According to Investopedia, market share is the total sales of the percentage of sales within an industry that are owned by a particular company, measured over a specific period of time. Today, for many companies, markets aren’t limited to local regions. They are now global. The internet itself is a vast, global marketplace.
Good products and services, and dedicated marketing efforts are both important parts of gaining market share. So is investing in company infrastructure. Even research and development plays a role. There’s another factor that can impact all of this and more. That is embracing the development of language skills within your organization. Why is language important? Keep reading to learn more.
You Can Increase Trust With Customers And Associates
Simply put, communicating with people in their own language increases trust. Customers, potential employees, suppliers, and others feel significantly more comfortable in their business relationships if there is not a language barrier. When written communications are in a customer’s native language, when customer-facing staff can address customers and potential customers in their language, a sense of trust is built. There’s no fear that anything is being obscured by way of language differences.
Customers May Spend More Money
Studies have shown that customers are willing to spend more money if they can do business in their own language. Think about it. If you’ve only had to do business in your native tongue, you may forget how convenient that is. For many consumers, this isn’t the norm. Instead, they most interpret web content, sales contracts, order forms, and more. That can make the entire customer journey that much more tedious and raught with friction.
Give customers the convenience of communicating with them in their native language. They may just surprise you with their loyalty and willingness to spend more for that kind of white glove service. Build trust in different languages through translation and hiring multilingual staff.
Millennials Want to do Business With Companies That Value Diversity
Millennials have now become the largest consumer group. They’ve expressed a strong desire to work for and do business with companies that value diversity. By embracing multilingualism, social justice, ethical business practices, and fair hiring policies including eliminating policies that could lead to discrimination based upon language of origin gender or ability, business professionals can increase market share.
You Will be Able to Hire From a Wider Pool
Well-trained employees who can communicate with all customers are so important to increasing your market share. In addition to this, when you create a work environment that is supportive of employees from multiple backgrounds, you improve your chances of hiring only the best. This is because developing language skills within your organization means you can hire from a more diverse pool of talent.
Having the best of the best is one of the few things that really does trickle done. Great employees nearly always lead to increased sales.
Conclusion: Customer Engagement Can be Globalized
Why is it important to study language? By doing so, both you and your team can better reach target audiences around the globe. You can increase trust profitability. Even your talent pool is significantly improved.