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Infographic: Why Financial Services Are Banking on Multicultural Consumers

Posted by Greg Holt on February 28, 2018

The potential for new revenue among multicultural consumers is significant for the financial services industry. On average, this diverse market is younger and growing faster than the “general market,” and that represents real growth for the future. Part of this diversity includes the consumer's preferred language.

To connect with all generations of multicultural consumers now, organizations must communicate in the languages those consumers understand best and that resonate with them. With language access built into all consumer touch points, financial services firms can build relationships, as well as be more successful offering financial products and services to help consumers achieve their goals.

This infographic illustrates the enormous opportunities financial services organizations have to reach multicultural consumers and how language access fits in.

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Does Your Interpreter Training Program Have These Essentials?

Posted by The LanguageLine Solutions Team on February 23, 2018

Whether you have bilingual employees or use interpreters in your contact center, they are an extension of your organization—for better or for worse.

How confident are you that they are communicating clearly to your customers?

There are only two ways to know for sure: Be fluent in multiple languages yourself, or ensure your in-house interpreters have been tested and properly trained.

Whether you have an interpreter training program in place now or are looking to implement one, be sure it includes these five essential elements.

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Why More Retailers Are Using Video Remote Interpreting to Reach Multicultural Consumers

Posted by The LanguageLine Solutions Team on February 15, 2018

The face of retail consumers in the United States is changing. Multicultural consumers – including Asian, Hispanic and mixed-race individuals – are the fastest-growing population group in the U.S., with 120 million strong and increasing each year, according to Nielsen research.

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What 2017 Taught Insurance Companies About the Need for Language Services

Posted by Greg Marshall on December 13, 2017

 

 

For tens of thousands of people, 2017 was a year of devastation.

First it was floods: residents in Texas, Florida, Puerto Rico, and other southern states faced catastrophic damage. Hurricane Harvey alone claimed at least 48 lives and caused an estimated $190 billion in damage. Then it was fire. Wildfires in Northern and Southern California forced thousands of residents to evacuate their homes as the governor twice declared a state of emergency.

When you factor in severe storms, cyclones, and other weather-related events, there were 15 that claimed more than 320 lives as of October. Each disaster cost $1 billion or more. Many of those affected were limited English proficient, deaf, or hard-of-hearing and required language services.Insurance companies know disaster is inevitable.

Having a language service provider on hand is a simple step they can take to ensure they are prepared to assist their policyholders and provide a great customer experience, regardless of language need.

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Multicultural ‘Super’ Consumers Are Buying: Are You Selling?

Posted by Bob Gallagher on November 29, 2017

“Super consumers” are the superheroes of retail. Both emotionally and economically engaged with brands and products, they are the top 10 percent of households that represent at least 30 percent of sales, 40 percent of growth and 50 percent of profit in any given category. Any retailer not connecting with these consumers’ passions and enthusiasm may face struggles.

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How the Travel Industry Can Use Language to Gain Loyal International Customers

Posted by The LanguageLine Solutions Team on November 22, 2017

International visitors to the United States spent nearly $150 billion in the first half of the year, setting 2017 on a record pace.

Optimistic as these numbers are, it may also be true that American hospitality businesses are leaving money on the table by failing to provide travelers with an end-to-end travel experience in their own language, despite the technology existing to do so. In fact, American businesses could sustain the interest of these travelers and maintain their loyalty by providing an enhanced in-language experience.

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How Marketers Are Using Language to Attract Multicultural Consumers

Posted by The LanguageLine Solutions Team on October 19, 2017

Driven by population growth and expanding buying power, multicultural consumers are transforming the ways marketers and advertisers use culture to connect with increasingly diverse consumer markets.  For businesses, this is why investments made now in language will pay off for decades to come.

Between 1990 and 2014, according to Nielsen, multicultural buying power increased from $661 billion to $3.4 trillion, and it will only continue to grow. Because the median age of the multicultural population is lower and the life expectancy longer than those of non-Hispanic whites, these consumers have significantly more effective years of buying power ahead of them.

We’ve already talked about why language services are critical to the future of retail, as well as how language services in retail can create the sort of personalized, experiential shopping environment that multicultural consumers are seeking these days.

 But no matter how wonderful your store’s shopping experience and customer service are, they’re only effective once someone is in the store. Let’s talk about how retailers are using language to market to multicultural consumers.

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Why Language Services Are Critical to the Future of Retail

Posted by The LanguageLine Solutions Team on September 28, 2017

The news this year has been filled with headlines about the “retail apocalypse,” a wave of bankruptcies, store closures and layoffs sweeping the retail sector. But while the situation is critical, it’s possible that reports of brick-and-mortar retail’s death have been greatly exaggerated.

It’s true that online shopping presents a challenge to traditional stores, but only a few of the biggest names in retail are online-only, and even that is changing as giants like Amazon and smaller companies like Warby Parker make forays into the physical world. In addition, consumers continue to prefer shopping in-store, including 70 percent of millennials and 77 percent of Gen Z.

As retailers figure out strategies to survive and thrive, one factor that might not seem obvious to consider is adding language services. Why? 

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Latina Buying Power Is On The Rise

Posted by The LanguageLine Solutions Team on September 27, 2017

In 2016, U.S. Hispanic buying power was bigger than the gross domestic product of Mexico.

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By 2055, Asian-Americans Will Be The Nation's Largest Immigrant Group. Is Your Business Ready?

Posted by The LanguageLine Solutions Team on September 25, 2017

When we say "Asian-American," we are saying a lot. The U.S. Asian population is a diverse one. A record 20 million Asian-Americans trace their roots to more than 20 countries in East and Southeast Asia and the Indian subcontinent. Each has a unique history, culture, language, and other characteristics.

Understanding these subtleties is essential to any business that seeks to increase its audience within the U.S. Asian community, which projects to be the nation’s largest immigrant group, surpassing Hispanics by 2055.

Here are five of the most significant findings from a fascinating recent study performed by Pew Research:

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