How should language service providers (LSPs) use their limited internal sales and marketing resources efficiently to reach more potential buyers? Which industries have the largest outsourceable translation budgets in the United States? Where are those buyers located?
Common Sense Advisory performed a detailed analysis of the $5.7 billion outsourceable translation industry in the U.S. using economic data and comparing it with the aggregated results from interviews with buyers of language services about their spending habits. The findings, which are detailed in Common Sense Advisory’s latest report, “Where The Translation Dollar Is,” provides information for LSPs to target vertical and geographic markets with the greatest potential return on investment.
Common Sense Advisory Chief Connector and lead analyst on the report, Renato Beninatto, comments, “This report is useful to any language service provider or global marketing agency interested in finding customers, maximizing penetration in the highest-spending market sectors in the U.S., and optimizing sales activities.” Beninatto adds, “The report is also a valuable benchmarking tool for buyers of language services. By comparing budgets with the total spending for each industry, buyers can quickly identify their relative position in the market. “The report features multiple maps, graphics, and data points about the U.S. translation industry, including:
· Market size statistics and geographic mapping of potential buyers of translation services by North American Industry Classification System (NAICS).
· Common Sense Advisory’s estimate of the outsourceable translation budget by NAICS code for the top 20 market segments (in terms of dollars spent), including National Security and International Affairs, Software Publishers, and Machinery Manufacturers.
· Geographical distribution, by Metropolitan Statistical Area, of translation companies in the U.S. and potential buyers of language services.
Where The Translation Dollar Is” is available as part of a Common Sense Advisory research membership. For more information, visit www.commonsenseadvisory.com.