It wouldn’t be too far-fetch to say that the world of business has become a lot more competitive than it was a couple of decades ago. The fact that state boundaries have become diffused, enables people from all around the world to choose a product or service of their liking. This choice was not available to customers a few decades back. But since globalization has increased customer purchasing power, a business cannot survive until it brings something new to the table. Something that caters to the specific needs of the customer. Similarly, the translation industry has also witnessed a lot of progress, especially vis-a-vis Financial Translation services.
Since, the world economy is dependent upon the smooth functioning of the world financial system, providing swift financial services to corporations and governments all over the world, has become a necessity. Financial Information has to flow accurately and smoothly cross-culturally. The language barriers have to be bridge among different states. If measures are not taken to keep a constant flow of financial information, it can to severe problems that can lead to irreversible damages.
In this article, we will discuss some of the new marketing realities in the translation industry.
Digital Revolution
The 21st century has witnessed a digital revolution. Processes have become more accurate and efficient. Organizations, especially legal translation services, have increased their levels of production by providing their services to a large number of people simultaneously. Meanwhile, financial translation services have enabl more target communication, since finance is a very specialized field and caters to people or institutions that have stakes in the discipline.
Globalization
One of the biggest driving forces for world economic growth is globalization. This phenomenon has created a lot of industries. Translation services are one of them. The reason behind the success of translation services is that it is one of those rare fields that owes its entire establishment and purpose to the notion of globalization. If there was no globalization, there would be never a need for translations. The entire purpose of such agencies is to assist communities to communicate with each other due to the prevalent language barriers.
Deregulation
The process of deregulation explores the idea of the reduction or the elimination of state government powers to establish greater competition and growth opportunities. This has allowed numerous translation services to expand the scope of their offerings. Now translation agencies, are not present just to translate text or content from one language to another, rather they have been temp to go for localization.
In localization, companies are given the opportunity to create their own services that can help their clients understand the regional, cultural, and linguistic nuances of where they reside. These services are a big help to global translation companies, that hire translators from such small organizations to assist them to understand the cultural intricacies when they are trying to provide localization services. And if their governments did not deregulate the state policies, such opportunities would never have existed.
Heightened Competition
One of the new market realities in the translation industry is that dozens of translation companies are competing against each other to occupy the market share. The market space has become extremely small for new translation agencies to come up and make a name for themselves. Hence, this heightened competition has significantly affected the profits made by these translation agencies, especially legal translation services.
Domestic translation agencies are significantly posing a threat to global translation agencies. This has increased the marketing costs and significantly reduced profit margins. since companies have to attract customers by doing something to stand out from the crowd.
Industry Convergence
Since capitalism has given the gift of the free market to worldwide businesses. many organizations have attempted to converge different industries in their portfolio of services. Companies that offer only one product or service are now stepping into multiple varieties of products. For instance, Apple, Sony, and Samsung are not only making one electronic product; rather they have converged multiple industries and make phones, laptops, and televisions as well.
Similarly, in the translation industry, agencies are not only sticking to translating texts from one language to another. Rather, they have entered multiple domains, by offering medical translation services, financial translation services, legal document translation services marketing translation services, literary translation services, and localization services for various cultures and traditions.
Moreover, the film industry has also benefited a lot from these services. A lot of movies are dubbed into multiple languages, in order to cater to a different linguistic segment. Meanwhile, there is always an option of subtitles for movies, which helps people who are not fluent or even unaware of the language.
You can take an example of a very famous TV show on Netflix called Money Heist. Now, this show has received praise from multiple audiences all around the world. Originally, it is shot in the Spanish language, but the fact that translation services. have helped them to offer multiple audio and subtitle options makes the show accessible to a wider audience than just the Spanish-speaking world.
Conclusion
One of the key lessons taught in every business school is to think ahead before you start any business. This concept taught a very important lesson that until and unless you solve a real problem, you can never become worldwide successful. Companies like Microsoft, or Amazon never really targeted just one segment or a niche market. Rather, they always aimed to go global and help people around the world.
Providing translation services helps people all around the world to communicate effectively. So, what once were divide by territorial boundaries, are now unified by translation services.
