Why is localization more important than ever before? And how can marketers use emerging tech to deliver on its promise?
In today’s interconnected world, going global is increasingly key for growth. But those CMOs who simply translate their website or marketing materials aren’t doing enough to engage new, overseas audiences. And it’s literally costing them the earth. When companies don’t localize their buying experience, they risk losing around 40% of their target market. That’s adding up to a lost £50 bn ($63 bn) per year in taxable revenues, or 3.5% of GDP, according to UK government data. How can marketers avoid getting lost in translation?
Overseas, under pressure
Rising costs and a turbulent global economy mean that marketers are increasingly under pressure to replicate domestic success into other markets as cost effectively as possible. Nearly a third of companies looking to expand overseas are challenged by the costs of doing business abroad.
Meanwhile, dwindling language skills in the …