Lots of businesses find new areas overseas to sell their products but they need to study the market first. This is called localisation. Before localising, the business needs to check the localisation cost and the gains from localisation investment need to be calculated as well.
Other Things that Need to be done Include:
● Who the potential market is
● How payments are to be made
● Availability of internet thing
● The language that should be used
● What the likely return on investment is to be
In order to get the full executive team of a business to agree all the facts about the localisation investment must be presented to them that point towards a positive return on investment.
Translation is Part of the Localisation Cost
The cost of localising rests in the main on the amount you spend on your advertising campaign as a localisation investment tactic. You will need to market your product in the language of your potential market which means translation costs will be necessary to put in your budget. These costs are normally calculated per word of translated text. On top of that is a project fee which is calculated as a percentage of the cost of the whole project. If there are documents that are similar in wording it may be possible to negotiate a discount.
The role of Translation Memories in Localisation Investment
You should get one of your office staff to put together a glossary of frequently used words. When you hire the translator the glossary can be provided but this will be kept by the translator to use with all your translations. These days, translators normally use a CAT (Computer Aided Translation) digital tool that includes Translation Memory (TM) technology. Every time one of your translations is done, the translator’s translation memory will record the common words and phrases used. These can be used for future translations which will keep down the costs if you use the same translator.
If the number of customers purchasing your product is on the rise this is a great way to calculate the likely returns on your localisation investment efforts.
Estimating the cost and expected returns showing a clear favourable performance will indicate the gains from localising your product and the overall ROI which will help get the approval from the management team.