Using Localization to Unlock the Power of Global Markets
Companies that invest in localization all have one key business strategy in common: to expand their customer base and drive global revenue. Selecting the right international markets for localization is a key differentiator between successfully localized companies and the rest. But, exactly where and how should your company go about building your global presence? That all depends on your product, industry, and audience.
In order to gain specific insights into the most successful localization tactics for your company, it is necessary to do your research on your customers, competitors, and global industry. Here are four key aspects that will enable you to better identify the markets that will help you capture the most global customers.
1. Research Your Top-Performing Markets
When it comes to researching top-performing markets, keep in mind that this research will take place on two levels: company and industry. At the company level, the goal is to understand your company’s most successful markets to date. To get this information, simply go into your website analytics platform and explore user geography to see where your audience is coming from. Then, at the industry level, conduct comprehensive research on the top markets that others in your industry seem to be targeting. Together, this will enable you to identify the regions and markets that you should be prioritizing in your localization efforts. And of course, remember to keep an open mind — you may even find a surprising small but rapidly growing audience from a market you hadn’t even considered before.
2. Get to Know Your International Audiences and Personas
After you have done your research on geography and location, the next step is to get to know your new global audience bases to understand your international buyer personas. To do this, go back into your website analytics platform and focus in on the international traffic and behavior. At this stage, not only will you be absorbing information on where your traffic is coming from, but you will also be diving deeper to explore the specific regions where they live, the languages and dialects they speak, and the channels that they use to discover products or services like yours. Keep in mind that some countries will have different languages depending on region, and those certain regions may be hot spots for your company to expand into next. The more specific your research at this stage, the more effective and targeted your localization efforts will be.
3. Stay Educated on Global Industry and Competitor Strategy
As with other simple but effective business strategies, when it comes to localization there are two main approaches that a company can take: to follow in successful footprints, or pave its own global path. Which is right for your company will depend on your business, customers, and industry. Either way, it will be a vital addition to the research you’ve conducted from the first two parts to see which markets are popular within your industry and amongst competitors. Compare this list of markets with the one you’ve created from your website geography and traffic analyses to make a thorough decision on whether you will be localizing into an existing market or being a first mover for your industry in uncharted (and un-localized) territory.
Go Global Today with More EU Localization Insights
Ready to leverage localization to capture new global audiences? Whatever questions may arise, our latest #EULocalization has you covered. Check out the full series below and download our latest guide — Localisation for EU Companies: Trends & Best Practices — for all the insights you need to get started with localization and be successful as you go global.
- The Business Reasons Behind Localization
- 3 Things to Keep in Mind as You Localize
- 4 Reasons European Companies Are Investing in Localization
- Top Localization Challenges for European Companies
- Building Trust and Driving International Sales with Localization
- How to Select Optimal Content & Markets for Localization
- 4 Best Practices to Drive More ROI from Localization
- 3 Fundamentals of Scaling Globally with Localization
Try Transifex Free for 15 Days
Localization technology is helping break down geographical and global barriers. To begin breaking down global barriers for your business, unlock the power of localization with a 15-day free trial of Transifex. Sign up for your free trial today to start going global: www.transifex.com/signup.