Why language matters in market research?
28th June 2018
Market research translation is a valuable tool for success, whether your business is expanding to reach a new foreign market or trying to improve its current standing in an international market.
A sector review by PwC shows the market research industry has grown by almost £2 billion between 2012 and 2016 with the number of full-time employees increasing by nearly 14,000 in that time.
Global expansion brings new challenges and risks but an in-depth market research can help with acquiring a holistic understanding of the target market and is thus a vital step towards market expansion. Various forms of research can be used to understand your market and local competition including questionnaires, surveys, qualitative and quantitative research, transcripts and native language researchers. This is also essential for driving success and measuring your achievement against competitors.
How market research translation can benefit your business?
A vast growth in technology and infrastructure has been breaking the barriers to international expansion allowing businesses to reach a wider audience, explore new markets and sell their products anywhere in the world. However, to do that, having a good understanding of a foreign market alongside its language and culture is incredibly important for the delivery of suitable marketing massages, tailored to a chosen audience. Companies need to speak to their consumers in their own language, respecting their cultural differences and traits.
Various sophisticated data collection and analysis tools used to make it easy to identify opportunities and threats, but with GDPR making data collection much harder, it’s imperative to use available data to its maximum.
Companies have often disputed the effectiveness of different data usage, although a recent survey undertaken by the MRS has identified data visualisation/dashboards (48%) and social media (47%) as the top disruptors of the market research industry in 2018, closely followed by behavioural economics (42%). With this in mind researchers are open to embracing new technologies to enhance the insight they are providing to make them stand out from the crowd for their clients.
Foreign Tongues specialise in market research translation. If you’re looking for the best quality when having your surveys, briefs, marketing material, proposals or any other documentation translated, contact Foreign Tongues Translation for your free, no obligation, quote.