Translation for Start Ups
Why startups should invest in translation
Start-ups can hardly afford mistakes. They need to maximize the value of every single dollar they get from venture capitalists. At the same time, they must work towards becoming a self-sufficient company. Professional translation and localization services are an efficient way for startups to work towards this goal regardless of their industry or niche.
For fast and stable growth, start-ups should expand abroad. Reserving a small part of the starting capital for the translation of the product, website and marketing material enables your company to open up markets with millions of potential new customers.
Investing venture capital is inherently a daring business, as it is all about expectations and assumptions. An estimated 25 to 30 percent of venture capital-funded companies fail and investors get nothing for their money - some even say the rate could be as high as 75 percent. Many of the successful startups make just enough profit to offset the costs for investors.
Start-ups that receive Series C financing usually use it to accelerate their market growth, develop new products or buy companies through leveraged takeovers. This phase is primarily focused on international growth, as accessing new overseas markets is one of the fastest ways to increase sales.
Some venture capital investments are made in tranches or as a series of payments over a period of time. Each of these payments usually depends on the start-up's ability to meet agreed milestones. Typical milestones are:
a certain number of users,
a certain amount of income,
Release of an updated product version,
Conclusion of important sales partnerships abroad,
Translation of the product and / or related marketing material for access to new markets.
A worthwhile investment of your starting capital
Consider investing some of your Series C startup capital in translating your product, website, and marketing materials to promote and sell your product worldwide.
Translation is an inexpensive way for startups to reach more potential customers. This applies both to a concentration on the US market and to expansion into international markets.
Take these three aspects into account:
75 percent of consumers prefer to buy products in their language.
60 percent of people whose first language is not English rarely or never buy from websites that are only available in English.
80 percent of decision makers in marketing think that localization is essential in order to successfully enter new markets.
There is evidence that companies are making localization a priority in their budgets, even amid severe economic pressures from the COVID-19 pandemic.
Target languages with high impact
Carefully weigh the options and choose languages that will allow your company to attract as many new customers as possible at the lowest possible price.
While there are 254 million native English speakers in the United States alone, there are other potential customers there with the following languages:
Spanish: 43.2 million native speakers
Chinese (Mandarin, Cantonese and others): 2.9 million native speakers
Tagalog: 1.6 million native speakers
Vietnamese: 1.4 million native speakers
French and Creole French: 1.3 million native speakers
Internationally, the statistics show an even more diverse picture. English is the most widely spoken language worldwide with 1.27 billion speakers. Follow this:
Mandarin: 1.117 billion native speakers
Hindi: 615 million native speakers
Spanish: 534 million native speakers
French: 280 million native speakers
Arabic: 274 million native speakers
So when deciding which languages to consider for localization, your company shouldn't just look at the number of native speakers.
For example, there are around 615 million native speakers of Hindi, so you might think it would be a good target language. In fact, most people in India speak another language and understand English. So you can probably find more suitable target languages than Hindi.
These figures suggest that just entering the Chinese market would almost double the number of potential customers for a start-up.
So Simplified Chinese could be a good place to start if your company plans to enter the Chinese market.
There are few other investments for a company that can increase market reach so drastically and quickly. If the German-speaking marketing of a start-up is strategic and implemented well, the ROI of translation services is practically unsurpassed.
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