As we live in a modern, digital age, businesses are now going global and expanding to new markets more than ever before. While this may not be a recent trend, it has become clear that having an effective localization strategy in place can be the difference between success and failure in a new market.
Localization is the process of translating and adapting content for a specific locale. In the past, many businesses failed to invest in the process because they believed they could prove successful just with their original, English content. However, most businesses have come to realize that localization through content translation services is a necessary part of global expansion.
Only about 20% of the world’s population speaks English, with only a small fraction of that number speaking English as their first language. If a business wants to reach audiences that do not speak English as their native language, they have to translate and localize content for the target market.
In recognition of this fact, we are starting to see more businesses investing in content localization. A recent report from Smartling and IDG discovered a number of emerging trends in the growing market for content translation and localization. The following are a few of the trends that are expected to shape the future of the industry:
Localization Offers a Good Return on Investment
While the ROI of localization can vary significantly from one market to another, it’s clear that localization increases sales in the target market. When marketing material is localized, it can more effectively communicate the brand’s message, and it also helps to ensure a better experience for consumers.
In research from Common Sense Advisory, 72% of consumers said they are more likely to buy when information is in their native language. More than half said that the ability to obtain information in their first language is more important to them than price.
The Average Company is in 7 Different Markets and Looking to Expand
The research report from Smartling and IDG found that the average company already has a footprint in about seven different countries.
In addition to that, most of these companies are looking to expand into seven new markets within the next twelve months. Of those expanding into new markets within the next year, about 88% predict that they will need translation services to prepare their content for new markets.
Plans to Increase Spending
With the clear benefits of content localization, most businesses plan to increase their annual spending on localization projects. Of those surveyed, 94% of companies said that they plan to increase localization expenditures in 2018.
Increased Automation to Cut the Time to Market
The great majority of companies believe that there is a need for more automation in content localization. With effective automation, many companies are hoping that the localization process will become much less complex. In addition to that, marketers believe technology can be used to cut the time to market for localization projects.
When you look at the research, it seems that there are two clear trends in content localization. The first is that more and more companies are planning to spend more on localization and translation as they expand into new markets. The second is a growing interest in tech solutions that can be used to simplify the process and make it more efficient.