Startups and Website Translations: The Path to Success
Strategy and Creativity
Starting up a small business, although a large undertaking, can be surprisingly simple and attainable by anybody with a strong determination, a good plan and necessary resources. When entrepreneurs leave their secure jobs to dive into the chaotic world of business, they feel very apprehensive about the challenges that they might face. However, as challenging as it may be, it is also a very exciting prospect to start a business of one’s own in the rapidly developing global economy. An increased need of entrepreneurship has been felt due to the rapidly expanding industrialization in the last decades, which led to people thinking up innovative ideas and small start-ups started cropping up. According to the Kauffman Index, the Startup Activity Index rose in 2015 experiencing the largest year-over-year increase from the past two decades. US specially being the hub of economic activity saw more start-ups than the other countries.
But with the potential for success comes challenges that the burgeoning companies will have to face to make their mark in the economic world. Besides the challenges like shortage of funds, improper resource allocation or inability to manage a newly established enterprise, the most important hurdle likely to restrict the success of a new start-up would be its inability to acquire and retain customers. A new enterprise should be able to comprehend what the people desire of it and then cater to those needs effectively if it wishes to carve a niche for itself in the world of business. This requires them to be strategic and creative in attracting their customers.
Online marketing, email marketing and social media can serve as great ways to attract and retain customers for start-ups with a smaller budget. Internet provides a forum to individuals sitting at home and businesses of the smallest sizes to broadcast themselves internationally. But along with using these tactics, the entrepreneur must also work on differentiating their business from that of their competition’s so as to survive in today’s ruthless business environment. Also very essential in this regard is knowing the members of the target market by conducting a thorough market research. When identifying a target market, the best strategy would be to start broad but become increasingly granular with progress. This level of granularity will make it easier to tailor the messaging to appeal to these individuals, even if the customer base is actually much broader.
For companies looking to reach a global connection, website translations into different languages becomes an absolute necessity. Enabling the content translation into important languages will give this website a global appeal, hook in more visitors from other countries, keep them browsing longer, and prompt them to buy goods or services from the website. It also becomes a pleasant experience for the customers to be able to access the website in their native language; this builds a connection between them which persuades them to remain faithful to an enterprise, thus beating out its competition. All in all, website translation helps businesses in their branding strategies and gives them a distinct identity.
Data from the Common Sense Advisory research in 2013 shows that in order to reach 90% of the online audience worldwide, it is required to localize to around 21 languages. It also estimates that 48 languages will be required to reach the same proportion of web surfers in 2020. Localization then becomes an essential requirement for delivering new and unexpected value to users. A study on the innovation leader companies valued at $1 billion USD or more in US and Asia revealed that the Asian start-ups were lagging behind their American competitors because the commitment to internationalization is very different between the two regions. The startups which didn’t localize for Europe and US were seen to be remarkably less effective than the ones which did.
The Speaking Power of Spanish
A research on the most widely used languages on the internet reveals that Spanish is the third most widely used language on the internet, even though less than 8% of internet traffic is in Spanish. The importance of Spanish as a business language has been increasing in the last decades, due primarily to the constant economic growth experienced by the Latin American countries, many of which have taken huge leaps forward in terms of their international economic positions. Big corporations now realize the importance of reaching a market that represents $1.5 trillion in purchasing power in the U.S. since 2015. Spanish is spoken by over 420 million native speakers, and when added to the people that speak Spanish as a second language makes the figure rise to 530 million speakers world-wide. This makes Spanish the second most spoken language on Earth, beating both Hindi and English.
In the US, Hispanics make up the largest minority group, thus representing a key demographic group. The number of Spanish speakers in the US has grown rapidly in recent decades, reflecting the arrival of new immigrants from all over Latin America and continuous growth in the nation’s Hispanic population. According to another Pew Research Center report, an estimated 37.6 million people in the U.S. speak Spanish as their first language. Analysts predict that the Latino population will reach approximately 128.8 million in numbers by 2060, likely making it the largest Spanish speaking country in the world. Spanish is also the second most used language on Twitter and Facebook in London and New York. And it’s not just in the US, the Index of Human Development ranks Spanish as the second most important language on earth.
Since the rise of Latin America as the Land of opportunity, with an addressable market twice the size of US and the fastest growing internet population worldwide, it has become a breeding ground for the entrepreneurs which is ripe for disruption. However, satisfying the Spanish customers requires websites, apps, products, etc. to be translated to their native language so that they don’t recognize it as foreign. It has been seen that customers are unlikely to purchase from a firm which doesn’t provide information in their native language. It would also be very beneficial if the prices are displayed in the local currency of each population, otherwise they might regard the product as irrelevant to them. Most people are not aware of the USD or EUR exchange rate and may not have an idea of the actual price of the product in their country.
In conclusion, it can be said that entrepreneurship in all its forms will continue to be essential to rising standards of living and expanding economic opportunity. And the increase in the new start-ups will lead to increased competition among the entrepreneurs to effectively capture its target markets. Website translation into important languages comes into play as one of the most suitable way of reaching out to the international markets and acquiring the status of a global brand. Spanish, being the second most important language in the world, becomes the ideal language to be considered when translating websites.