Translating Market Research - Acquiring Valuable International Perspectives
Revised Article:
Cracking the $30 Trillion Opportunity: The Unmissable Advantage of Market Research Translation
When it's about exploring new horizons for business growth, the significance of market research translation can't be underestimated, especially when targeting burgeoning markets worldwide. With emergent market economies poised to stir the "greatest growth opportunity in history of capitalism" in the upcoming years, this is indeed the golden hour to contemplate entering a new market. But there's no free pass—as the adage goes, failure to prepare is preparing for failure. Investing in market research will probably equip businesses with the essential global insights ensuring successful expansion, while those shying away may lag behind.
Global Expansion: A Double-Edged Sword
Venturing into uncharted territories provide businesses the chance to explore alternative revenue sources, but there's more to it. Expansion enables companies to tap into a diverse pool of talent, a known differentiator in the ever-evolving landscape of innovation, productivity, and financial performance. Alongside, companies can enjoy significant cost savings with operational expenses reduced in less mature markets and with economies of scale at play.
Yet, it's astonishing how businesses outside of these markets continue to largely overlook the vast potential emerging markets hold, even when accounting for 36% of global GDP in 2010.Multinational corporations hailing from developing economies managed to derive just 17% of their revenue from these territories that year. Given the promising surge of emerging markets, with annual consumption estimated to reach $30 trillion by 2025 and accounting for over 70% of global GDP growth, it's worth pondering the question: why such an untapped potential?
The Upshot: Challenges Galore
The answer isn't as complex as it might seem. Large multinational corporations, despite their inherent advantages, struggle to beat local players on their own turf. Local players hold the upper hand, thanks to in-depth local knowledge, including customs, culture, language, and purchasing power.
Diving deeper into these markets might offer additional insights.
Overwhelmingly, the majority of the top fifteen economies use a language other than English as their official language, posing a significant hurdle for businesses from English-dominated economies. The picture becomes even more intricate in countries, like India, China, and Brazil, that host a multitude of languages, dialects, ethnicities, religions, and cultures. A one-size-fits-all approach to market research is not enough to unravel the mysteries of these markets. This is where a targeted market research translation program can lend a hand.
The Lingering Pitfalls of International Business Research
Simply put, failing to prepare is preparing to fail, and this mantra is truer than ever for firms seeking to expand. Bypassing a thorough market research campaign may look tempting in light of its high cost and time investment. However, ignoring this step, particularly in markets with varying language needs, can prove financially disastrous and potentially tarnish a brand's reputation.
Take Red Bull, for instance, a shining example of a company that eschews shortcuts when embarking on international market expansion. As Jason Sargent, former managing director of Red Bull Australia, explained, Red Bull "employs local teams to interpret what our motto means in each market we operate in to ensure we are relevant to our target consumer." With 2020 sales crossing the 7.9 billion mark across over 171 countries and achieving group sales of €6.307 billion, it's safe to say that Red Bull's strategy is paying off.
Communicate Your Way to Success in International Markets
When it's about conquering foreign markets, there's plenty to learn from both success stories and failures of the past, with the most vital lesson being the critical importance of an extensive and in-depth market research program. The next crucial factor is a seamless communication, making sure your market research materials (questionnaires, open-ended responses, etc.) resonate with your target audience. Market research translators aid companies in building emotional connections with their target markets, ultimately bolstering trust. When communication is refined, audiences are more likely to actively engage with your surveys, leading to enriched data collection that guides successful expansion.
Our website stands as a trusted ally for market research translation requirements. Be it localizing research materials, back translating open-ended responses, or providing interpreters for in-depth interviews or focus group discussions, our expertise is at your service. So, don't just take our word for it; learn more about the solutions we've provided to our clients navigating their market research translation challenges. With us as your partner, your product or service can resonate powerfully around the globe!
References:
1 https://www.foodnavigator-asia.com/Article/2020/07/14/Wings-of-change-Red-Bull-looks-to-product-localisation-and-premiumisation-for-APAC-energy-drink-expansion
In addition to:
- Winning The $30 Trillion Decathlon - Going for Gold in Emerging Markets. McKinsey & Company, Aug. 2012, https://tinyurl.com/mnz2fpcd
- Sheryl Lyons, "Council Post: The Benefits Of Creating A Diverse Workforce," Forbes, www.forbes.com/sites/forbescoachescouncil/2019/09/09/the-benefits-of-creating-a-diverse-workforce/?sh=55b8f979140b
- "Economic Outlook Emerging Markets Q2 2021: Tailwinds From Stronger Global Growth, But Several Challenges On The Radar," S&P Global Ratings, www.spglobal.com/ratings/en/research/articles/210330-economic-outlook-emerging-markets-q2-2021-tailwinds-from-stronger-global-growth-but-several-challenges-on-t-11897263
- "How to Avoid International Marketing Mistakes," Business News Daily, www.businessnewsdaily.com/5241-international-marketing-fails.html
- "Giving Wings to People and Ideas," Red Bull Energy Drink - Official Website :: Energy Drink :: Red Bull Kenya, www.redbull.com/ke-en/energydrink/company-profile
- Previously published GL articles:
- https://our website/en-us/how-to-conduct-international-market-research/
- https://our website/en-us/industries/market-research/
- To effectively communicate and resonate with consumers in diverse markets, it's essential to translate market research materials into their native languages.
- Seamless market research translation can help businesses to unravel the complexities of target markets, build emotional connections, and increase engagement, ultimately leading to enriched data collection for successful expansion.
