When to Use Expert Calls vs Expert Surveys in Commercial Due Diligence
Expert calls are one-on-one interviews with vetted industry professionals that yield deep, qualitative insight on niche questions, typically in 30–60 minute sessions. Expert surveys, by contrast, gather broader quantitative data from many experts via questionnaires. Use expert calls when you need rapid, high-confidence answers on a very specific topic from experienced insiders, and use expert surveys when you need statistically robust validation from a larger sample. Often the best approach is hybrid: first conduct interviews to shape hypotheses, then field a targeted survey to quantify those insights.
What is an expert survey in due diligence?
An expert survey is a quantitative questionnaire sent to a group of industry experts or professionals identified by their relevance to your research question. Instead of interviewing one person, you collect structured responses (often online or phone surveys) from dozens or even hundreds of respondents. Expert surveys aim to combine the targeted reach of an expert network with the breadth of data of a panel: you pre-screen respondents for expertise, then gather data through closed questions. This provides statistical evidence on market segments, customer preferences, pricing, etc., while still focusing on relevant stakeholders. In commercial due diligence, expert surveys might ask executives or end-users to quantify factors (e.g. “Rate the importance of feature X,” or “What % of customers use solution Y?”). They fill the gap between a few expert interviews and large-scale market research.
Best Practices for Expert Surveys (List)
- Draft precise questions: Use insights from expert calls or desk research to shape survey questions and answer choices.
- Target the right sample: Recruit respondents who have experience with the subject (e.g. customers, channel partners, operators).
- Ensure representativeness: Aim for a sufficiently large and diverse sample so results aren’t biased by one company or region.
- Pilot test: Run a small pre-test to catch confusing questions. Refine the survey before full launch.
- Analyze statistically: Calculate margins of error; be wary if your sample ends up too small to draw solid conclusions.
Qualitative vs Quantitative Research in Due Diligence
Qualitative research (like expert calls and interviews) yields in-depth insights from a small number of sources. It’s about understanding “how” and “why”: the processes, motivations, and judgments of market participants. Quantitative research (like surveys or data analysis) produces numerical data from larger samples, answering “what percent”, “how much” or “how common” questions. In due diligence, qualitative calls help build a hypothesis and highlight issues; quantitative surveys then test those hypotheses across a broader group. As Umbrex notes, interviews cannot give population-level estimates – for that you need a survey. Both methods are complementary: desk research for orientation, interviews for texture, surveys for validation.
Expert Calls vs Expert Surveys: Comparison
Below is a side-by-side comparison of the two methods: calls vs surveys in commercial due diligence.
| Aspect | Expert Calls | Expert Surveys |
|---|---|---|
| Method | 1×1 interview (phone/video) | Structured questionnaire (phone/online) |
| Sample Size | Very small (often 5–10 experts) | Moderate to large (tens to hundreds) |
| Depth of Insight | High – detailed, nuanced perspectives | Moderate – broader trends and averages |
| Breadth of View | Narrow (specific roles/contacts only) | Wider (multiple perspectives) |
| Data Type | Qualitative (opinion, experience) | Quantitative (ratings, percentages) |
| Customization | Highly customizable per expert | Standardized across respondents |
| Time to Gather Data | Relatively fast per expert (days–weeks total) | Longer (weeks to design, field, analyze) |
| Typical Duration | 30–60 minutes per call | 15–20 minutes per respondent |
| Cost Structure | ~500–1500 per expert-hour | Varies (per completed survey); often lower per response |
| Representativeness | Not statistically representative | Can achieve statistical significance if sample is large |
| Best for | Specific, niche questions under time pressure | Quantifying assumptions and broader trends |
| Scalability | Low (one expert at a time) | Higher (many experts concurrently) |
| Example Use Case | Validate one company’s strategy with former CEO (1–3 calls) | Survey 100 industry managers on purchase criteria |
When to Use Expert Calls vs Expert Surveys
Use expert calls when: You have a very specific question that requires deep, experience-based judgment. For example, asking “What is the real sales process for X in this market?” or “Why did customers defect from Company Y?” is best done via calls. Expert calls shine when time is scarce and you need a quick sanity check from seasoned insiders, private equity due diligence often uses 5–10 calls to triangulate on sensitive issues. Calls are ideal if the market is opaque (few published data) or if you need to pressure-test a hypothesis fast. They are the right tool when qualitative nuance matters more than breadth.
Use expert surveys when: You need to quantify an assumption or trend. For example, “What percentage of enterprises plan to upgrade technology Z next year?” is a survey question. If you need statistically defensible answers (e.g. market share, customer preferences, feature adoption), surveys are better. They can reach dozens or hundreds of respondents, providing a confidence interval for your estimates. Surveys also help when topics are sensitive or potentially biased by individual opinions: anonymous surveys can reduce social desirability bias. In summary: use surveys to validate and measure the qualitative themes discovered in interviews.
Combining both: The smartest approach is often hybrid. First use a handful of expert calls to explore the landscape and identify the key variables (e.g. interview 5–10 supply chain managers on pain points). Then design a targeted survey for a larger expert panel to measure those findings (e.g. 50–100 professionals). This way, you get rich context plus quantitative backing.
Typical Scope: How Many Calls or Surveys?
Expert Calls: A small batch is common. Many CDD projects use 5–10 calls to cover different perspectives (customers, competitors, regulators). Each call is 30–60 minutes. After ~5 interviews, teams often see recurring themes; additional calls mostly confirm.
Expert Surveys: Sample sizes vary by budget and needed precision. Private equity surveys often target 20–100 respondents, depending on industry size. (For a small niche market, 20–30 expert respondents might already be many; for larger markets, 50+ gives more confidence.) Umbrex advises that surveys are needed when you must estimate percentages or averages. If a survey is measuring top-3 criteria among buyers, 100 responses would give a margin of error of about ±10% at 95% confidence. Always plan for some screening attrition and aim higher.
Time and Cost Comparison
Turnaround: Expert calls can be set up quickly. Infoquest notes an expert shortlist often arrives within 2–24 hours and calls can occur in 1–2 days. Surveys take longer: expect 1–3 weeks to design, program, and pre-test the survey, plus additional time to field responses (anywhere from a few days to a week or more, depending on the target audience).
Cost: Calls are billed per expert-hour. Typical rates are ~500–1500 per hour. A 5-call project might cost 5k–10k. Surveys might be cheaper per insight: many services charge per completed survey or use subscription models. For example, NewtonX (an expert panel provider) touts 3× faster recruitment, which can also control costs. But designing surveys (especially custom-recruited) often involves upfront scripting fees. In short, small projects (deep dive interviews) might favor calls, while larger needs (broad questionnaires) can be more cost-effective with surveys.
Using Expert Calls in Private Equity Due Diligence
Expert calls are a staple of PE diligence. A PE team might quickly hire an expert network to interview former executives, customers, or competitors of a target company. For example, a private equity firm could schedule 5 one-hour calls with former COOs of similar companies to test the target’s efficiency claims. Calls help validate the deal thesis (e.g. growth drivers, market risks) before the Investment Committee decides. They uncover hidden risks (like supply chain vulnerabilities) or check management’s assumptions under tight timelines (calls can be arranged in 2–3 days, far faster than a 3-month report). In summary, use calls in PE deals for target-specific insights that are not publicly documented.
Using Expert Surveys in Private Equity Due Diligence
Expert surveys are increasingly used in modern PE diligence as a way to add statistical rigor. A PE firm might send a short survey to 50–100 customers or channel partners of a target, asking quantitative questions about pricing, retention rates, or competitive preferences. This yields measurable data (e.g. “X% of customers ranked quality as the top purchase criterion”). NewtonX reports that leading investors now leverage surveys at scale to get both qualitative and quantitative edges. Surveys can free up analysts’ time by quickly collecting many data points. Use surveys to triangulate themes from interviews – for instance, if early calls suggest customer churn is high, a follow-up survey can confirm how high and why. This method supports better forecasting and benchmarking for deal value.
FAQs
Can I only use expert calls or surveys, not both?
Neither is all-knowing. Most teams benefit from a mix: use interviews early and surveys later. Only using calls may leave you with an unvalidated, anecdotal view; only using surveys may miss nuanced insights.
What if I need hard data (financials, usage metrics)?
Then these methods are not sufficient alone. Expert calls and surveys supplement data diligence by explaining “why” patterns exist, but quantitative data (reports, financials) should also be analyzed for hard numbers.
How do I ensure survey respondents are truly experts?
Use screening questions. For example, require certain job titles, years of experience, or company types to pass the survey. Expert networks often pre-screen participants for you.
Are expert calls compliant/legal?
Reputable networks follow strict protocols. No proprietary data is shared; compliance officers or software monitor calls. You should only ask for non-public insights that don’t violate confidentiality.
How many calls are enough?
Typically 5–10 calls cover the main angles. Add more if new topics still emerge. Umbrex notes diminishing returns after a core set of interviews.
Conclusion
Choosing between expert calls vs. expert surveys can shape the quality of your commercial due diligence. If you need deeper industry insights, targeted expert interviews, or survey data to validate market assumptions, Nexus Expert Research can help you reach the right professionals for your research needs. We recruit experts from scratch for every engagement, helping consulting firms and deal teams gather relevant primary research for commercial due diligence.
