Commercial due diligence combines multiple evidence sources. Expert calls can explain the mechanisms behind the numbers: why customers buy, how competitors respond and what makes an operating model work.
Start with the decision, not the expert
A strong workplan defines the question each conversation must help answer. “Speak to industry experts” is too broad. “Understand how Indian mid-market manufacturers select predictive-maintenance software and what prevents renewal” is sourceable and screenable.
Map perspectives to hypotheses
Different stakeholders see different parts of the market. Customers can explain selection and satisfaction. Former executives may illuminate go-to-market logic. Suppliers and channel partners see value-chain economics. Functional specialists can examine product, technology or operating assumptions.
- Market attractiveness: demand drivers, adoption barriers and segment differences.
- Customer behaviour: purchase criteria, budgets, switching and retention.
- Competition: positioning, differentiation, routes to market and likely responses.
- Operations: capacity, sourcing, talent, implementation and scalability.
Screen for exposure, not confidence
The best speaker is not automatically the best expert. Screening should confirm what the professional actually did, which decisions they influenced, which markets they covered and how recently. Project-specific answers help the diligence team select on evidence rather than biography alone.
A concise expert profile should tell the team why this person can address this hypothesis—not merely list an impressive title.
Use a discussion guide, then listen
Prepare a clear sequence of open questions, but leave room for unexpected context. Ask for examples and mechanisms rather than confidential facts. Compare perspectives across calls and test them against primary data, management information and other research sources.
Respect the boundary
Clients must never seek confidential or material non-public information. Topics involving a current employer, an active transaction or other duties may require additional restrictions or may not be appropriate. When a question crosses a line, it should be stopped or reframed immediately.