In my opinion a localized site and localised promotions are absolutely the ideal situation. There are to many differences in culture, legal and commerce, to just copy paste your website.
If your current website is not performing, do not start expanding abroad, first get experience in optimizing your current website.
The 11 C internationalisation framework
Newman and Lake developed the "11 C's of Internationalization" a framework that will help people to review the opportunities and challenges for specific markets.
More C's after the break!