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Scale a tech business – use the ULTO framework
ULTO framework for scaling a tech business
from my experience as a Product Owner at Hamro Patro.
Illustration: Freepik
I worked as a Product Owner at Hamro Patro for more than 2 years where I looked after their core products like Jyotish, Health, Recharge, and Calendar and worked on R&D of their newest offering code-named Hamro Market. During that period I practiced and implemented several courses and guides on product-led growth and applied them for lead-gen, to build better product UX and to grow the sales. From my experience at Hamro Patro, I’ve devised a simple 4 steps framework for scaling and growing a software business. This framework for scaling a tech business is called: the ULTO Framework.
U: Unique Selling Proposition
L: Leverage – Partners & Affiliates
T: Traffic – Organic & Paid
O: Optimize – Measure to optimize
Unique Selling Proposition (U):
Your unique selling proposition (USP) is what sets your technology business apart from competitors. It’s the distinct advantage or benefit that your product or service offers to customers. To scale effectively, you need to clearly define and communicate your USP to your target audience. This might involve identifying key features, benefits, or solutions that differentiate your offering from others in the market. Your USP should resonate with your target customers and address their pain points or needs in a way that competitors cannot.
Leverage – Partners & Affiliates (L):
Leveraging partnerships and affiliates can significantly accelerate the growth of your technology business. Partnerships can take various forms, such as strategic alliances, co-marketing agreements, or integrations with complementary products or services. By collaborating with other businesses or influencers in your industry, you can tap into their existing customer base, expertise, and resources to reach a wider audience and drive more sales. Affiliates, meanwhile, can help promote your products or services in exchange for a commission on sales generated through their referrals. Building and nurturing these relationships can amplify your reach and scalability.
Traffic – Organic & Paid (T):
Generating traffic to your technology business is essential for scalability. Traffic can come from both organic (unpaid) and paid sources. Organic traffic typically includes visitors who find your website or app through search engines, social media, content marketing, or word-of-mouth referrals. To scale, you’ll need to invest in strategies to increase your organic visibility, such as search engine optimization (SEO), content creation, social media engagement, and community building. Additionally, paid traffic involves investing in advertising channels like pay-per-click (PPC) ads, display ads, social media ads, or influencer marketing to drive targeted traffic to your platform. Balancing both organic and paid traffic strategies can help you scale your user base and customer acquisition efforts effectively.
Optimize – Measure to Optimize (O):
Optimization is key to continuous improvement and scalability in a technology business. This involves measuring key performance indicators (KPIs) and analyzing data to identify areas for improvement across your operations, marketing, product development, and customer experience. By leveraging analytics tools and metrics, you can gain valuable insights into user behavior, conversion rates, churn rates, customer feedback, and other important factors that impact your business performance. You can use A/B testing, user feedback, and iterative development cycles to optimize your product or service, marketing campaigns, sales funnels, and overall business processes. Continuously refining and optimizing your strategies based on data-driven insights will help you scale more efficiently and sustainably over time.
Let’s see how Hamro Patro could utilize the ULTO method for further growth and scaling:
U: Many businesses struggle to create an offer or product but Hamro Patro has a strong base on this because of their engineering root and expertise. Products like Jyotish, Recharge, Gifts, Remit, TeleHealth, and Hamro Pay are all unique offerings. Their existing user base & convenience to their users is their major USP.
L: Hamro Patro has well leveraged the engineering resources for product ideation and development but here when it comes to scaling by leverage I mean partnership with their network. Products like Jyotish, Recharge, Remit & Gift will greatly benefit from having an army of affiliates working for them. They can leverage their existing network of Nepalese media companies to promote their products. They can create a win-win opportunity for their media partners and anyone who wants to become their affiliate.
T: With their 10M+ downloads it’s obvious that Hamro Patro gets millions of organic traffic every month. They can scale this out by utilizing paid targeted traffic. The keyword here is “targeted traffic”. For eg. by targeted traffic I mean for products like Remit they can run Facebook Ads for US and Australian cities where the Nepalese community has a strong presence. For Hamro Recharge, they can buy ads for countries like Saudi, Dubai, Qatar, etc from where this kind of transaction originates most.
O: Hamro Patro utilizes an amazing analytics platform to measure and monitor sales. They can assign dedicated data and business analysts to dig deeper into the data and identify what is working and what is not. Without this kind of dedicated effort, hoping the unoptimized traffic would convert wouldn’t help.
Not only Hamro Patro, but by implementing and iterating on the ULTO framework any other Nepalese tech startup or tech businesses can effectively scale their operations, reach more customers, and drive sustainable growth in today’s competitive market landscape.
If you have any questions, comments, or suggestions on this topic, please feel free to add comments to this post or reach out to me via email on my website’s sidebar.
Thanks for reading.
Happy Friday!
– Bhupal
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Scale a tech business – use the ULTO framework
https://bhupalsapkota.com/ulto/