The pace of globalization is accelerating, to the extent that half of customers for U.S. businesses will come from overseas by 2025. Meanwhile, three-quarters of Internet users already speak a language other than English, with that percentage expected to grow.
This reality could pose a stumbling block for some businesses. According to The Economist, nearly half of 572 senior executives interviewed said that misunderstandings and “messages lost in translation” have stalled major international business deals for their companies. More than 60 percent of these executives also said that poor communication skills have negatively affected their plans to expand internationally.
As organizations try to adapt to this new reality and optimize their language-access strategies, most are asking: Which business languages are the most important?Read More
If you think it’s difficult to define your typical customer now, imagine what it will be like 20 years from now.Read More
“Minority” consumers won’t be in the minority for much longer in the United States. Asian-Americans, African Americans and Hispanics already make up a majority of the population in four states and the District of Columbia, and several other states are nearly there. By 2055, the U.S. will not have a single racial or ethnic majority, according to the Pew Research Center.
Given the current size and future growth of these consumer groups as a larger part of the market and growth opportunities, market research firms are making a careful study of the buying habits of multicultural consumers. Paying attention to multicultural buying habits, as well as the media and cultural preferences of these populations, will benefit retailers now and in the future, as these statistics show.Read More
If your insurance plan is preparing for open enrollment, you could be missing opportunities to reach new customers from diverse populations if you aren’t speaking their language.
Recent data from the Centers for Medicare & Medicaid Services reveal telling insights on the language preferences of consumers who enrolled in HealthCare.gov. These statistics are based on self-reported data from last year’s enrollment period for all 50 states and the District of Columbia.
Here are some key things providers should know about language preferences among insurance consumers.
Doing business in the United States no longer means doing business exclusively in English.
One in five U.S. residents speaks a language other than English at home, according to the Center for Immigration Studies. When asked about their online purchasing preferences, the majority of those surveyed in a Common Sense Advisory survey said having information available in their native language would influence their decision to buy. The impact is most significant for the insurance and financial services industries; more than 85 percent cited language as a critical factor in their decision to purchase these services.
The potential for new revenue among these populations is one of the most significant reasons why companies invest in language services. Whether your customer contact takes place in-person, over the phone, or online, language services provide an opportunity to reimagine your business by removing cultural barriers.
Unfortunately, most companies fail to take advantage of the full range of services available to them, resulting in increased costs and missed opportunities. If your company isn’t convinced language services has an impact on your bottom line, here are three factors to consider.Read More
While English remains the most prevalent language in business—understood by about a third of the world's population—a number of other languages are becoming just as critical for competing in the global marketplace.
Our friends at Digital Doughnut recently put together a list of the 10 most in-demand business languages based on population and Internet search data.
It’s a must-read for business leaders as well as anyone concerned about consumer relationships. Here’s a quick summary of the languages besides English that should be on your organization’s radar and what you can do to ensure you’re prepared for the changing language landscape.Read More