Expand Globally: Start Here
In today's world, small and midsize businesses (SMBs) are rapidly venturing into global markets. Indeed, ecommerce platforms, communication tools, access to financial resources, and remote work all facilitate global trade. However, expansion comes with a unique set of challenges - like communication across culture. This is where language translation services, particularly localization, are key.
Studies show that businesses are operating outside their borders, with roughly 80% recognizing the strategic importance of global expansion to continue growing. In general, this percentage has steadily increased by 15% over the last decade.
Communicating across cultures and languages presents inherent challenges. Recent data suggests that 75% of consumers prefer purchasing products in their native language. What's more, ignoring this preference can result in a loss of potential customers. Tailored localized content is essential.
Localization doesn’t just improve customer engagement and satisfaction. It's also the first step in establishing a connection with them. Businesses that invest in localization experience a 25% increase in customer satisfaction. In addition, localized content can result in a 20% rise in customer retention. By speaking the language of their consumers, companies create a connection that transcends linguistic barriers and consequently, encourages loyalty and brand affinity.
Furthermore, localization trends vary across industries. For example, in healthcare, the demand for accurate medical translations went up by 30% last year. Healthcare providers that go for the cheapest translation available open themselves up to risk. Articles and stories abound about how poor quality translations can lead to adverse events, sometimes serious. Law firms that don’t offer document translation and interpretation for discovery and depositions stand to lose opportunities to larger firms that offer translations as part of their services.
Language Service Providers (LSPs) play a pivotal role in seamless communication. By reducing translation turnaround times by 40%, LSPs thus enable businesses to adapt swiftly to market demands, ensuring quick delivery, consistent quality, and reliable language solutions.
In the dynamic global business landscape, the impact of localization can't be overstated. While investing in language translation services, with a specific focus on localization, companies are not merely making a strategic choice— they're increasing their ability to thrive in the competitive global marketplace.