The Importance of Style Guides in Translating Company Brands

The American Marketing Association (AMA) defines a company brand as a “name, term, sign, symbol, design or a combination of any of these intended to identify the products and services of a company.” A company brand is an effective means to differentiate your company and the kind of goods it produces from other sellers and their products. Every company puts forth effort to develop their company brand, as it is the main source to reach your intended audience. When a company sends its brand for translation into other languages, however, it often doesn’t turn out according to their expectations.

The translated version might be grammatically correct, but if it doesn’t present your company brand as the original version in the source language does, then you definitely didn’t get the services you paid for. If your message gets lost in the translated version and it sounds like a different company, then probably the linguist you hired didn’t understand the style or connotation he might have adopted in his translation. For this purpose, you must provide your translation service provider with a style guide.

Building a style guide for your company can be the best solution for avoiding style errors in the translation. A style guide will help your certified translator get a clear picture of your brand identity so that he can adopt a style which suits your company brand and carries the appropriate  message to your international customers. These were the words of an experienced German translator working for the Birmingham translation house of The Marketing Analysts Translation Services company. Your brand is important because it becomes the identity of your company and it remains in the minds and hearts of your customers. Your brand speaks for the kind of services you provide your customers.

Your style guide should provide a guide to the tone of voice the translated document must covey. All companies want their company voice to remain consistent for all their customers, whether at home or internationally. All international companies have their set standards which do not change anywhere across the world. Your style guide will ensure that your language translator uses the appropriate tone and style in the translation and that your linguist chooses the right vocabulary that best represents your brand.

Your style guide also should contain guidelines about where and when to capitalize letters, what kind of language to use in each kind of translation, and how to address time, money, and weights, for example. Some companies prefer to use a colloquial grammar, whereas others believe that a formal tone and strict adherence to the grammatical rules of language make their product desirable. Your style guide makes clear your preferences as to how your brand’s translation should be conducted. Using examples and illustrations in a style guide can make your guide easily understandable for the linguists.

Many companies find it sufficient to prepare a general style guide for all languages. But some companies take the trouble to prepare multiple style guides, one for each language their content will be translated into. This option demands your time and resources, but it will definitely repay you over time.  If you are having problems making your translation company understand the kind of job you want him/her to do, prepare your style guide right now! You will see a visible difference in the quality of your translations and will reduce the corrections you must make.

Advanced Marketing Solutions For Strategic Decision-Making

Advanved Research Solutions For Strategic Decision-Making

Advanved Research Solutions For Strategic Decision-Making

THE MARKETING ANALYSTS is concerned with helping clients identify, select and implement successful marketing strategies.   Our intent is to provide our clients with advanced research solutions to improve the quality of strategic decision-making.

Clearly, the right strategic decision-making produces the positive outcomes that every organization seeks.  However, wrong decisions may produce disastrous results.  As example, here are some startling statistics from well-known American retailers:

•             1990 – 2004         Circuit City grew from $2 billion to $9.75 billion.  Five years later, the company filed for bankruptcy.

•             1930’s   Sears Roebuck and Montgomery Ward were about equal in sales and profits.  Twenty years later, Sears was about three times larger than Montgomery Ward.  In 2001, Montgomery Ward closed all of its remaining stores.

•             1991       Walmart surpassed Sears and Kmart to become the largest US retailer.  Today Walmart is the largest retail company in the world and is becoming one of the largest grocers in the US.

While these examples are dramatic, every organization is affected by strategic decisions. Thus every company must plan and act strategically.  You can uncover the information you need through numerous ways—from online research to focus groups to predictive models.  With effective market research, we can help you determine the need for your service or a product’s likelihood to sell, target-market demographics, and determine desirable store locations. To help you meet your target market’s needs, we offer a leading collection of tools, resources and professionals.

THE MARKETING ANALYSTS can help you.

Conjoint AnalysisMarketing Mix ModelsBrand MapsMarket SegmentationProduct Line ManagementSales ForecastsAdvertisement OptimizationData MiningMarket Basket AnalysisCustomer Retention/Predictive Customer Churn

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Discriminant Analysis, Marketing Segmentation & Perceptual Maps

Perceptual Map Created With Discriminate Analysis

Perceptual Map Created With Discriminate Analysis

Perceptual maps are used to visualize the differences and similarities in perceptions and choices between products, brands or customers.

For example, a manufacturer of salon brand hair care items wants to see whether a lifestyle variables such as being a NASCAR racing fan, education level, ethnicity and demographic variables such as personal income, sex and a number of other factors are useful in distinguishing purchasers of their products from purchasers of other salon hair care brands.   Based on this classification, customer profiles will be developed in order to plan targeted advertising campaigns.

Discriminate analysis, a multivariate technique used for market segmentation and predicting group membership is often used for this type of problem because of its ability to classify individuals or experimental units into two or more uniquely defined populations.  The discriminant score is the basis for predicting to which group (a purchaser of the manufacturer’s brand or a competitive brand) the particular individual belongs. The discriminant weights of each predictive variable (age, sex, income, etc) indicate the relative importance of each variable.  For instance, if age has a low discriminant weight then it is less important than the other variables.

With this information, a classification matrix can be developed that indicates the accuracy of our model that will be used to construct our map.  For instance, if our discriminant model correctly classified 94.5-percent of users of our brand, then only 5.5-percent were incorrectly classified.  Conversely, if the model correctly classifies 92-percent of the competitive brand users, then only 8-percent were incorrectly classified.  We consider this a strong model because the number of correct classifications is much higher than what might be expected by chance.

Other Applications of Discrimant Analysis

While our example illustrated how discriminant analysis helped classify users and nonusers of salon brand hair care products based on independent variables, other uses of discriminant analysis include the following:

Product research – Distinguish between heavy, medium, and light users of a product in terms of their consumption habits and lifestyles

Perception/Image research – Distinguish between customers who exhibit favorable perceptions of a store or company and those who do not

Advertising research – Identify how market segments differ in media consumption habits

Direct marketing – Identify the characteristics of consumers who will respond to a direct marketing campaign and those who will not

Conclusion

While discriminant analysis is often used in marketing research for marketing segmentation and predicting group membership, there are more powerful and accurate techniques available.  We invite you to learn more about our solutions by contacting us today.

US TOLL FREE: 866-371-4863
INTL:
239-243-0767
FAX: 480-393-5183
Email: info@themarketinganalysts.com

Ensure The Success Of Your New Product With Conjoint Analysis

Conjoint analysis is a term given to a broad set of marketing research techniques that are used in new product development.  Some of the main types of conjoint analysis include Choice Based Conjoint (CBC), MaxDiff, and Adaptive Conjoint Analysis (ACA).  Because each offers special advantages, THE MARKETING ANALYSTS offers all major types to address the specific requirements of your project.

How Can Conjoint Analysis Help Me?

When the correct conjoint method is used, it is extremely effective determining the optimal set of features that a new product should have and the best pricing strategy.  Conjoint analysis works by simulating an actual purchase experience and explains how people make choices between products and services.  The result is a dynamic market model that determines the best product design and pricing strategy that optimizes profitability, market share and how the behavior of competitors will influence your market position.

How Conjoint Analysis Works

While the conjoint analysis has been used for many years, new varieties continue to be developed that provide more powerful and accurate results.  In a typical study, respondents are asked to make a series of product feature relates trade-offs or choices.  The simple exercise usually asks respondents to select or rank the most preferred alternatives from a selection of competing alternatives.  The analytical analysis is usually carried out using hierarchical Bayesian mathematics.  Because of the flexibility of new conjoint methods, research studies can be conducted by web or paper-and-pencil surveys.

Conjoint analysis can be used to determine what really drives customers to buy one product over another and what customers really value, when the following assumptions are met:

  1. A product (good or service) must be able to be described or represented by a set of attributes that are mutually exclusive.
  2. Consumers view the product as a combination of attributes that can be exchanged for others.  An example is the inclusion of an additional product feature in exchange for a higher price.
  3. The total utility (value) of the product being analyzed is equivalent to the sum of the individual utilities of each attribute.  It is important to realize that several common forms of “conjoint analysis” do not consider nonlinear relationships, particularly interactions among attributes.  Ignoring interaction will lead to bad research results.
  4. Products with a greater overall utility are more attractive than products with lower total utility scores.

When these assumptions are met, conjoint analysis provides quantifiable and actionable data that include:

  • Relative importance for each product attribute
  • Most desirable level of each product attribute
  • Potential market share for the product
  • Market segmentation information

For additional information about conjoint analysis, please visit  and contact us today about our low prices.

Using Marketing Research To Develop Successful Product Lines

Most organizations market more than one product.  For example, Unilever, a giant consumer products manufacturer, may offer one of its shampoos in a variety of scents.  From a marketing perspective, a company’s product line is the group of products that are closely related.  For instance, products may be similar in a broad sense because of product class.  Proctor & Gamble has a food products line, a paper products line and a cleaning products line.  Products within a line may perform a particular function such as laundry care.  A product line could also be identified by price points and by distribution channel strategies.  For example, the Kenmore brand of appliances is only available through Sears.

Strategic Product Line Management

When developing a new product line or evaluating an existing product line, there are several factors to consider.  For example, what variables should be used to distinguish one product from another?  Many companies find it useful to distinguish between lines using a good-better-best approach.  For example, Lennox Industries, a manufacturer of heating and cooling equipment (HVAC) has a builder grade line (entry level $), a standard line (good $$) and their Signature line (best $$$).  As another example, Dr. Pepper offers a diet line of soft drinks and a regular line of soft drinks.

Because a company may offer several classifications of products and define its various product lines in many ways, there is a real need for a term that encompasses all offerings from an organization.  That term is the product mix. For instance, Samsung manufactures and sells televisions, mobile phones, monitors, Blu-ray players, cameras, heavy equipment, ships and more.   The term width of product mix is used to identify the extent of product lines associated with a company’s firm regardless of how diverse or narrow it might be.

Product Line Decisions & SKU Reduction

In many companies, marketing departments have launched too many new products that offer little differentiation and provide no incremental profit.   In addition to development and marketing costs, the cost to warehouse, distribute and continue to promote these items can be equally expensive and inefficient.    You can easily understand the challenges facing product managers when you factor in additional challenges that include retail space limitations, slotting fees, stock-outs and gaining visibility.  As a result, there is a tremendous need for better decision-making relating to new product development, sku rationalization and sku reduction.

Strategic Product Line Planning

To solve the problem, THE MARKETING ANALYSTS offers proactive marketing research techniques to determine if the amount of differentiation of a new SKU offers incremental value.  This type of research provides extremely valuable results when planning a SKU based on new flavors, colors, scents, sizes, etc.).  Our translation and marketing research techniques provide answers to questions like “What is the best set of product combinations (SKU’s) that will maximize profitability?”, “What is the most efficient combination of SKUs to offer that maximizes the differences between SKU’s and avoids perceived similarity?” and “What should the priority be when offering new SKU’s?”  Most importantly, our approach provides manufacturers with the answers they need before investing in product development and marketing launch strategies.

Ensure the Success of Your New Product Line

The Risks of Product Line Planning
As a manufacturer, there are many important decisions that must be made when introducing new product lines and making product lines changes.In addition to product development and marketing costs, most retail chains require slotting allowances regardless of whether your product is a hit or a flop.In many cases, these slotting allowances can run from $10,000 to $40,000 or more per item.

While some industry experts advise manufacturers to build the slotting fees into the cost, the competitive environment won’t permit it.Further, while some retailers may provide trial terms, under these programs the manufacturer must still agree to invest in expensive merchandising packages that may include in-store radio, newspaper advertising.

What is Strategic Product Line Planning?
Strategic product line planning involves a proactive marketing research technique that determines the optimal set of product combinations (ex: such as colors, flavors, scents, sizes, etc.) that minimize marketing risks (retail space limitations, stock-outs, poor visibility, etc.) and maximize the difference among items to avoid perceived similarity.This approach provides manufacturers with answers before they invest in product development and marketing launch plans.

A Real World Example
Smokey Forest Bratwurstis considering the introduction of a new line of low-fat Bratwurst.Currently, their R&D kitchen and Marketing department is considering the recipes from 18 SKU’s to include in the new line.However, the Marketing department has a limited budget and needs to narrow the initial offering to the 3 to 5 SKU’s that offer the greatest uniqueness, highest potential for profitability and strongest consumer appeal over the entire product line.

The Strategic Product Line Planning Solution
Our research method uses a sophisticated analytical procedure that evaluates the economic utility of each item in conjunction with all possible combinations of SKU’s being considered.By using mathematical game theory, we derive scores for each SKU being considered with respect to all possible SKU’s.Once the scores are ranked, the set of SKU’s offering the highest scores represents the priority for inclusion into your optimal product line.

In addition to providing the brand manager with strategic decisions at the R&D stage, our Strategic Product Line Research provides a roadmap for success for the future addition of SKUs.

ABOUT: THE MARKETING ANALYSTS

THE MARKETING ANALYSTS was founded in Dallas, Texas and has satellite offices in Naples, Florida; Bulgaria; Germany; Egypt and Russia to provide a one-stop solution for high quality, low cost solutions for your special marketing needs.Initially launched as a marketing research company, we now provide a variety of integrated marketing solutions including web site design, search optimization, proofing and language translation services.Our team is highly talented and consists of Marketing Ph. D’s, Marketing Managers, Mathematicians, Computer Science Engineers and Language Translators who hold advanced degrees from respected universities known around the world.

With direct access to highly skilled talent pools in eastern european, we are able to leverage all activities to effectively meet each of our client’s unique objectives.

Our strategic mix of marketing-based services include:

Quantitative Services:

·Analytical Marketing Research

·Predictive Marketing Models

·Advanced segmentation

·Predicitive Data Mining and AI

International Translation & Localization Services:

·Medical Records

·Websites with Search Optimized Content

·Marketing/PR Collateral

·Academic Files

·Industry specific documents

·Proofing

Web Design & Development:

·Search Optimization

·Dynamic Websites

·Predictive Ad Response

Our unmatched professionalism and commitment to achieving results guarantees the highest level of client service, every time. We look forward to the opportunity to serve you.