Part 2: Globalization still a challenge for asset managers as they seek to grow international reach

A third of respondents combine in-house and agency resources to manage their websites globally while a quarter outsource the process entirely to an international global agency. In-country approaches, either through use of multiple country-specific agencies or through devolution of the process to in-house regional teams, made up most of the remainder (19% and 15% respectively) while the smallest number (8%) adopt a global centralized approach.

 

Evaluating the option to consolidate the process can reduce fragmentation inherent in this process; merging multiple global practices can be used to optimise resources, drive efficiencies and better manage costs. Additionally, centralizing translation of the multilingual content for digital channels also enables global economies of scale as well as greater consistency in quality and accuracy of translated content across geographical territories.

An additional challenge of going global, but perhaps an underappreciated one, is the need to tailor content to each international audience to account for cultural context, language nuances and the constantly evolving content styles used in marketing communications. Interestingly though, the need to differ digital approaches globally was not identified by the majority of respondents (60%).

 

Comments on this subject highlighted widely the cost pressure on digital initiatives, an issue in particular among smaller firms, but only a few touched upon the cultural nuances of operating in different international markets. This is perhaps an area for increased attention given that multiple studies from CSA Research highlight the preference for both linguistic and cultural differentiation by global providers operating in local markets.

Taking this a step further, introducing automation into both content and translation management, can reduce risk and improve efficiency. In our analysis, a healthy proportion of respondents (32%) automate the content process but there is still a large proportion with a hybrid manual-automated approach (35%), an outsourced approach to third-party agencies (18%) or a fully manual approach (15%).

 

From a compliance perspective, not only do these latter methods introduce risk into the process from both a security and accuracy perspective but they also make the budgeting of cost in this area challenging. This is particularly true in unprecedented situations like 2020 where the number and frequency of updates is far beyond what any firm could have planned for.

Simplifying processes through automation, particularly given the vast range of tools available in this area at all price points, should be an aim for all client-facing firms. Likewise, balancing automation with language services from expert agencies like us can really drive client engagement in critical areas like product launches and customer acquisition.

 

With a comprehensive range of content creation and translation automation technologies, 60+ resident language offices around the world—each with knowledge of the local environment—and a division of specialist marketing content experts experienced in adapting communications for regional market dynamics, we are uniquely placed to enhance your digital client engagement wherever you’re growing internationally.

 

And don't forget to read the 'Digital Client Engagement 2020' research report for more insights!