The COVID-19 pandemic coupled with major events in 2020 caused massive shifts in societal norms, regulatory requirements, and technological innovation. These disruptions have caused extreme instability for major industries but have also sparked new ways of thinking and innovative applications of technology. This puts the tech industry in a unique position: amidst crippling uncertainty in a rapidly changing environment, technology allowed us to find new ways to connect and work, transact remotely and buy and move products.
While the promise of technology to shape and stabilize the future is exciting, some deeply concerning problems have also been illuminated. In particular, social media’s role in propagating conspiracy theories, misinformation and division, has created deep skepticism about the role and influence of the Tech industry. With both the promise and perils of technology deeply pronounced, it is essential for tech companies to articulate their WHY to guide strategic growth with clarity, inspire their employees with meaning and clearly communicate to all stakeholders what they stand for. With a clearly defined Purpose, the tech industry can innovate for the future, while engaging ESG issues proactively, not reactively.
DEFINING PURPOSE
One of the most effective ways to create alignment and provide more clarity to successfully meet the challenges of the next decade is through Purpose.
For companies that are developing and deploying new competitive strategies, Purpose becomes a reliable North Star—defining the impact a brand has on the world and guiding the strategic direction that shapes future innovation. Purpose becomes an input to strategy, built upon the foundation of human insights, innovative ideations and strategic brand narratives.
With clear strategic direction, brands can confidently shape the future, leaving a larger, more positive impact on the world. Purpose also increases impact from within the company and the people that already work there. When employees understand where the company is headed and why, they can make the right decisions to help move in that direction. Employees who are connected to their employer’s Purpose are 65% more likely to be fulfilled by their work, and employees who are personally fulfilled by their work outperform 80% of their peers. Even more importantly, fulfilled employees are twice as likely to stay at their job for more than five years, reducing turnover costs and increasing productivity.
Together, BCG and BCG BrightHouse help companies uncover their Purpose—their timeless why —and then we help them develop a narrative and a strategy to tie it all together. We mobilize and motivate organizations to make bold changes, embed Purpose in strategy, culture and brand, while bringing the necessary rigor to keep them on the right path. This groundwork enables organizations to develop a bigger and brighter vision of their future, increasing the scope of their impact both within their organization and throughout the ever-changing landscape of the tech industry.
PURPOSE WORK & BENEFITS
Tech brands have already started using Purpose as a guide for strategy, culture and future innovation. Recent work with a major telecommunication consortium helped define the expanding role of Telcos on the future. BrightHouse created a unified framework to identify 5 areas of impact to articulate the WHY for the industry to convey a simple, emotional and visual message, to be used both internally within the companies but also, with key governmental decision-makers. Ready to play an even larger, positive role in society, this work will guide member companies as they continue to innovate for the future.
Or take Resideo, a spin-off of parent company Honeywell, offering smart home technology. With frequent changes in leadership and strategy, the organization struggled with communicating clear messages about their transformation, creating uncertainty and lack of direction. BrightHouse crafted authentic and transparent change communications designed to answer the WHY behind the Resideo transformation and equip leaders to lead with humanity, drive focus, and model accountability for performance. The narrative streamlined communication, ensuring a consistent voice from leaders, and a unified message for all stakeholders. The work stabilized the organization, aligned employees, and built trust, establishing the strong foundation needed to pursue. future growth and innovation.
Technological innovation in the healthcare sector also benefited from the power of Purpose. A technology start-up focused on telehealth and at-home primary care, needed to expand their target market to include seniors and offer value-based primary care via virtual and in-home encounters to new geographical markets. BrightHouse excavated brand essence and values, offering clarity to the core of their business as they continued to flex their offerings, operations, and recruiting. Purpose also set the stage for brand growth and strategy, as BrightHouse then provided recommendations for how their brand could evolve to best appeal to their different audience segments—including tailored messages that would ultimately drive trial.
FINAL REMARKS
From communication to lifestyle and health, technology plays a pivotal role in the ever-shifting landscape of our times. For tech brands who want to emerge at the forefront of the future, developing and deploying strategies backed by Purpose is crucial. Companies that have the courage to think big, challenge the status quo and lead with a well-defined Purpose will also be rewarded in the marketplace.
Research shows that consumers are more likely to try, to switch to, and stay with purposeful brands. It’s how you turn a moment into a movement. With Purpose as a guide, the technology industry can confidently deliver social value and pioneer innovation in a way that positively shapes the future.
