Working in the language services industry, it is clear to see that often businesses and professionals often don’t understand the need for a professional language translation, or the benefits of having business and marketing materials translated and often times view using a translation service as an unnecessary expense. The fact is that for any company doing business in foreign markets, or companies wishing to expand into foreign markets, or even wishing to communicate with customers and staff around the world, translating company documentation, websites and marketing materials has positive and beneficial results.
This fact is reiterated by the results of a recent survey conducted by Common Sense Advisory, a market research company specializing in carrying out research into industry trends in language services, translation, localisation, interpreting and globalization. Their survey entitled “Translation at Fast 500 Companies” was to find out about how Fast 500 companies use and benefit from using translation services.
The results of the survey speak for themselves in terms of the benefits for companies using translation services in terms of expansion and an increase in revenue.
It concluded that out of the companies surveyed, most of them increased their investment in translation services over the course of 2011, and they all experienced a clear return on investment as a result with a growth in revenue.
To take an excerpt from their summary of the survey findings:
- Businesses that expanded their translation budgets were 1.5 times more likely than their other Fast 500 peers to report an increase in total revenue.
- Roughly three quarters of Fast 500 companies added new markets – either international or domestic multicultural – over the past year.
- The businesses registering an increase in content volume were 2.5 times more apt to experience a growth in profits from one year to the next. They were also 1.8 times more likely to report revenue growth.
- The companies that translated information in order to communicate with and retain their partners were 2.67 times more likely to experience revenue increases. They were also 2.6 times more likely to generate improved profits.
- Fast 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 and 1.27 times more likely to generate augmented earnings per share (EPS).
Obviously large Fast 500 companies are going to have bigger budgets to allocate to using translation services, which many small to medium sized businesses don’t have. However, the results are clear in that if a company has or is trying to develop an international presence or if a company deals with multinational customers, the use of translation services can only serve to benefit these aims.
From translating a website, emails, or company brochures, each translation can go a long way and translation services should become an integral part of every company’s long term marketing and business development strategies.