The three most important words every executive wants to hear are “return on investment”. But while localization can have a strong return for brands that operate globally, visibility of its impact is something not all companies have achieved. In global content strategies, the link between investments and sales has always been a fuzzy one.
If you’re struggling to join the dots all the way to revenue, borrow the strategies outlined in this infographic. These are the metrics best-in-class companies monitor to show stakeholders both tangible and non-financial results.
Want to learn more about earning stakeholder buy-in? Download our whitepaper for more detail on how to execute the next steps in your strategy.
Even when global companies achieve cultural relevancy, many don’t understand how to effectively measure content. But as your organization invests in new product markets, it’s essential for executive board members and decision makers to understand the value of your localization strategy. The caveat: It’s not easy to attribute increased sales or revenue to localization in a particular region.
To gain the necessary approval from all stakeholders—and, in turn, foster increased revenues—you’ll need to define a clear strategy for driving increased adoption. Here’s how to prove your strategy works.
By the way…
Before getting into quantifiable results in a particular region, set the scene. It’s important to note the benefits localization offers beyond sales and revenue:
- Regulatory compliance: In certain countries and industries, content localization may be a regulatory requirement. Investing in localization in these areas is a no-brainer.
- Brand awareness: Research shows clients prefer to buy from globally recognized brands. Localized content is critical to building awareness in emerging markets.
- Non-financial ROI: Aspects like customer satisfaction, customer retention, and brand awareness have a big impact on the lifetime value of customers.
What to measure and how
Now for the bottom line. Which metrics are stakeholders interested in?
Companies with transactional websites are typically in a better position to track content impact directly through to a sale. For non-transactional websites, marketing attribution and econometric modeling are needed to give credit to specific digital channels and content pieces.
Many organizations are focused on reach and engagement as a proxy for content’s commercial success, including metrics like downloads, video views, time on site, and brand perception. This highlights the importance of measuring metrics through the following filters:
- Impact: Are your multilingual activities improving awareness, interest, commitment, loyalty, and advocacy metrics?
- Coverage: Do you have sufficient data about local buyer personas to drive content that resonates locally?
- Awareness: Is your content getting noticed? Are people engaged?
- Reach: Is the right audience engaged with your content?
In a recent Econsultancy study, more than half of leading companies reported using completion rates, influencer, and social metrics (for example, shares, likes, and comments) to assess the performance of their content.
Needless to say, you can’t measure the impact of localization activities until your content has been localized. If your organization is struggling with bandwidth, it’s back to the drawing board—but a partner can help.
Once you have internal teams, processes, technologies, and stakeholder approval lined up, consider third party services that can offer advanced capabilities, manage a full suite of digital assets, and iron out any challenges you meet along the way. You might enlist:
- Translation services
- Transcreation services
- Video production
- App localization
- Advanced AI expertise
To learn about these and other capabilities global companies should adopt to compete, download our whitepaper The Strategic Shift: Localization’s Fast Track to Driving Greater Business Value.