Targeted marketing is a marketing strategy which identifies an audience that is most likely to buy a product or service and subsequently creates a marketing campaign designed specifically to advertise said product or service to the target audience, using advertisements and promotional messages. This allows different companies to hone in on certain market segments, creating a "specialty" and possibly lowering competition with similar companies.
More than merely translation material into a target language, marketing localization consists of adapting your approach to the local culture. This includes website translation, currency conversion, and relationship building with local banks or distributors. Even product adaptation—making changes to the products you sell—can be part of a broader localization strategy.
Machine learning models are increasingly used to adapt material to local cultures. Translation, especially, lends itself to machine learning solutions.
Product performance forecasting predicts future sales volumes—at what price, during which time, and in which market. It enables businesses to make informed decisions in both the short term and the long term. Nowadays, companies rely on machine learning software for product performance forecasting as these programs continuously improve, providing businesses with faster and more reliable estimates all the time.