Transcriptions are being used by a variety of industries and more and more individuals are looking to outsource the production of them. For professionals offering transcription services or looking at starting a transcription business, there are many factors to consider. Running a business can be tedious and cumbersome enough, but transcription comes with additional manual efforts and arguably the most significant resource of all – time.
Various clients worldwide, from educational institutions to global business organizations, not only require the assistance of transcribers, but have specific requests and customization needs for the transcripts they’re delivered. This reality can be viewed as both positive and challenging. It means that there’s essentially a limitless potential in how much a transcription business can grow, but also that transcripts offered can’t ever be one-size-fits-all.
To know how to grow a transcription business effectively, here are four tips.
1. Make use of technology
The latest technology can help your company grow exponentially. Technology can include everything from accounting software to website chatbots.
Specific to transcription though, you can whitelabel the service you provide and turn to a transcription specialist to speed up your delivery timing and handle any customization needs easily. For example, Verbit offers an AI-based technology which is built to be customized and pick up on users’ specific needs. The best part is it gives you back time. Technologies like Verbit’s can handle an endless amount of transcription projects and are trusted for their accuracy.
For example, business leaders can upload the recorded audio or video, input templates in terms of customization needs and rely on Verbit for 99%+ accuracy, speaker identification, quick turnaround times and a whole host of other advantages. The result: clients are delighted by the service they receive, and there’s larger scope for the business to take on more projects.
There are some misconceptions that transcription jobs are being “threatened by AI” transcription technology. However, despite these advancements still rely on human elements and only mean more opportunities for businesses to thrive with more technology at their disposal. Technologies like Verbit’s also are essential to implement in order to stay competitive.
2. Using digital marketing to drive awareness
“How to start a transcription business” sound like something you’ve looked up recently? Nearly every helpful guide which exists highlights the need for digital marketing efforts. Ultimately, there’s no better way to promote your business.
From SEO to social media to paid text ads to YouTube placements, there are multiple digital marketing channels available to drive awareness of the business and its capabilities. Due to the volatility of channel effectiveness, it’s essential not to focus on one distribution platform, but instead allocate marketing resources across multiple platforms. Spreading out the budget allows marketers and business owners to see what works by testing and experimenting.
Auditing past marketing efforts and their results is needed to deliver a high-quality marketing strategy. Inspect your analytics, find out which channels are and aren’t performing, and use this information to form your strategy and achieve your marketing objectives. Remember, experimenting is also essential for marketing, as new platforms and tactics are always growing in relevancy.
3. Expand into new industries
Many companies producing or offering transcription focus on one specific industry. For example, a company could be a specialist in transcription for educational needs such as those required by educational institutions. Making headway and gaining clientele in one sector can help a business to establish itself as an expert within the industry.
However, to achieve a booming business, it’s often necessary to branch out into other sectors. Different industry professionals to consider tapping into which require transcription services include:
- Legal professionals
- Medical and healthcare providers
- Market researchers
- Audio and video podcasters
- Keynote speakers
- Video producers
- Marketing consultants
- Content strategists
By expanding a business’s reach into the above sectors, new opportunities will naturally become available for a transcription company. Over time businesses can then offer expertise across all areas.
4. Work within new locations
It’s not just new industries you should target. It is wise to venture into currently untapped locations. Exploring what can be done on an international level with your transcription business, rather than staying local or even just in the United States is one method to consider. With growth opportunities to work in new areas and the greater trends toward outsourcing and remote work, don’t miss out.
As the world becomes increasingly globalized, there’s also a greater need for transcriptions to ensure international audiences can understand content produced by organizations. Many companies are utilizing transcriptions to produce translations of content. Solutions like Verbit can offer your business with the ability to provide both the transcriptions and the translations into other languages as one package. With the right digital marketing efforts in place, businesses can therefore attract international clients and meet their new needs.
It’s not easy to grow a transcription business, but these general tips should provide a foundation to expand upon. Certain steps – such as incorporating Verbit into your workflow – can be implemented immediately, so the company can recognize growth and take on more work without delay.