The Situation: Potential Clients Unaware of Firm’s Breadth of Services
FTI Consulting is a $2 billion-dollar global business advisory. Founded in 1982 as Forensics Technologies International to provide expert witnesses for high-profile corporate litigation, FTI Consulting has grown organically and via acquisitions and today covers the professional services waterfront. Its expertise ranges from corporate finance to geopolitical intelligence, economic consulting, investigations, strategic communications, and more – just about everything a professional services firm can offer, or a big business could need. But in the view of its leaders, potential clients were insufficiently aware of the scope and variety of FTI Consulting’s offerings. To remedy that situation, and attract more clients, FTI Consulting was looking for a compelling topic that would highlight and underscore the breadth of its experience, the depth of its expertise, and attract media attention.
Bloom Group’s Role: Designing and Executing a Global Survey, Producing Articles Highlighting the Results
Bloom Group helped FTI Consulting focus on a topic that would draw on the expertise of several of its practices: What multinational companies do right and wrong in managing the risks of operating in developing markets.
Bloom Group, with input from FTI Consulting, designed a 32-question survey to which 150 executives with risk management responsibilities for companies with over $1 billion in annual revenue operating in emerging market countries responded. Then, working with FTI Consulting experts from its Corporate Finance, Strategic Communications, Forensic & Litigation Consulting, Economic Consulting, and Global Risk & Investigations practices, Bloom Group analyzed the survey’s quantitative data and, with FTI Consulting’s practice leaders, conducted hour-long interviews with 10 executive respondents representing large North American and European multinational companies.
Bloom Group also conducted secondary research, filling out the picture of the emerging market risks (and their costs) multinational companies were confronting.
Finally, we worked with FTI Consulting senior practice leaders to integrate the quantitative and qualitative survey data to produce a report on best and worst practices for managing emerging market risk, validated by real-world evidence.
The Outcome: A New View on Risk, and Wide Media Coverage
FTI Consulting’s risk research project discovered that almost all multinationals operating in developing economies (83% since 2010) had experienced significant business losses (an average of $325 million per incident) derived from three major categories of risk: regulatory, bribery and fraud, and reputation. The quantitative data revealed that the most damaging incidents, incurring the greatest losses, occurred when those three categories of risk converged, and the qualitative research demonstrated that there were distinct differences between the policies and actions of those companies that suffered the fewest, least expensive incidents, and those that incurred the most. Leveraging these data, FTI Consulting’s experts derived actionable, proven best practices for mitigating risk in these geographies.
Bloom Group helped FTI Consulting publish its findings in a white paper, “What Companies Do Right (And Wrong) in Emerging Markets,” and in a shorter article that was self-published in FTI Consulting’s online management journal.
Because the research was the first to put dollar amounts to the losses businesses were suffering attributable to specific risks, and identify the divergent practices of leaders and laggards, Bloom Group and FTI Consulting found a ready appetite for articles spun off from the study, authored by FTI Consulting leaders, in such prestigious publications as The Harvard Business Review online, Risk Management Monitor, Corporate Compliance Insights, and CFO.com. When the study was released, it was noted in the Wall Street Journal.
If potential clients were not now aware of the breadth of FTI Consulting’s service offerings, and the range of its global practices, it could only be because they weren’t reading.