New research identifies huge opportunity for struggling businesses during COVID-19
With the majority of Australian businesses losing revenue and closing their doors due to the impact of COVID-19 nationwide lockdown, new research into multilingual consumer buying habits offers new hope for businesses.
LanguageLoop, who have been providing interpreting and translation services to multilingual communities across Australia for over 40 years, has surveyed 3,000 multilingual consumers and found huge commercial opportunities for businesses who simply offer their services in multiple languages.
With five million+ Australians speaking a language other than English at home, LanguageLoop’s CEO, Elizabeth Compton, said the new proprietary research identifies the enormous commercial opportunities language services present to Australian businesses.
“Our research found that 90% of multilingual consumers would recommend a business that offered their customer services in multiple languages to family, friends and the wider community,” Ms Compton said.
“With the economic outlook looking quite bleak, leveraging language is one clear strategy businesses can use to drive revenue as a part of their post-COVID recovery strategy.”
LanguageLoop’s research also discovered 74% of multilingual customers would show more loyalty to an Australian business that could talk to them in their own language, and another 74% would give their custom to an Australian business on the basis that they, or a family member, could interact in their own language.
“If you are only engaging with your customers in English you are missing out on a huge opportunity,” Ms Compton said. “By simply translating your website content into Chinese for example you will reach an additional 1.2 million Chinese consumers and that’s just here in Australia – let alone the global market.”
With 49% of Australians either born overseas or have a parent born overseas, LanguageLoop’s Language Matters whitepaper gives businesses a step-by-step guide on driving revenue for the coming financial year.
“As businesses think about rebuilding themselves after the significant impacts of COVID-19, our whitepaper provides businesses with the right tools to increase their bottom line by engaging in language with their customers – 21% of whom speak a language other than English,” Ms Compton said.
“Little things like ensuring your website is translated into at least the top five languages, providing a multilingual chat option on your website or having a telephone interpreter available to let consumers reach you in any language, are just some options you can implement to better engage with your multicultural customers.”
With 300 languages spoken across Australia, businesses that cater to their multilingual clients will see their efforts reflected in their bottom line.
“If you are only engaging with your customers in English you are missing out on a huge opportunity,” Ms Compton said. “Catering to your multilingual clients is an easy cost-effective solution to drive revenue, no matter which industry you’re in.”
Language Matters Snapshot
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LanguageLoop is Australia’s leading language services business and only full-service language provider. LanguageLoop’s extensive network of over 3,000 interpreters and translators speak over 180 languages. With over 40 years’ experience, LanguageLoop is trusted by Australia’s state and federal governments and leading brands including AGL, Energy Australia, The Westpac Group, IAG and others. Every year, LanguageLoop helps organisations connect with millions of non-English speakers though its extensive range of services including on-site, telephone and on-demand video interpreting, translations, 24/7 multilingual chat bots and other digital language solutions. For more information visit languageloop.com.au or contact Katherine Mechanicos on 0416 468 144 or firstname.lastname@example.org