|7 Min. Read||Evan Kramer||February 23, 2023|
In current macroeconomic conditions inflation is high, and consumers are spending less. Large companies have already started going through layoffs and budgets changes. Many more companies will continue to face budget cuts, staff shortages, hiring freezes, layoffs, and a range of external roadblocks. With this, fewer resources will be available to get work done, creating a greater need for all work to be done effectively and efficiently. As many companies turn to agencies and partners to fill in the gaps, the benefits of outsourcing will far outweigh the training, human resources, and recruiting costs of hiring new people.
No company is immune to a recession. However, measures exist to gain leverage even during volatile times. One strategy to consider is translating and localizing your website content. With the right outside help you, can reach new customers without having to hire more people or distract the current team with a website translation project.
Diversity within the U.S. is increasing. The Bureau of Labor Statistics reported an estimated growth of 42% in the employment of interpreters and translators from 2010 to 2020, meaning the need for translation within the U.S. is still growing fast. Translation can help combat the effects of a recession by addressing your customer in their preferred language. This works especially well when focusing on the growing Spanish-speaking population in the U.S.
As diversity grows and changes, translation and localization become necessary to helping your company achieve its revenue goals. According to the Common Sense Advisory, making efforts to localize is vital for a business's overall prospects, both domestic and global, and neglecting it during an economic downturn can most likely result in significant revenue loss. For example, one company had a hospitality client who was looking to invest in campaigns and landing pages for Spanish-speakers in the U.S. However, their most important conversion point-the checkout engine-was still in English. Once they localized their checkout engine to target Spanish customers, their conversion rate increased 411%. Wins like this will make a world of difference during a time of economic challenge.
When domestic economic conditions are on a downward slope, localization can help soften financial blows by tapping into international markets. Effective localization strategies don't have to be complicated. You can invest as much or as little as you want or even get started for free with solutions like machine translation. Gauge how much engagement those experiences are generating, and decide to invest further after interpreting the data.
When you lower your bounce rate from multilingual customers, you can increase your conversions. According to a Common Sense Advisory's study, "Can't Read Won't Buy", 72.1% of consumers want to, and do, spend almost all their time on websites that are in their preferred language. Investing in a multilingual website encourages foreign customers to visit and stay on your site.
Consumers care more and more about what a company stands for these days. A website or app that's available in multiple languages is a competitive advantage, and a great way to show that you're running a business that cares about its multilingual customers. Showing good intent, quality of work, and diversity sheds light on your commitment to customers.
Translating and localizing content is a great way to boost worldwide brand recognition, awareness, and trust. Beware though: if you cut corners and use a cheap, word-for-word translation service, you may achieve the exact opposite results. Opt for a service that prioritizes accurate translation and localization using both human and machine methods.
Unfortunately, with a recession comes layoffs. Letting go of an employee is hard for both parties, but it also creates an increase in workload for the remaining staff. If your company falls victim to layoffs, outsourcing is actually a great way to avoid overloading your team and causing subsequent burnout and low morale. Website translation projects can be cumbersome, manual, and repetitive. Automating the translation process with a concierge-level translation partner can instantly relieve internal resources without sacrificing quality.
Outsourcing can also help you avoid one of the great pitfalls of translation and localization: that translating as much content as possible, as quickly and cheaply as possible is the only way. Instead of overwhelming your employees by asking too much of them, find a translation partner that is prepared to handle your project and maintain it long-term.
The translation and localization process already has so much involved in it, sometimes it can be hard to ensure that you are complying with important laws and regulations for your new target market. This is especially true when laws update and change. For instance, Quebec’s government passed a new bill, known as Bill 96, which protects French as the official language of the province. As part of the new guidelines, individual citizens hold the power to file lawsuits against organizations that infringe on their right to service in French.
So, what does this mean during a recession? With some laws opening companies up to lawsuits, the cost of not translating your content properly could be disastrous. Luckily, a concierge-level translation partner like MotionPoint has the expertise and global knowledge to ensure that your company can thrive in new markets.
The translation process is a mix of people and technology. It takes a lot of human power and labor to keep the process running smoothly internally, and this means that it costs a lot of money. On top of that, you will require intuitive translation technology. This is why the beginning stages of the translation and localization process is so expensive. If you're not investing in the right resources just to cut costs, your quality will suffer.
Outsourcing in the early stages of translation is a fraction of the cost. If you don't know what you're getting into, you may think you'll save money during a recession by doing translations in-house, but that is just not the case. By working with a company like MotionPoint, you don't have to burden your existing team and you will save up to 60% on human translation costs.
With many companies undergoing tighter budgets and staff shortages, now is the time to provide the best locally relevant user experiences to customers. Maximize your budget and return on investment by outsourcing your localization efforts. And yes, a recession is the perfect time to do this!
Your best bet for achieving high-quality translation, even if not in high quantity, is to work with a company that uses an effective mix of human and machine technology. The only way to get concierge-level translation and localization services that are top-quality and fair cost is to outsource your needs to a company like MotionPoint. Reach out to us today to learn more.