Translation 1 - Experience coping with economic crisis
Starting a business in 2008 financial crisis, and now the Covid-19 crisis in 2020, after more than 10 years of existence and development, Translation No.1 has accumulated experiences and strategies. overcoming difficulties ”, leading the field of translation in Vietnam. Join AutoAds to learn their secrets through an interview with Mr. To Thanh Cong - Deputy General Director of Translation No. 1 in the program "My Business Story"!
Starting a business in the 2008 financial crisis
Starting a business in a global crisis is something no company wants. However, according to Mr. To Thanh Cong - Deputy General Director of No. 1 Translation, also because of the difficult first steps, helped No. 1 Translation has the courage and perseverance to develop strongly. and enduring like today.
1.1 World and domestic situation
The financial crisis in 2008 marked a series of big changes and influences no different from when the Covid-19 epidemic appeared.
Specifically, it was a series of collapse of banks in the banking system, a situation of "credit hunger", a devaluation of securities and a devalued currency.
In Vietnam at that time, although the financial system was not affected, import and export activities, investment attraction, consumer demand, etc. were affected relatively clearly.
1.2 Business situation
"The difficulty from the beginning was the lack of capital and industry experience."
Translation No. 1 is a company specializing in researching, developing and providing language services such as translation, interpretation, localization and multimedia.
The company's customers range from domestic enterprises to foreign countries, from SMEs to large enterprises, multinational corporations and corporations, ...
For No. 1 Translation, the declining demand situation also causes consequences for the company. However, it is fortunate that the policies of the Vietnamese government now support a lot of domestic companies.
The first phase of building the foundation to survive is always the most difficult, with a series of issues that Mr. Cong needs to care about such as capital, office space, staff, living expenses, resources. customer,...
1.3 "Overcoming difficulties" solutions - Reduce costs, increase efficiency, Marketing
Facing unbelievable objective difficulties, the No.1 Translation has gained more experience lessons.
Mr. Cong shared 3 solutions to this global crisis as follows:
Cut the cost
The company minimizes the cost of living such as electricity, water, wages, ...
Issues of product quality as well as hard salary of employees, the company always put on top and not to be affected.
During difficult times, Mr. Cong always considers to ensure the rights of customers and employees. In order for employees not to leave, stick with and trust the company, as well as retain the excellent personnel.
The sales decline but at the same time must ensure salaries for employees, causing the company to expand its customer base.
The interpreters at the company are highly qualified, with bachelor's / master's / doctoral degrees or higher and come from many different countries. For example, if someone needs to translate from Korean to Vietnamese, that translator must be Korean.
Taking into account that highlight, Translation No.1 has enlisted opportunities to reach customers, maximize the efficiency of labor productivity, workload and quality of outputs.
One of the important solutions "the end" for businesses must include the ingenious Marketing tactics.
Businesses focus on expanding the market, leveraging communication channels to promote the brand to customers.
The building and preserving the image of a professional company, a leader in the field of translation, is also kept in mind. The facebook channel and website must ensure quality in terms of content and images.
The second challenge was called Covid-19 - Enlist the implementation of digital transformation plan
Covid-19 was an economic crisis that affected all sectors, businesses went bankrupt, frozen, ...
For No.1 Translation, Mr. Cong has had plans to convert business numbers before. This is a difficult time, but at the same time the online demand is also surging. So on the positive side, this is an opportunity to put previous ideas into the test.
Specifically, enterprises implement the following strategies:
Take advantage of the economic slowdown, develop high-quality products and services.
Cut advertising expenses in a short time (often accounting for the largest cost in marketing activities) to compensate for other fixed expenses when revenue goes down.
Ensuring product quality for customers and the rights of employees to maintain brand reputation and value.
Focus on the digital transformation process to accommodate the changing market.
Apply company management tools to increase work efficiency.
Reach customers with many interesting, valuable topics, not just products. For example, language learning experience, foreign film review, some translation documents at outstanding events, etc.
Image: The tone of the brand's dominant color is red in all media products. Use of modern vector graphics; Human resources always wear the company uniform; decent office with beautiful furniture, located on a large road surface creates a professional and prestigious image in the eyes of customers and partners.
Channel settings: Providing a full range of business information to help customers easily contact such as geographic location, phone number, opening hours, information and service prices, ...
Promotion: Upload promotions and continuous updates on the cover image, so that customers can easily capture and attract attention, boosting demand when entering the fanpage.
Diverse methods of customer contact (Facebook, Zalo, livechat, email).
Featured pop-up settings introduce promotions.
Optimize your website by giving full information about businesses, services, achievements and certificates, customer reviews, specialized translation documents, blogs, ...
Fast page load speed.
About converting numbers
Use the AutoAds MaxLead tool to increase conversions by 30%
This tool helps Mr. Cong:
Creating the 9 most popular contact channels helps customers have convenient contact channels and customer care is also better.
Create Promotion button, attractive button.
Create pop-up banners that appeal to visitors.
Provide conversion data for Google machine learning.
In particular, Mr. Cong found this tool most effective with the statistics of customer behavior: geographic location, trends and interests, the content that customers are interested in, etc. from which to apply to Marketing and advertising plans.
Mr. Cong particularly enjoyed and introduced the AutoAds MaxLead tool for other business units: https://autoads.asia/en/cong-cu/maxlead/
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Help prevent virtual clicks from automated robots, hackers and competitors to save advertising budgets, bringing real conversions from customers.
According to Mr. Cong, businesses have saved 1% of the budget - a small percentage but a very large number when converting money.
"On the market, I see that there are no similar integrated tools that are simple, easy to use and manage like Novaon AutoAds tool" - Mr. Cong shared.
Optimize advertising costs now with AutoAds tool Prevent virtual clicks here: https://autoads.asia/en/cong-cu/chan-click-ao/
Secrets of success - Put human values first
Throughout his business journey, it can be seen that regardless of any difficulties, the human values of the business are always put on top of him by Cong and his colleagues.
With the current competitive market, many businesses have difficulty pursuing profits, ignoring the values that help the company develop sustainably.
Perhaps also because of the humanity in the relationship with internal personnel and customers, as well as the community responsibilities, the No. 1 Translation has existed and developed over the past 10 years, increasingly asserting its position. and overcome all major events.
Mr. Cong shared:
"Slogan" No. 1 in the field of translation "has always been the development goal of the management team and founding members from the beginning of the establishment of the company.
We do not consider ourselves Number 1 because we understand that there are even higher mountains. But when you have set a goal of Number 1, you must always find ways, efforts, trying to deserve that goal. The effort is non-stop.
Translation No. 1 operates with the motto of trying to change and improve ourselves every day to bring customers quality services, always more valuable than the cost customers pay. "
Advice to young business enthusiasts
Mr. Cong shared:
“The current difficulties are just challenges that help us see our strengths and weaknesses and also bring tremendous growth opportunities for business people.
Always find ways to apply technology to help shorten time and improve quality. Technology is an important tool to help businesses achieve sustainable and differentiated success. ”.
It is the difficulty and the will to overcome challenges from the first days of establishment that helped Translation 1 has achieved the current position. Currently, the company has a system of 5 offices in: Hanoi, Da Nang, Saigon, 80 in-house personnel and more than 3000 collaborators in Vietnam and the world.
Hopefully this will be a case study to help businesses overcome difficult times, as well as know how to apply digital conversion tools for themselves.
Accompanying that success is the presence of MaxLead - The maximum conversion tool on the website - which helps increase the amount of interaction on the website and Block virtual clicks - Increase the effectiveness of PPC (Pay-per-click) campaigns - Prevent virtual clicks from opponents or unwanted clicks. Hope through the sharing of Digital Translation You have gained more useful experience for your startup business.
Stay tuned for other success stories in the upcoming issues of AutoAds' "My Business Story" program!