your talent; your small business is still the standard barer of excellence and quality world wide.

Learn to Invest Money: Free Global Market Opportunities Technology Stock Picks (April 19 2006)

Looking for some tech stocks to add to your portfolio? Here are three technology stocks that are well positioned for the remainder of FY2006.

TKO: AMEX

Telkonet, Inc. (TKO) is a small cap company that develops and sells proprietary equipment that enables the transmission of voice, video, and data communications over existing electric utility lines within a building at a very cost-effective price, often even less than a typical wireless setup. TKO offers the Telkonet iWire System product suite, a technology that enables the delivery of commercial high-speed broadband access from an Internet protocol platform.

Last year, TKO’s technology was awarded the “Best of FOSE” at the Federal Office Systems Expo (FOSE) in Washington D.C. In February 2006, TKO acquired a 90% share in Microwave Satellite Technologies, Inc. which allows them to provide wi-fi solutions as well as voice, video, and data solutions to residential, commercial, and institutional clients. So why have you never heard of them? Because as of April 16, 2006, their market cap is under $200M, their average daily volume over the past three months is only about 350,000 shares, and their stock is trading at roughly $4 a share, all parameters too small for the big investment houses to ever consider.

CSCO (NASDAQ)

Cisco(CSCO) demonstrated many of the solutions used by the U.S. Food and Drug Administration at FOSE (federal Office Systems Expo) 2006 and these demonstrations generated quite a bit of excitement among government employees that attended the conference. The Cisco network provided a central platform that allowed FDA employees throughout their campus buildings to access the same data and share information quickly and easily. Using the Cisco Internet Protocol (IP) phone system and integrated messaging features, employees had the capability to access, store, and forward voice and e-mail messages from any PC.

CSCO’s IP phone system also facilitates the establishment of communications systems for corporations undergoing reorganization, as is common in large agencies such as the FDA. As opposed to the CSCO system, during reorganization, traditional phones systems would require employees to place an order with the local carrier for each move, which can take four to six weeks. Furthermore, each move would bear a cost of about $50 to implement. With the Cisco VoIP phone system, employees do not need to place an order with a local carrier. Instead, they can simply take their phone and its associated extension number with them and plug it into the new location with no additional hassle. “Cost savings are a fundamental benefit of Cisco IP Communications solutions, but even more important is how this technology helps users work more efficiently and do an even better job in this dynamic, information-sharing environment,” said Patrick Lugenbeel, Cisco account manager.

Cisco should be a solid stock as a long term holding.

CSR.L (London Stock Exchange)

CSR plc is a leading British company in global bluetooth technology. Bluetooth was the buzz a couple of years ago and these stocks, for the most part, went nowhere. Finally, this industry is starting to reap the benefits of the buzz from a couple years back although no one seems to be paying attention now. With its 2005 fourth quarter revenue up 105% year over year, its fifth generation launch of its BlueCore suite, and its widespread manufacture of its fourth generation BlueCore devices, CSR has positioned itself nicely for the remainder of 2006. BlueCore technology is featured in over 50 per cent of all Bluetooth devices shipped and over 60 per cent of all qualified Bluetooth enabled products and modules listed on the Bluetooth website. Furthermore, industry leaders including Nokia, Dell, Panasonic, Samsung, Sharp, Motorola, IBM, Apple, LG, NEC, Toshiba, RIM and Sony all implement BlueCore devices in their range of Bluetooth products. The Bluetooth market is estimated to more than have doubled in unit terms during the past year. Growth in this market does not seem to be slowing down. And CRS.L is the global leader.

Afterthought: Though TKO and CSR.L may not be tracked by any of the big investment firms, the point is that in order to achieve superior gains, you must do your own research. For example, I saw a buy recommendation initiated on April 16, 2005 on Chinese advertising company Focus Media from an investment house at a price of $61 a share. I bought into this position more than six months ago at $31 a share when many of the big U.S. investment firms had not yet started to grant this company any serious attention or complex analysis.

Ok, that’s it. Three technology stocks to consider.

Disclaimer: Readers should be aware that the above analyses were written on April 16, 2006 and that price movements of the above three stocks or new material news since the writing of this article may make the above stocks more attractive or less attractive. The above does not constitute a recommendation to buy, sell or hold any of the discussed stocks. All investment decisions should be made under the consultation of a professional, with explicit entry and exit strategies in place when investing in riskier stocks.