Language opens the door to new markets

30-06-2010

At a time of global economic downturn, tapping into new markets has never been so relevant to the success, indeed survival, of businesses worldwide…

As recession deals its harsh blows to flailing western economies, it has become clear that we need to look further afield to maximise our earning potential.

Forming strategic partnerships with emerging markets such as Russia, China and the Arabic world is a critical step that recession-hit businesses can take. These developing markets are less affected by the crises currently deflating confidence in western economies and are still doing well despite the economic decline that surrounds them.

So, how best to get in on the act with the developing powerhouses of China, Russia and the like? One key factor in gaining access to foreign markets is language. Long-term partnerships with any new market depend on relationship building; these relationships in turn are formed through linguistic and cultural awareness. English may be the accepted tongue when it comes to international communication, but there can be no underestimating the importance of local language. Often the quickest way to open doors is to speak to someone in their own language and, in a world where English rules, where it’s the easy option, the effort to speak your target market’s language and understand its culture will not go unnoticed.

Let’s look at China, whose official language, Mandarin, is now spoken by a billion people worldwide. Although English is increasingly taught and spoken in this booming economy, anyone aspiring to do business in China will be at a huge advantage with knowledge of Mandarin - especially away from the big cities. Being able to communicate on a ‘personal’ level is highly valued in Asian countries.

Then we have Arabic. Spoken by more than 250 million Arabs, this ancient language of the Qu’ran is key to financial, oil and intelligence industries. As with many foreign cultures, businesses with knowledge of Arabic have the edge when it comes to understanding nuances, customs and beliefs that often go unnoticed in English.

Any business aspiring to infiltrate these emerging markets may adopt a strategic approach to multi-lingual communication. Linguistic and cross-cultural training will provide employees and businesses with language skills attuned to their particular markets and an appreciation of the cultures within which they want to work – an investment that will reap long-term rewards.

Language in this sense really does help to open doors, and investing in an emerging market equipped with the appropriate knowledge is a step that could potentially both rescue and future-proof your business.