If you are the Executive Director of a translation company and one of your main goals is to continue and secure the well-being of all your employees along with maintaining a steady income for the business itself, then this article might be for you. Today we’ve chosen to outline a few good reasons for any decision-maker on why considering Asian languages as an addition to your company’s portfolio is a reasonable option.
But before we go there, here is some food for thought: throughout the years we’ve noticed that there is a certain level of insecurity when it comes to dealing with Asian languages without having the resources in-house. However, the diversity of these makes it highly improbable to have all you need within your own team. So it is a kind of a closed circle: you want it, the potential is there but you can’t reach it. Do you see any resemblance?
I suggest we tackle this one later on and without losing any more time, we’re going straight to our first argument.
Markets in Asia are thriving
We all see how fast China went back on track after the primary COVID-19 shock and now the country with one of the largest populations in the world is recording growth, while a lot of other markets in the west are still suffering. We also can’t skip the fact that two of the fastest-growing economies in the world in 2021 are located in Asia (as per Nasdaq) – Macau and India. These developing markets are top locations for investors, too and that is the main reason we are pointing you in that direction. Being an LSP that works in B2B you surely would like to point your finger towards a profitable location to your clients, right?
Limited number of clients within a certain sector
We’d surely be right to state that if you are a regional language provider and you offer a limited number of languages, then at some point the market opportunities you have available will be depleted. So what would be your options then, when you already have a well-established reputation, connections with the companies and are already working with them on a regular basis. Should this be enough? What if you still want to grow?
I’d say that this is not necessarily the case and one thing a manager can do is seek other opportunities to diversify the products the company offers. Here is the spot, where a good professional translation company can become a valuable partner for you. By choosing a reliable vendor with a single partnership you’ll add more than just Chinese or Japanese to your portfolio. You get a single point of contact with a wide variety of services to offer and you get the chance to deal only with one company, not a whole fleet of freelancers.
Wider range of services equals more opportunities
I don’t think I should even convince you in the above statement as it speaks for itself. However, a rich service list gives you flexibility and this makes the glove fit when it comes to business. If you have only one Japanese language translator you’d be limited with the topics covered, the CAT tools known, the estimated turnaround time, etc. Well working with a vendor gives you the opportunity to expand the services you are offering. That on the other hand widens the circle of potential new clients that might decide to work with you.
All of the above-listed reasons are good and valid but there is one more thing one should consider about these markets and it is the language barrier. Despite the fact that some Asian countries, like India for example, have adopted English as a second language the vast majority of people there will prefer to communicate in their native language. Language opens up the doors towards these markets and being language service providers one of our missions is exactly this – to open up the doors towards new opportunities. In the end, it all comes down to your team again. You either build it yourself – or have a partner who already has that knowledge (it’s what we do all day long ;)).