Video Localization and ROI
If you are communicating in English, you are only reaching 36 percent of a possible world market, according to Common Sense Advisory, a market research firm based in Boston.
But is there ROI when you localize video? Our clients indicate a resounding yes, and prevailing wisdom — as well as current statistics — tell the same story.
Whether the economy is booming or busting, professionals responsible for translation and localization sometimes struggle to prove the value of what they do.
Let’s see what some of those localization benefits look like. Here are some of the factors that can make or break a clients’ likelihood of seeing your content.
Your Clients Prefer to Engage in their Own Language
It isn’t terribly surprising that consumers—even multi-lingual ones—are more likely to make purchases when product information is offered in their native language. What might be surprising, however, is the extent to which this influences their buying decisions.
Common Sense Advisory surveyed 3,000 consumers in 10 countries where English is not the primary language spoken, and found strong linguistic preferences.
* Seventy-five percent of consumers said they would rather purchase a product with information available in their own language.
* Sixty percent of the respondents said they rarely or never bought from websites with English-only content.
Bottom line? If your competition is localizing, then they will have an advantage over you.
Investment is Key: What Goes Around Comes Around
The total amount that companies invested in translation and localization increased from $26 billion in 2010 to $38 billion in 2015, according to a survey by IDG and Smartling. The majority of firms report that their cost of translation represented well below 1 percent of their total revenue, says Common Sense Advisory.
After you’ve taken the plunge and invested in localizing your content, what kind of bounce can you expect to see?
* Fortune 500 companies that translated information into additional languages were 2.67 times more likely to experience revenue increases and generate higher profits.
* Fortune 500 companies that expanded their translation budgets were 1.5 times more likely than their peers to report an increase in total revenue.
* Done well, top-notch video localization has another tangible benefit: Effective training videos head off confusion and questions, which translates into fewer customer care calls, and more satisfied clients.
Once your localization is complete and you’ve had time to generate data, take a look at who’s taking a look at you. Track page views and conversion rates, depending upon your digital platform. Companies tend to prioritize revenue and volume of new clients above all else. But localization puts your business on a world stage, with the potential to build global brand awareness — and eventually, new clients.
Still not sure?
Consider calling us at CMI. We are happy to design a test project with your existing video content to prove the value of localization. You will be coming back for more, we are confident of it!