You may think it strange to discuss the growth of Hispanic buying power as the United States is in the midst of one of the deepest economic downturns in recent history. But when times were flush, a few oft-quoted reports came out about the expected increase in Hispanic wealth-accumulation and buying power. The SeligCenter for Economic Growth’s The Multicultural Economy is a rich source of data. To access the entire report, click here. A key piece of information from the report finds that Hispanic buying power is projected to grow to $1.1 trillion by 2009 and $12.4 trillion by 2011. United States residents may be buying less overall, and Latinos certainly have been hit hard by the sub-prime mortgage crisis, but with the surge in the Latino population, they will continue to buy goods and services. Granted, most families are cutting back on purchases, but as the U.S. economy moves out of the recession, many marketing pros are counting on Latinos jumping back into the purchasing frame of mind. A report from Experian Consumer Research indicates that Hispanics may be less affected by the recession due to certain cultural factors, including less reliance on credit for purchases and the pooling of resources among extended family. And companies may be cutting their advertising budget and outreach to preserve jobs and keep their doors open, but Latinos are one demographic that should not be ignored. This recession is too new to tell whether Hispanics have curtailed buying at the same rate as other ethnic groups, but article from the last recession in the early 21st century showed that Hispanics were less affected by the downturn. Regardless, savvy marketing pros will continue to tailor their message to the demographic that shows the most promise whether that message is in Spanish or in English with a Latino flair.
The first step in forming a relationship with a potential translation agency is getting a quote for your project or document. Translation agencies are experienced with asking the right questions so they can provide you with an accurate cost estimate. Many agencies’ websites allow you to submit your document and query via an online application.
Some preparation on your end will make the process much more streamlined. Below are some questions you should be ready to answer when requesting a quote:
- What is the source language and into what language will the document be translated?
- How complex is the document to be translated?
- What file format do you require for the final translated document?
- What turn around time will you require?
- What is the word count of the document?
- Do you require a certified translation, such as those for immigration purposes?
- Will you require any value-added services such as Desktop Publishing or complex formatting of graphs and tables?
In turn, the translation agency will give you a cost estimate based on the above factors. Don’t be seduced by bargain basement quotes, as the adage “you get what you pay for” applies to translations. A reputable translation agency or freelancer will charge more for highly technical or complex document translation because of the level of expertise required. And agencies may apply a surcharge for formatting the document so that it mirrors your source language document. In this case, be prepared to send the agency all images and tables so that the agency can return a print-ready file.
Depending on the file format of the original, you may not be able to tell the translation agency the word count. If you only have a hard copy or scanned copy of the document, agencies will price the project based on either the final word count of the translation or the number of pages. In this case, the final cost may differ from the initial estimate offered.
Your chosen translation agency should be able to work in various file formats and many are able to provide value-added services such as those mentioned above. Being clear about what you require in the end product and being open to dialogue with the agency will facilitate not only pricing but also the entire translation process.