If a company only speaks one language, it’s definitely losing money. The majority of people, 75% according to CSA Research, prefer to buy products in their native language. Similarly, Gallup found that 42% of people never purchase products or services in other languages. This makes multilingual capabilities one of the most straightforward ways for businesses to reach new markets and bring in new revenue.
We’ve gathered a look at some of the key areas where skilled translation matters most for companies.
Contract Clarity
Indiana’s business world is more global than ever. Roughly 193,000 Hoosiers work for one of the 950 or so foreign-owned business in Indiana, according to state officials. We have the highest percentage of foreign-owned private sector jobs in the Midwest.
Also, international business is projected to grow. Data from an IU Center for the Study of Global Change survey of Hoosier companies found that half expect international sales will account for a larger share of their total revenue by 2025. Also, over 60% of respondents believe that staff with stronger international expertise would have a positive impact on their sales.
Along with all that business growth comes a greater need for clarity in communications, particularly in the realm of contracts and documentation. Major business deals often have minute details in their clauses that can alter the terms of an agreement. Without adequate language representation, the full potential of these agreements might never be achieved.
Clear communication has a range of other internal benefits for companies on the day-to-day level too, from things like increased employee productivity, better engagement, and improved workflow. All of which can be very positive for a company’s bottom line.
The Language of a First Impression
Language and translation significantly affect the external parts of a company too. The first impression most clients will ever have about a business is the quality of their website. Poor or broken translation could drive business away. Site owners need to go much deeper than a translation app when authoring their websites.
There’s a big difference between a body of text written by a bilingual person and one that was translated by software. Subtle nuances about language can send the wrong message if used incorrectly. This is why it’s advisable for companies to consider using a human translator to proofread and edit all translated text before publication. If a website is what a customer sees first, then it should always be well-written.
In person, the presence of a translator can do a lot to extend a company’s image of credibility and cultural awareness. It shows that a business is serious about the conversation and strives to maintain accuracy. This is applicable on every level, from board meetings to interviews with new hires. Translation will strengthen a brand.
Tailor Content
Things resonate differently among different populations. When a company has better skill range with language, it gains the added benefit of knowing how to avoid cultural pratfalls. Additional insight into cultural preferences will always enhance regional marketing efforts. It enables teams to develop tailored content that appropriately fits target audiences.
Tailored content can also be a major boost for a company’s brand. More people will start paying attention if they’re able to connect with the message. According to SmarterHQ’s Privacy and Personalization whitepaper, 72% of consumers only engage with marketing messages that are customized to their specific interests. That means three out of four people are going to ignore marketing if it’s not tailored to fit their demographic. Language is a huge part of that tailoring.
Think about it this way – a company doesn’t have to expand its marketing outside of the country to see a benefit from tailored content. About 8.5% of Indiana residents speak a language other than English at home, primarily including Spanish, Indo-European languages, and Asian and Pacific Island Languages. Depending on location, the number can be even higher. The Chicago metro region, for example, has more than 150 languages spoken at home, according to Census data. The point here is that new markets might not be as far away as one might think. They could be just around the corner.
Don’t Be at a Loss for Words
In the coming years, a company’s language range could become a metric used to predict their success. Choosing to remain limited will probably lead to underperformance in the long run. More businesses will have to equip themselves with expanded language capabilities if they wish to grow and remain competitive for the future.
Things to Look for in a Translator:
