Businesses should think globally from day one, yet it doesn’t mean that success is guaranteed. Developing a brand with a worldwide presence is probably the hardest goal you can set yourself as an entrepreneur. Still, if you don’t aim for the moon, you won’t reach the stars.
Localization is rapidly becoming integral to the process as a local strategy helps you to alter your product to specific markets, which in turn should maximize sales and profits. That’s the theory. What’s the solid evidence that shows business owners must care about localization?
Being Physically Accessible
When you sell to a particular area, you must be able to deliver products and services to the region. Otherwise, your brand won’t last long before customers drag its name through the mud. But delivery is only a single facet of a wider issue, an issue that’s solved by localizing your services.
Take payment methods as examples. Whether you own a brick-and-mortar shop or an eCommerce store, you’ll likely have a website to help you bridge the gap between physical and digital sales. Using knowledge of the local area means companies can make sure their goods are available to buy, regardless of the location, thereby negating any shipping glitches. Selecting the correct transaction options is critical because shoppers won’t proceed to the checkout if the main platforms they use in their country or state are omitted.
This is one of the reasons why some sectors have flourished in the last five years, such as the online casino market. By investing in a range of methods, from e-wallets to traditional fiat currencies and cryptocurrencies, the operators have removed obstacles to enhance the playing experience, hence why the online gambling industry is valued at nearly £200 billion globally.
Benefitting from emerging markets is a smart plan because the International Monetary Fund expects their economies to grow up to three times faster than established economies. Therefore, there’s plenty of value in reaching out to the likes of India, China, and Brazil. However, the consumers in these nations can’t purchase what they can’t read, which is where localization comes into play. If 42% of Europeans shop only in their native tongues, it’s more important to use local languages for continents where English is less common.
Localizing your strategy, though, doesn’t always mean heading to far-flung destinations where gaps in the market are obvious. There are niches in established regions if you look hard enough. One that stands out in the US, for example, is online gambling. While online casinos are common in the UK and Europe, North America’s industry is relatively young. Regardless, some sectors are moving at eye-watering rates, including Pennsylvania, where record-setting revenues are being set, such as the 77.5% increase to £32 million from £18 million in April 2020 a list of PA online casinos reflects the expansion not only via the number of operators, but also the bonuses they provide, which range from no deposit promos to cashback and free spins.
These promotions wouldn’t be possible if the sector wasn’t booming, and the market is healthy because savvy providers localize their offerings based on the most popular types of games in individual states. Pennsylvania is a single example, but there are several, including New Jersey, Michigan, and West Virginia.
Localization solves problems that businesses run into when they try and expand. Expansion is hard enough as it is, so a local strategy is a godsend for entrepreneurs.