How can we explain the 25% drop in new business inquiries for Marsh McLennan's political risk advisory services compared to the same period last year?

Introduction

The 25% drop in new business inquiries for Marsh McLennan's political risk advisory services compared to the same period last year is a significant concern that requires thorough investigation. To address this issue, I'll employ a systematic approach to identify, validate, and address the root cause while considering both immediate and long-term implications.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this 25% drop been consistent across all quarters, or is it more pronounced in certain periods?

Why it matters: Seasonal patterns could indicate external factors rather than internal issues. Expected answer: The drop is consistent across quarters. Impact on approach: If seasonal, we'd focus on year-over-year comparisons and market trends.

• Considering the nature of political risk advisory, I'm curious about global events. Have there been any major geopolitical shifts that could affect demand for these services?

Why it matters: External events could significantly impact the need for political risk advisory. Expected answer: No major geopolitical events outside the norm. Impact on approach: If there were major events, we'd need to assess our response to them.

• Thinking about our service offering, have there been any changes to our political risk advisory services or pricing in the past year?

Why it matters: Internal changes could directly affect client interest. Expected answer: No significant changes to services or pricing. Impact on approach: If changes occurred, we'd need to evaluate their impact on client perception and value proposition.

• Considering our client base, has there been any shift in the types of companies or industries seeking our services?

Why it matters: Changes in client demographics could indicate market shifts or competitor actions. Expected answer: No notable shifts in client demographics. Impact on approach: If shifts occurred, we'd need to reassess our market positioning and targeting strategies.