Much more than 'just' translation
Nowadays, translation services are about much more than 'just' translation. So, budgeting for translation is about much more than getting a price per word from your Localization Service Provider (LSP).
When you budget correctly, you can ensure that you get the most from your translation budget, understand your ROI, and use data to drive your global content strategy. In order to do this you need to think beyond 'just' translation.
Here are 4 common translation budgeting mistakes you need to avoid…
1. Fixating on price per word
The most common figure you will see when sourcing translations is the “price per word” for a particular language pair (a “pair” being from one language to another). Lower-end translation services often quote this figure on their website.
It’s tempting to fixate on the price per word when budgeting, but doing so neglects all of the other factors that will influence the true cost to localize your content.
Most importantly, focusing on price per word focuses on translation alone, as this metric has a direct impact on how much the translator is paid. If you opt for a low price per word, the translator working on your content will most likely be paid less. Translators who are subject matter experts with many years' experience charge higher rates as their services are in demand. Market forces are at play so remember that there is truth in the old adage "You get what you pay for!"
2. Using translation cost calculators
A related mistake is to rely on the simple translation cost calculators provided on the websites of some translation providers. These appear to promise a clear, no-nonsense figure for the cost of translation services.
In practice, they are usually worse than unhelpful. Such calculators cannot incorporate all the subtleties of budgeting for translation and disregard other value-added services your LSP should offer.
A good LSP will be a partner for the long-term. They should identify ways to reduce costs by working smarter, being more efficient, and partnering with you to identify areas for improvement in all areas of the content process—from authoring through to publishing. Such extra savings include:
- Improving source content consistency and concision.
- Removing expensive human touches from the process by automating, including the (appropriate) use of Machine Translation (MT) or AI.
- Reducing the engineering work need to process translations by introducing tailored tooling.
To make these savings, you need a knowledgeable partner who can identify specific savings for your unique situation. The services they offer will be tailored to meet the needs of your content and your company, meaning a simple cost calculator just won't cut it.
3. Forgetting tools and technology
One factor that many people forget when budgeting for translation is the associated costs. There are likely to be a number of costs associated with tools and tech that you need to consider.
Does your company have a Translation Management System? If so, what are the costs? Don't just consider the set-up costs. Remember to include ongoing costs such as maintenance, updates, upgrades and customization.
Do you use a Machine Translation engine? Or do you have a Content Management System that is part of your localization workflows? Or are you using AI-driven tools? These are the sort of questions that you need to be asking yourself when budgeting for translations as there are nearly always associated costs.
4. Not addressing translation as a revenue driver
Are you looking at your translation budget in the wrong way? Many global companies are. A very common budgeting mistake that people make is to view translation purely as a cost.
This can lead companies into a vicious cycle…
They try to reduce the “fixed cost” of translation ➡ this reduces translation quality and effectiveness ➡ so the translated content works badly in their international markets ➡ so they assume translation isn’t worth the amount they’re spending on it ➡ and so they try to find even more ways to reduce that cost.
It’s much more effective to view translation as a revenue driver. This leads your company into the virtuous cycle of…
Translation drives your revenue in international markets ➡ so you look for the most efficient way to keep increasing that revenue ➡ which involves choosing strategic, high-quality translation services ➡ so the translated content works well in your international markets ➡ and so your revenue continues to increase.
How to get the most from your translation budget
How do you avoid these common mistakes? How can you ensure that you get as much as possible from your translation budget?
When working with our clients, we find that we can make the most savings for them when we don’t focus primarily on translation. Instead, we look at everything to do with global content. By doing this, we can help to:
- Streamline upstream and downstream processes
- Reduce waste
- Increase efficiency
You could make similar changes to your own content workflows. But, it can sometimes be hard to get an objective view of your situation when you are so close to it.
It’s often helpful to talk with a knowledgeable partner about your translation project and your available budget. They will help you to identify which translation services you really need to achieve your global goals. They can also help you to budget for your strategic goals, rather than simply budgeting for translation services.
Talk to one of our global content strategists and they’ll be happy to help. To book a call, just enter some details of your project here.