The Critical Role of Localization in Driving Growth in Uncertain Times

    The Critical Role of Localization in Driving Growth in Uncertain Times

    In order to achieve rapid growth in today’s global marketing climate, organizations can collaborate with translation providers that enable them to personalize without straining their budget.

    With the pandemic wreaking havoc on the marketing budgets, many CMOs have struggled to effectively scale their operations. In fact, according to Gartner’s recent CMO Strategic Priorities Survey, 73% of CMOs stated that they will rely on existing customers to achieve their growth instead of developing new market opportunities. This showcases the impact of COVID-19 on CMOs across the globe. They have two options – either accept the low-risk yet low-return approach or rescale and reinvent strategies to acquire customers in new markets.

    Gartner’s finding suggests CMOs should develop strategies to balance the more conservative marketing approaches that align with the emerging opportunities to drive growth. Hence, they need to decide which marketing strategies they need to prioritize in today’s unstable economy with a limited budget.

    Also Read: How Branding Can Help Businesses to Sustain in challenging Uncertain Markets

    Personalization is a key

    In today’s rapidly shifting marketing landscape, CMOs need to focus on personalization, more specifically localization. With increasing capacity and capital constraints, localization not only provides opportunities for a remarkable ROI but also helps build capabilities to enter new markets. According to CSA research, over 50% of all queries on Google are in a language other than English. And 40% of internet users are not confident about purchasing from websites that don’t support their native language.

    Alongside localization, CMOs also need to focus on issues in diversity, equality and inclusion which continues to be important for organizations. Moreover, 95% of CMOs think that their brands should prioritize finding solutions that address societal and cultural issues.

    Implementing market-leading technologies

    The transition to first-party data due to the pandemic has created a seismic shift towards digital as demonstrated by the creation of new DTC sites. This has led to organizations steadily investing in MarTech to strengthen ways to meet customers and their needs. For large enterprises, partnering with language service providers that have technology at the core of their offering can be an attractive proposition. It allows organizations to reap the benefits of supplier-led innovation and disruptive technologies that evolve alongside the needs and expectations of their key clients. Furthermore, utilizing these tools helps organizations achieve faster turnaround times, increased productivity, reduced translation costs while also improving spend visibility and transparency.

    Also Read: Leveraging Digital Marketing Technologies and Techniques to Survive an Uncertain Marketplace

    Continuous auditing to benchmark services

    In case of a fragmented or disjointed translation supplier base, CMOs must take steps to carry out localization audits. Otherwise, it can create inconsistencies in results as well as increase costs that can negatively impact time to market through endless delays. Hence, organizations need greater alignment, integration and agility with their language providers.

    Choosing the right localization vendor is as essential as selecting any other supplier. In today’s enterprise environment, a balanced approach such as this provides CMOs with innovative and forward-thinking approaches to enter new markets with products and services.

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