One of the key measures for business is the Return on Investment (ROI). Today an ROI can be optimised if the business chooses to localise its product so that it can be more easily marketed to customers in overseas locations.
The Importance of Multilingual Content for Maximising ROI
There are so many branded products available that the companies are producing more website content to attract customers. This content is being translated into commonly used languages so that the product advertising reaches far and wide throughout the world. This has meant that as far as the translation industry is concerned in recent years the demand for its services has grown by more than 5% each year since 2015. In 2016 alone language services that were outsourced attracted a value of US$40.27 billion.
There is still this firm idea in some business owners’ minds that English is the language of the internet and anyone and everyone at least knows enough English to be able to locate products that interest them. This belief has lost its importance as consumers are a lot more tuned in these days about how they view and buy products. Recent research has found that more than 50% who don’t speak English as their native English won’t go near websites that are written in the English language. It doesn’t take much to realise that that potential customers have a better online experience when they view product information in their own language.
Measuring the ROI
Despite the fact that businesses just add to their budgets the cost of translation services, few have actually calculated the ROI from doing this. Quite simply, ROI is the net return from an investment divided by the investment’s cost. Your return depends upon your business’s goals and how your business measures success. ROI is calculated as the ratio of your business’s net profit to any relevant costs. There may be more to success than your ROI such as if you have attracted any new customers, the total time they spend visiting your website, the conversion rate, your share of the market share or just the volume of traffic that is led to your website.
Measuring Your Investment
A translation investment is typically measured in relation to the cost per word, so this isn’t hard to measure as it is quite simply calculated by multiplying the number of translated words by the price for each word.
Improving your Translation ROI
Most importantly you will need the correct technology that will help to lower your dependence on manual tasks and you’ll also need to identify and put investment into the languages which are likely to attract the most customers.