Expanding into new markets opens doors to exciting opportunities as well as formidable challenges for startups and founders. Central to this journey is the development of a robust go-to-market (GTM) strategy, underpinned by engaging local professionals with expertise, cultural alignment and knowledge of the target market.
In the first blog post of this series, we explored how to identify the right market for hiring GTM talent. In this blog post, we identify key GTM roles and offer valuable insights into talent acquisition and compensation benchmarking.
Key functions for building a GTM team
To achieve success in international markets, a well-coordinated GTM strategy relies on the synergy of key functions. Each plays a pivotal role in building a viable startup and driving business growth.
Essential GTM functions include:
| Function | How This Supports a GTM Strategy |
| Sales | Spearheads revenue generation and client acquisition |
| Customer Success | Ensures customer satisfaction and fosters long-term loyalty |
| Marketing | Develops strategies to boost brand visibility and customer engagement |
| Advertising | Optimizes advertising campaigns to reach target audiences |
| Management and Consulting | Provides strategic guidance and actionable insights |
| Research | Gathers market insights and conducts analysis for informed decision-making |
| Finance | Ensures optimal resource allocation and financial sustainability |
By integrating these functions seamlessly, startups can navigate market complexities and capitalize on emerging opportunities.
Why is benchmarking important?
Determining appropriate compensation for international GTM hires can be a significant undertaking. The goal is to offer competitive pay and align total compensation packages with cost-of-living and industry standards. At the same time, it needs to be done within budget constraints. This is why compensation benchmarking is indispensable for informing recruitment decisions.
Compensation benchmarking provides a systematic and data-driven approach to compare compensation packages against industry norms and local market rates. Startups gain intelligence of prevailing trends in salary and benefits so they can adjust their remuneration offerings accordingly.
How is benchmarking conducted?
Key steps in the benchmarking process include:
- Identify Benchmark Positions: Prioritize roles critical to the organization’s success.
- Select Comparison Metrics: Determine relevant compensation metrics based on experience, education and geography.
- Analyze Data and Establish Benchmarks: Set benchmark ranges for each position based on comprehensive data analysis.
- Adjust for Local Market Conditions: Consider factors like cost of living and currency fluctuations when benchmarking salaries for international hires.
- Regular Review and Updates: Continuously monitor and update benchmark data to ensure competitiveness and compliance.
Below is an excerpt from compensation benchmarking we recently completed on behalf of a multinational client looking to recruit GTM talent in several key markets of Africa:
| Sales Development Rep. / Exec. | Sales Development Manager | Customer Success Exec. | Customer Success Manager | Marketing Exec. | Marketing Manager | Advertising | |
| US | $70,000 | $90,000 | $65,000 | $90,000 | $70,000 | $75,000 | $85,000 |
| UK | $75,000 | $95,000 | $60,000 | $85,000 | $70,000 | $70,000 | $80,000 |
| Germany | $65,000 | $90,000 | $55,000 | $80,000 | $60,000 | $75,000 | $70,000 |
| Nigeria | $23,000 | $39,000 | $21,000 | $39,000 | $19,000 | $41,000 | $31,000 |
| Kenya | $29,000 | $47,000 | $25,000 | $47,000 | $23,000 | $49,000 | $40,000 |
| South Africa | $34,000 | $53,000 | $28,000 | $56,000 | $24,000 | $53,000 | $47,000 |
| Egypt | $23,000 | $38,000 | $22,000 | $41,000 | $22,000 | $38,000 | $40,000 |
| Morocco | $25,000 | $43,000 | $24,000 | $39,000 | $21,000 | $35,000 | $39,000 |
| Ghana | $25,000 | $37,000 | $26,000 | $40,000 | $23,000 | $40,000 | $39,000 |
| Management & Consulting | Research | Finance | |
| US | $110,000 | $105,000 | $90,000 |
| UK | $100,000 | $100,000 | $95,000 |
| Germany | $100,000 | $100,000 | $85,000 |
| Nigeria | $42,000 | $47,000 | $45,000 |
| Kenya | $59,000 | $69,000 | $76,000 |
| South Africa | $68,000 | $78,000 | $72,000 |
| Egypt | $43,000 | $49,000 | $54,000 |
| Morocco | $46,000 | $53,000 | $48,000 |
| Ghana | $47,000 | $56,000 | $51,000 |
The provided ‘benchmark’ figures serve as a reference point for annual salaries/compensation in USD, derived from local market research and recent hiring information sourced by GoGlobal. These data points are aggregated from professionals with 4-6 years of experience.
Employer of Record: Your GTM ally
Employer of Record (EOR) providers offer a strategic solution for startups embarking on GTM strategies in target markets abroad. These services facilitate seamless international hiring without the need to establish legal entities in foreign countries.
Combining expert recruitment services with an EOR solution offers an end-to-end approach. This equips startups with comprehensive support – from recruitment and onboarding to routine HR processes and offboarding.
The benefits of hiring GTM talent through an EOR include:
- In-Depth Local Knowledge: An EOR offers comprehensive expertise in navigating the varied landscape of local regulations and laws.
- Recruitment Solutions: Expert recruiters apply advanced methodologies for talent acquisition, conducting thorough and effective talent searches. They also provide detailed analysis for competitive total compensation benchmarking.
- Streamlined Hiring Processes: EOR hiring streamlines recruitment and the onboarding journey, seamlessly integrating new employees.
- Compliance Assurance: Hiring through a competent EOR provides peace of mind to startups, as they can be assured that legal complexities and processes are in good hands.
- Language and Cultural Understanding: EOR professionals bring deep insights into local customs, business practices and workplace expectations. This facilitates smooth communication and fosters cultural integration within the workforce.
- Global Expertise, Local Adaptation: An effective EOR will tailor HR strategies to meet the unique needs of each local market. At the same time, they should uphold global standards of excellence and professionalism.
Building a successful GTM team for global expansion requires strategic talent acquisition and informed decision-making. By hiring GTM talent with an EOR, startups can master benchmarking and achieve sustainable global growth.
View the webinar recording or download our guide ‘Roadmap to Global Growth for Startups.’
Reach out today if your startup is ready to expand into new markets around the world.