There are also international standards for country codes. Using standards almost always saves work down the road, and sometimes much more.
You'd be very, very surprised then. Sometimes even continent is more specific than required. Where I work, I'm part of the North American team. I also have clients who have datacenters in EMEA (Europe, Middle East, Africa) or APAC (Asia/Pacific), both of which terms cover far more than one continent.
A client I'm working with right now has a South American datacenter, it's located in Peru but it covers all of their South American operations and is handled by our South American support team. If you asked them where the datacenter is, they'd say South America (and we did ask, and they answered that, and it was good enough for us to schedule resources for them).
Our official forms will accept continent or geographical region because most of the time this is granular enough. If you're in Africa, you want a datacenter in Africa... or at least in EMEA. A North American datacenter is a last resort for you, no matter which state or city it's in.