It's a great question and something we deal with on a regular basis for some of our global clients.
Most marketers will approach localisation and often will divert due to budget restraints – but Common Sense Advisory back in 2014 (little old now) stated that 55% of surveyed respondents buy only at website where information is local language, and go on to state: For those with limited English, the preference for mother-tongue purchases increases to 80% or more. For the me the simple part is, we know that localisation works – the important part is priority order, and you have to determine that based on business goals / return on investment of your campaigns.
Localisation versus translation, lots of people think they're one in the same thing but they're very different. Localisation is your regional marketing manager's expertise right – how to make the emotional tie, and the decision on wether the product is right for the market or not. This should be the deciding factor for each region, does the product apply, what evidence do we have to prove or disprove the theory, and ultimately tie it back to revenue where possible.
The healthy balance between Corporate versus Regional or Global versus Local if you want to pin it that way, is a tough one. Every business is different – with our clients who operate in multiple territories and sometimes up to 80 countries with regional marketing, the best approach seems to be baseline service provided by corporate, and product specifics then delivered in region. To clarify "baseline" these are often global initiatives which deliver a level of maturity to each of the markets, such as lead attribution, a basic nurture campaign to combat attrition, or even just welcome emails! In most cases they are addressing pain points for the overall business rather than the region itself. The pick and choose in the world of Marketo is hard if you're running such campaigns in a Global workspace, but it's possible.
Hope that helps – happy to add any more context with examples if required.