If you are an events company covering conferences, parties, weddings and product launches, you will always need to be on the alert for new companies coming in. If you are the recognised expert in managing European Works Councils for heavy industry, you won’t care. If you are a conference interpreter covering every field for every kind of client anywhere you can get by plane, you will always need to watch your back. If you get a reputation for handling the assignments that scare the lag out of your colleagues, you will never have to worry.
Market size and competition
The amount of competition in any given market is usually just a measure of how big people think the market itself is. When people think there is a big market, there will likely be tons of competitors and with them, the added complexity of fragmentation. Interpreting is a multi-billion dollar industry but no single player controls anything more than a tiny sliver of it at any one time. Sure, big multinationals might mop up government contracts but that leaves the far larger private markets (and there are several of them in each country) for anyone who can jump in.
The size of the market you need to be in is purely and simply a matter of strategy. If you want to be pulling in tens of millions of any currency a year, you will need to swim in the oceanic markets and deal with the resulting competition. If, however, you just want to master one particular area, you will limit your growth to the size of that market but you can, and just might, achieve your goal with fewer headaches and fear of competition.
Making Interpreting Irreplaceable
Competition only matters to the extent that you have allowed yourself to be seen as replaceable. When you’re the go-to person for that particular client and you got there by delivering results, you don’t need to worry too much about competitors coming in with price cuts, unless the results you were delivering actually weren’t as flashy and unique as they looked.
A smooth conference, rightly or wrongly, will be seen as good, but fairly easy to achieve. A conference that covers six languages, leads to a 500% increase in sales leads and bags the client hundreds of press spots will win you them for life. Accurate interpreting is pretty much a given; interpreting that sorts out a tricky cultural issue and qualifies the client for a multi-million pound deal (true story from my own experience!) will have the client coming back for more.
If you deliver what your clients think anyone else can deliver, prepare for vicious competition. If you can strike gold when everyone else is striking out, the competition just became irrelevant. It’s simply a choice of where you want live.