A translation project for a company is an investment aimed at internationalizing the product or service it offers, reaching potential target audiences abroad. Technology breaks down barriers and makes it possible to globalize markets wherever you are, as long as there is digital access for all.
But what about measuring ROI in a translation project? What percentage does translation represent in the company's bottom line? Let us explain.
Considerations for measuring return on investment in a translation project
ROI (return on investment) is a financial metric for calculating the ratio between investment and profit. So, it is data with mathematical logic and, as such, is expressed numerically.
But when we talk about measuring return on investment in a translation project, we need to take all the parameters involved in the project into account:
- The quality of the original content. The content must be useful and interesting. There’s no point in translating boring content or content that doesn’t meet users' expectations.
- The marketing strategies used to advertise the company's products or services.
- The use of SEM positioning.
- Brand management in digital markets.
So how much of the ROI equates strictly to translation? Although it’s difficult to express in numbers how much of the profit can be attributed to the explicit cost of the work of professional translators, we can quantify how collaborating with a quality translation service benefits ROI.
The importance of translation in improving ROI
Although the digitalization and globalization of companies was already a reality, the pandemic period intensified this process even further. An increasing number of online shoppers are demanding a personalized shopping experience in their native language.
This is why translating your project benefits your ROI.
- The study by global strategy consulting firm McKinsey & Company, Inc. indicates that the ability to personalize the shopping experience increases sales by 5% to 15%.
- Good translation and localization work enhances brand reputation. SEO translation better positions the company's digital content and, the higher the positioning, the greater the increase in web traffic.
- In 2020, U.S. consulting firm CSA Research published the third edition of its CRWB report (Can't Read, Won't Buy) in which 31,933 consumers were surveyed for a representative sample of 8,709 in 29 countries. The result is clear: 66% choose the website that offers information in their own language and 75% would choose the brand again if customer service is available in their native language.
- Translating and localizing content opens up new markets for the company's products and services and, consequently, increases the number of customers.
It may not be easy to measure return on investment in a translation project, but what is certain is that undertaking a translation project with an expert translation agency always benefits the company's bottom line and image.