6 Cutting-Edge Tactics for LSPs to Grow Business & Retain Talent
In today’s business environment, it’s becoming harder and harder for LSPs to compete. Cost pressure, client expectations, and the pace of technology innovation are all increasing, threatening to hinder companies’ profits and growth if they don’t keep up. Differentiating on quality claims alone is next to impossible, and new approaches are sorely needed to win. What if smaller companies could leverage some of the same strategies that top global players already use to reduce their risks, sell new services, increase trust with existing clients, and continuously educate their suppliers? Data-driven approaches to Translation Quality Management (TQM) have been at the core of tech-savvy, high-maturity, large-scale operations at both MLVs and corporate buyers for at least 10-15 years. For a long time, the significant investment required to support those approaches made this strategy inaccessible for most small and medium LSPs, as those big players relied solely on proprietary, in-house-built software tools and methodologies. However, this is changing very rapidly: standards like MQM-DQF have simplified and unified the methodology and data points, and new generation, off-the-shelf technology solutions have appeared that are very easy to deploy & use. The TQM strategy is now within reach even for the smaller players! Based on our work with Global Top-10 and Top-20 LSPs, as well as high-maturity corporate and government translation buyers, we will explore multiple ways of how your LSP could "weaponize" Translation Quality Management to help in your competitive battles: 1. sell translation quality evaluation as a new service 2. manage customers’ quality expectations with transparent reporting 3. back your brand’s quality claims by publicly sharing data 4. keep quality risk at bay when scaling your translation operations 5. increase margins by minimizing manual work of quality management 6. retain and improve your linguists through constant quality feedback Attendees will take away a diverse arsenal of tactics that will help them craft their own vision of de-risking & growing their translation business through data-driven Translation Quality Management approaches, as well as an understanding of technologies, processes, and people they need to put in place in order to execute on that vision.
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6 Cutting-Edge Tactics for LSPs to Grow Business & Retain Talent
- 1. 6 Cutting-Edge Tactics for LSPs to Grow Business & Retain Talent Translation Quality as a “Weapon” 26 April 2019 by Kirill Soloviev Co-Founder & CEO, ContentQuo
- 2. introduction What is this talk about?
- 3. Translation Quality Management SaaS Trusted by Global Top-10 LSPs
- 4. kendo?
- 5. kendo
- 6. Japanese art of swordsmanship Rigorously repeated exercises Extreme focus on quality why kendo? page 06
- 7. quality as a strategy Why is this an option to consider?
- 8. 6x
- 10. time to bust some myths
- 12. myth #1 “translation quality cannot be measured”
- 13. myth #2 “only big companies can afford it”
- 14. myth #3 “data on translation quality is useless”
- 15. 6 kata of translation quality Improving your LSP business through data-driven TQM
- 16. 1 2 3 4 5 6
- 17. what can TQM do for your LSP? 6 business benefits page 018 01 retain best linguists & improve their skills 04 build stronger trust with current clients 02 reduce risk when scaling production 05 acquire new clients more easily 03 cut costs for routine VM/QM operations 06 get new revenue from selling extra services
- 18. kata #1 deliver structured quality feedback to linguists page 019 KPI Profit Margin Driver Lower VM costs per linguist Benefit More easily attract, train, and retain your translators
- 19. kata #2 continuously measure quality in/after production page 020 KPI Client Retention Driver Less client quality escalations when scaling Benefit Reduced risk of poor-quality deliveries and extra rework costs
- 20. kata #3 automate & integrate all repetitive TQM operations page 021 KPI Profit Margin Driver Lower costs for whole quality program Benefit Much higher scalability, improved compliance & motivation
- 21. kata #4 transparently share quality metrics with customers page 022 KPI Client Retention Driver More trusted, stronger customer relations Benefit Clear alignment of yours and client’s quality expectations
- 22. kata #5 publish your aggregated quality metrics online page 023 KPI Client Acquisition Driver Higher initial trust of inbound leads Benefit Easier to convert quality-focused potential clients
- 23. kata #6 sell translation quality evaluation as a new service page 024 KPI Revenue Driver New sales opportunities Benefit Diversify your business & position yourself as experts
- 24. summary & next steps Where do I go from here?
- 25. quick review page 026 better retention higher margins more revenue lower risk TQM
- 26. learn more page 027 1. TAUS eLearning courses – ask me for discounts! https://elearning.taus.net/ 2. Translation Quality Assessment: from Principles to Practice (book) https://www.amazon.com/dp/3319912402/ref=cm_sw_r_tw_dp_U_x_TMMICbQG9F1SS 3. ASTM draft WK46396 a.k.a. ”MQM2.0” (draft standard) https://www.astm.org/DATABASE.CART/WORKITEMS/WK46396.htm 4. NEW! Online community for Translation Quality Managers and Vendor Managers https://translationquality.guru/
- 27. thank you! aitäh! Kirill.Soloviev@contentquo.com ⚫ https://contentquo.com ⚫ Twitter: @content_quo