How do the buyers with the biggest budgets decide which LSPs to work with? What criteria do they factor into this decision? You don’t have to wonder any longer because Nimdzi has asked over 100 language service buyers for you.
If you are an LSP, the information contained in this report will serve as a valuable resource to make sure that you are prioritizing the areas that matter to top buyers. If you are an LSB (Language Service Buyer), you can get an idea of where your colleagues are and benchmark your own vendor selection process against what others in the industry are doing.
We know you are busy! That’s why each of our reports are formatted so that information can be quickly and easily digested. For those in a hurry, we provide the TL;DR (Too long; didn’t read!) section in the beginning of each report. At the end of each report we also summarize key points with our own Insights.
For those that think the devil is in the details, we have you covered, too! In the body of the report we go into as much detail as possible about each topic discussed. Still not satisfied? Never hesitate to reach out to us directly to request additional information. We’re here to help!
Nimdzi has gathered responses from over 100 decision makers at language services buyers about the importance of various factors when choosing a language services provider. Each buyer was asked to rate the following criteria as either irrelevant, relevant, important, or very important.
As we know, individual preferences can vary widely from person to person. Likewise, the view and opinions of individual decision makers within an organization can also vary from the view held by the larger organization itself. Each respondent provided information about what was important to them, personally, as well as what was important in the eyes of their company.
As the well-known saying goes, people buy from people. Whether or not you agree with this well-known cliché among salespeople, you can’t argue that it is not useful to better understand the personal motivations behind buying decisions. We will start with a general review of the data collected and then look at some other ways to filter and analyze the data.
Let’s start with the unfiltered data. In the below dashboard, we look at how each of the above criteria ranked for individuals when making decisions around buying language services.
The results are ranked in order of importance, with the factors that were rated “Very important” by the most number of respondents is at the top, Most strikingly, we see that the top three factors of quality, on-time delivery, and customer service are the most widely viewed as “very important”, by a significant margin. Price comes in sixth place, when viewed as the top “very important” factor, though this moves up to five place if you consider all respondents who ranked it as “very important” or “important.”
Now we look at which of these factors had more than 50 percent of respondents ranking as “important” or “very important.” These are the areas where LSPs will want to focus their attention, as they will be the most relevant to winning new business from clients.
TO analyze for any other meaningful trends, Nimdzi has also looked at several different factors and the influence they have on buyer behavior:
In the below dashboard we see the differences between male and female buyers. The figures below represent each gender’s likelihood to rate a particular factor as either “very important” or “important.”
Most noticeable factors (those with more than a 10 point difference) are as follows listed in order for largest difference to smallest difference. Note that factors with a difference of less than 10 points are not listed below:
In all categories except one, females were more likely to view as either “important” or “very important.” The only factor that men rated as more important than women was dashboarding and data visualization, but only by a 4 point difference.
It is prudent to note that all respondents identified as either male or female, although additional gender options were included as options in the study.
The motivations of individual buyers can be very different, even within the same company. it is not uncommon to be dealing with multiple buying influencers within the same company and each of them have different priorities. This also means that individual motivations can also vary from the motivations of the overall company. Often times, individual buyers will have to forsake their own prioritize in order to meet the needs of the company.
Now that we are finished looking at the preferences of individual buyers, we turn our attention to what the companies look for when making buying decisions. We present this information in the same format we have already used for individual buyers.
To more easily view the differences between individuals and companies, in the next section we look at these side by side to see the results.
The below dashboard shows the delta between the individual data and company data. On the left we see the factors with the largest discrepancy (those over 5 points), and a full list is available on the right.
As can be seen, the factors that are more important to individual buyers are, in order of decreasing importance:
Those factors that are more important to the company than to the individuals are:
Getting inside the head of the buyer allows LSPs to better understand where they should focus their resources. There are two practical approaches to this: long term or short term.
If you are interested in discussing any of the information in this report with the Nimdzi team, we are happy to talk to you. Remember that, as a Nidmzi Partner, you have full access to our team. Do not hesitate to reach out. You can schedule time directly on our calendar as easily as clicking a button!
Welcome to International Women’s Day 2022, a day to celebrate women's achievements and increase visibility of women’s issues! This year, Nimdzi wants to celebrate the women-owned companies in our industry, with the help of some data from the recently published Nimdzi 100.
The Nimdzi 100 is one of our flagship publications. It includes a ranking of the top 100 LSPs by revenue, a watchlist of large players that don’t disclose their revenues, and a detailed overview of the size and state of the language services industry. The Nimdzi 100 is widely considered an industry standard and is read by tens of thousands of people in the translation and localization space and beyond. LSPs, localization buyers, investors, savvy job seekers, and analysts will benefit from this free resource.
The language services industry once again proved to be impervious to crises and continued to grow in 2021. It now also has its first billion dollar company. Long-time industry leader TransPerfect just revealed that the company reached USD 1.1 billion in revenue in 2021.
The language industry is rapidly evolving and you don’t want to miss out on the latest developments. Nimdzi has created a list of more than 60 influencers in the Localization industry based on a variety of criteria and active engagement on social media. The candidates included in the ranking are all professionals with proven experience in translation, localization, and globalization.