Emerging value system for emerging technology businesses
Relentless polarisation presents a severe crisis for the digital giants that hold up the world’s digital economy. To escape the wrong side of history, product managers must stop putting the customer before society. But, as the giants struggle to manage the headlines, aimed squarely at issues caused in part by their products and service strategies, perhaps the door is ever so ajar for the medium-size tech provider.
There are so many voices, but the voice of society, can yield significate insights if we stay firm to organisation core values
For medium-size brands, maintaining a sufficiently positive brand perception is of the utmost importance. For many brands, being talked about, even in a controversial context, can be a good thing, as it implies relevance.However, being consistently associated with politically divisive issues and even outright toxic communications, such as hate speech, is something that medium-size brands must desperately avoid. The prevalence of such unconstructive — and unprofitable — forms of relevance increases as the level of polarisation increases.
With many consumers feeling like big tech has tuned their voices, perhaps it is time for medium-size tech providers to delight these disenchanted customers. There are so many voices, but the voice of society, can yield significate insights if we stay firm to our organisations core values
What keeps today’s digital economy running is a critical mass of highly monetisable and digitally engaged consumers whose digital personas reside in a sort of Goldilocks zone of monetisation: not too hot, not too cold.
What keeps today’s digital economy running is a critical mass of highly monetisable and digitally engaged consumers.
The key for medium-size tech providers, avoid the toxic and elusive fringes and remain firmly centre.
As headline news mounts against larger tech providers and consumers question their intentions in the public domain, medium-size tech providers with moderate corporate values remain able to seize on new opportunities in the Goldilocks zone.
Gartner’s survey data below indicates continued sustainable engagement in social advocacy is growing, with consumers ranking equally loyalty and authenticity as their top values. The key take away, avoid the toxic fringe:
With these values in mind, many have abandoned larger tech providers, calling out several issues:
• Bias in design
• Hate-for-profit concerns
• Diversity, equity and inclusion issues in hiring
• Pricing concerns for those facing the digital divide
• Sustainability concerns
If you are thinking about where to start social engagement with consumers, investors and employees, note that consumers are thinking about a few select areas from tech providers.
#1 Pandemic Response
Consumers are paying close attention to how brands are responding to the COVID-19 crisis: 69% say they’ll remember how companies respond, and those that put profits before people will lose their trust forever. In addition, consumers are appreciative of their collective increased awareness of companies’ social responsibility practices.
#2 SustainabilitySustainability-savvy brands can support the environment, attract ESG-conscious investors, attract top talent and innovate in new technology markets. Recent research in these areas points out that the growing pressure and urgency regarding environmental sustainability is ushering in fundamental changes to technology markets.
Their digital personas reside in a sort of Goldilocks zone of monetisation: not too hot, not too cold.
These trends present product leaders with both new challenges and new opportunities across three themes: changing fundamentals, zero-waste operations and existential breakthroughs.
Here are a few areas that medium-size tech companies should look at:
• Showcasing sustainability benefits and features in product offerings by exposing sustainability features and metrics in product and service interfaces
• Software tools that enable increasingly complex and comprehensive sustainability reporting, analytics and accounting — especially for carbon footprints
• Consulting capabilities to measure the financial risk and liabilities associated with sustainability issues and to deliver change programs, for both enterprises and investors
#3 Diversity, equity and inclusion
With equality toping the consumer values list, many are aware of tech companies’ slow response to addressing DE&I issues. Furthermore, the number of women leaving the workforce is complicating most organisations’ DE&I goals. However, tech companies have fared better than most in terms of retention during this pandemic era.
Working from home and flexible work arrangements are more suited to the tech industry than some others, which has helped to stave off attrition. So, any plans of going back to the old days may merit additional consideration. So, what can medium-size tech companies do?
• Invest in developing talent pools of underrepresented candidates by partnering locally, developing training programs, offering apprenticeships and exploiting multiple recruiting channels to build your future talent pipelines.
• Build an employer-of-choice brand for women candidates by partnering with marketing and human resources to establish and evangelise your commitment to both product designs and a culture that is inclusive of women.
The key for medium-size tech providers, avoid the toxic and elusive fringes and remain firmly centre.
• Bridge digital divides affecting users by using voice of the customer VoC insights to account for technology adoption barriers and bias in existing CX data.
• Transform barriers into product design opportunities and create an optimal inclusive experience for communities challenged by digital deserts.
• Consider leveraging a combination of human-centric design approaches, such as design thinking and inclusion design, and pay attention to consumer pricing.
As much as we hear about polarisation, much of the world remains in the centre, steering away from the toxic fringes of the left and right.
