Adaptation, the Goose of Golden Eggs

Miami has become one of the greatest financial hubs in the US, second to only New York banking center. Florida’s banking has flourished in the last years, but what is their goose of golden eggs? How have the financial services of the sunshine state thrived?

In a word, the answer is adaptation. This does not refer to natural selection, but to opening to new markets –the Hispanic.

According to the data from the US Census, about 18% of the U.S. population, which is approximately 58.9 million, corresponds to Hispanics. Miami’s financial institutions have seen the opportunity and adapted their services and products to reach Latin American consumers. The purchasing power of this growing population plays a key role in Miami’s economy; actually, Florida’s Latin households generate $6.7 billion in buying power.

As a response to the Latin population growth both at the Southern borders and in the whole country, most banking and financial institutions have adjusted their offer to the needs of Hispanic clients. The first step they took was to bring Spanish directly into their institutions by staffing with Spanish speaking employees, internationalizing and localizing their product offerings, and culturally adjusting them to these new communities.

When Spanish-speakers come into institutions like Bank of America, Citibank, Wells Fargo or any other important financial institution in Florida, an assistant will greet them and ask them the reason of their visit. If the assistant knows they speak Spanish, he/she will immediately switch the language, which can evoke different emotions in clients, such as the following:

  • Feeling the institution cares about them.
  • Feeling safe in an environment that can be quite hostile.
  • Feeling assured that they will more easily understand the financial jargon.
  • Feeling confident enough to make questions.
  • Feeling at home.

Having a clear communication strategy is a key factor to succeed in business. Opening your market to new languages does not necessarily entail exporting products or services but adjusting to the new local market. It is of paramount importance that financial institutions generate trust and security to all their clients, including the Spanish speakers. A wise investment in translation is essential to achieve it. Baquero Translation is eager to help you reach Hispanic consumers by providing its top-notch translation services.

 

By: Andrea Chetti

Baquero Translations Ranked as a Top-Ten Language Service Provider in Latin America

CSA Research, a well-known consulting company in the language industry -which every year carries out research about language companies and their performance announced last week the top-ten ranked companies in each region. And, Baquero Translations made the Top 10 and is ranked amongst the largest Language Service Providers in Latin America and the Caribbean.

At Baquero Translations, translation is our passion and we always go the extra mile to make intercultural communication effective and accurate. Think of all the things you wouldn’t have access to if they had not been translated into your language. Think of all the things you would have access to if they were in your language. Surely, you must have missed thousands! Consider the websites, software or games you don’t pay attention to because they are not in your language.

CSA Research found that the market for language services and supporting technologies will grow 6.62% from 2018 to 2019, however, the 100 largest LSPs grew at 20.08%. Our aim for this year is 25%.

At BT, we would really like to thank and make this distinction extensive to our team of Managers, Project Managers, QA Managers, Linguists, DTPers, IT specialists, Sales Reps, and consultants for leaving their heart and soul in every project!

Juan Andrés Baquero

Director.

Keeping Steady in Turbulent Waters – Our 2018 Navigation Chart

When Argentineans thought that we were sailing in calm waters, our ship was struck once again in May by another financial crisis. But the truth is that we are used to sailing in turbulent waters and I have the feeling we actually enjoy the adrenaline and enjoy the challenge of keeping our ship sailing in the right direction.

Baquero Translations has been able to steadily grow its revenue by 25% yearly since 2015 thanks to its crew of experts. In 2018 we set sails to continue to invest in our company and expand our business, from technological advances and staffing to marketing activities.

More growth means more work and, in order to bear with it, we needed to acquire new technology and onboard new members to our crew to facilitate and streamline certain processes.  We consolidated the use of our PMS, Gespoint, that helps us easily and timely track projects, invoice and issue payments, as well as generating company performance reports. We incorporated Machine Translation and Post-Editing into our production process in order to meet the demands of our clients and the needs of the market. We hired a dedicated QA Manager, Diego Mengo, to make sure our products meet our client’s expectations. In addition, we hired a new Project Manager, Andrea Chetti, to help us handle the increase in volume. Our Project Management Outsourcing Service team almost doubled this year, adding 4 new members and expecting to hire other 3 members in the next few months.

Away from cutting costs, our marketing and sales activities in 2018 continued to rise. In March, we attended and sponsored the GALA Conference in Boston, one of the most important translation-industry conferences, we attended the Game Developers Conference in San Francisco, where we expanded our horizon into the game-localization industry, and in May we attended ELIA ND Focus networking days for executives in Catania, Sicily. Baquero Translations has also hired Larry Salas and Doris Johnson as part of its international sales efforts.

While we sail in these stormy waters of the second semester, we will continue to have our sails high in our masts with more trainings, strengthening our relationships with our clients and colleagues, adding more services to our portfolio, partnerships and academic research.

Juan A. Baquero
General Director