The new tool is named Google Global Market Finder. It basically helps you discover keywords and translate those keywords into other international markets. The tool not only translates your keyword, but it also shows you the competitive landscape for that keyword. The tool plots the opportunity chart, shows search volume, bid suggestions and competitive factor for multiple locations.
Here is a picture:
To use the tool, enter keywords that describe your product or service and select a market or region you'd like to explore. You can choose from regions such as the European Union, the G20 economies, or the Americas.
Global Market Finder automatically translates your keyword into languages used in each of your selected markets. It then ranks each location by market opportunity by combining search volume, suggested bid price, and competition for each translated keyword. With this tool, businesses can answer questions like how competitive is this market?, how does demand in one location compare to demand elsewhere in the world?, and how much would it cost to start advertising in this new market? Since automatic translation is not perfect, be sure to confirm that the translated terms are appropriate for your business.
Google added a step by step wizard then to explain to advertisers how to use more of Google's tools to ultimately translate your keywords, ad copy and optimize those international ads. That tool is at google.com/adwords/globaladvertiser.
I am a bit afraid of seeing poorly translated and targeted ads due to this, but time will tell.
Forum discussion at DigitalPoint Forums.