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The COVID-19 pandemic has challenged many LSPs’ ability to grow. In a January 2021 survey of 113 language services providers that are ranked in our lists, we found that 44% of them experienced a setback in 2020. How does that number compare to other years? Past data shows that number is normally more along the 15% to 20% range. But that’s not to say the overall market performed that poorly. On average, despite the losses of many, we calculated a 4% growth from 2019 to 2020 for this group of providers, which has traditionally outpaced the industry as a whole. And they are overall optimistic about 2021, as their sales goal amounts to an average planned increase of 19% over their 2020 revenue. Their mission is clearly to get back on track. The big question is how LSPs are going to do that. Our survey gave us a closer look at their approach:
To assist LSPs with these significant shifts and enable more providers to resume successful growth, CSA Research developed an add-on series to its popular Sales Cookbook. We designed it specifically to help LSPs’ executives and growth managers make the leap to remote and sell proactively in 2D venues such as video meetings. It’s called the “Digital Growth Cookbook” and will be published in the coming weeks. Virtual selling requires a re-think and shift in mindset, strategy, tactics, and skills. We developed the “Digital Growth Cookbook” series to cover the spectrum of growth management needs:
Growth in difficult times may seem daunting for many smaller and mid-sized LSPs that still lack a strong framework for repeatable sales. Yet social distancing and travel limitations bring an unexpected opportunity for smaller LSPs: They can now better compete on an even footing with larger counterparts that have greater budgets to sponsor conferences and meet with faraway prospects. A sound strategy, basic web conferencing tools, good content, and the willingness to work in the clients’ time zones open new opportunities for smaller LSPs regardless of their location. As Chef Gusteau in Disney’s Ratatouille movie famously stated: “Anyone can cook.” With our cookbook series, CSA Research is making sure “Anyone can grow.”
Director of LSP Service
Focuses on LSP business management, strategic planning, sales and marketing strategy and execution, project and vendor management, quality process development, and interpreting technologies
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