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We run global campaigns in our organization and typically have the campaign owners in the different regions (DACH, Benelux, APAC, France, UK, Americas, etc) clone the "Master" program that has all the product messaging, smart campaigns, assets, etcs all setup accurately for them to localize in their languages. Just make sure to have a standard naming convention that has the region in it so that it will be easy to run reports. We use this naming convention: Territory (EMEA, AMER or WW)_Sub-Region (DACH, UKNE, etc)_Date & Year (0513)_Type(Webinar, Event etc)_Name.
Hope this helps.
If you go with Michelle's suggestion, you can also setup Reports and Smart lists to look at specific programs by region or globally.
If you also setup the folders properly, you should be able to view metrics as well as leverage campaign folder tokens.