Investing in translation services for your business can be an important decision for the overall success of your business in global markets. It is crucial to know if your investment in translation is worth the amount of revenue that is generated as a return In a study of Fortune 500 companies conducted by the Common Sense Advisory, they concluded that a majority of the Fortune 500 companies increased their revenue as a result of translation. Their data stated that “businesses that augmented their translation budget were 1.5 times more likely than their Fortune 500 peers to report an increase in total revenue.”
While increased revenue is an important driver for translation, the study also reported that branding, market share, and customer service outranked revenue growth as the most important reasons for investing in translation. These other factors showcase the importance of translation in order to grow your business in non-native markets. Translation is essentially an investment in better user and customer experience. By providing your customers with a fluid, easy to use experience on your website, this will in turn increase your brand recognition, lead to a better customer service experience, and then increase your profits in the long run. Users will remember your brand or company by your ability to provide them with a satisfactory purchasing experience.
Online shopping is directly influenced by translation. The Common Sense Advisory conducted research that confirms that people won’t buy online if they are unable to fully understand the company’s website. It is important to consider this fact when you are selling your products and services online. Having a multilingual website will allow you to build trust with your customers and reach a broader market of consumers in your industry.
The Common Sense Advisory states, “Fortune 500 companies that translated to keep up with or to gain an edge over their competitors were 2.04 times more likely to have an increase in profits.” If you are competing with some stiff competition in your industry, translation could give your company the competitive edge it needs to grow and get ahead of your competition.
Why wait? Grow your business today, and invest in translation services by Gateway Globalization. We specialize in document, website, audio, video translation and more! We want to help your business reach its full potential. Contact us today!
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