What does the fox say? You won’t find out here
I heard an interesting piece on Radio 4 a while back when an interviewer was talking to Nate Silver, the author of The Signal and the Noise: The Art and Science of Prediction, who used the familiar fox and hedgehog framing when discussing the way people deal with information. Foxes (ie, people who scrounge for tidbits of information) make better predictions than hedgehogs (ie, people who have one big idea). As a corollary he also said that we should be suspicious of overly precise or accurate predictions as they are very likely to be wrong. I was discussing this with someone recently and he said, quite accurately, something along the lines of “yes but the last time I heard you on the radio, you sounded like a hedgehog”. A fair point.
The thing is, when you are called by the TV or radio or newspaper folk, they’re not looking for foxes. Foxes are dead air. They’re looking for hedgehogs.
Many years ago, when I was not long in the consulting business, I went on a media training course. It was run by a couple of ex-journalists (one of whom, if I remember correctly, worked for the FT and one for radio) and although I don’t remember too much about it, I do remember their advice on press comment. We did an exercise where we pretended to work for a big company (it may have been a bank) and in response to a couple of different kinds of press enquiry we had to compose a comment for journalists. I can remember agonising over my response to the imaginary press enquiry and getting told off by the course leader who pointed out to me that my goal was to get the company name into the paper in a non-negative context — I wasn’t being judged on my spelling and grammar — and he said something to the effect of “in six months time, no-one will remember what the story was or what you said, but when one of your guys walks into a client’s office, the client will think ‘oh right, Consult Hyperion, I read something about them in the FT / saw something about them on Sky News / heard something about them on Radio 4’ and that’s your job”. Or something similar. But I got the message.
I took the message to heart. So if a journalist calls and says, for example, “why is UK card fraud up 17% in the first six months of this year”, I don’t respond with a very detailed (and very accurate) account of trends in card usage, technology roadmaps, chargeback management and such like”. You get one sentence, one soundbite. So, in this case, you might say something like “well it is largely due to the rise in online fraud” or whatever. And that will get the company name on screen.
When you are working for a client, though, you are a fox. You have to be careful to assemble all of the relevant information and try and make sense of it, to glean a plan from the pickings. Is Bitcoin the currency going to succeed? Who knows, but here are the factors we think are relevant and on balance we think unlikely. However, there may be some opportunities to use Bitcoin or Bitcoin-like technology in your business to create a new product. And so on. Is our mobile wallet secure? Well, here are the results of our detailed risk analysis and the key countermeasures that will reduce exposure to management levels. This sort of thing won’t get you on the telly, but it’s what we do and it’s why we have been successful.
At a charity event I attended earlier in the month, a friend came me up to me and asked if had been on BBC radio in the last couple of weeks. I told them that I had and asked them what show they had been listening to and what the topic of discussion was. “I don’t remember”, she said, “probably Radio 4. It was something to do with the internet. I thought you sounded very knowledgeable. Does your company do a lot of that sort of thing?”. In actual fact I’d been on the BBC World Service talking about Bitcoin. But it doesn’t matter what the programme was or what I was talking about, exactly as predicted by the hacks that trained me all those years ago. What matters is that I sounded like I knew what I was talking about!
There’s a similar dynamic around blogging. This blog is, I hope, a good example. We try to make it interesting and relevant to clients and potential clients, but we also try to make it entertaining. This is more difficult than it seems, because we want to post fun stuff about exciting applications or new technology in the secure electronic transaction space but on the other hand we don’t want to give away anything we are actually working on for clients until they decide to go public with it. This can be quite a conundrum: looking at the recent example if HCE, we’re we’d been working on projects for a couple of years before any of clients said anything about it in public.
Foxes and hedgehogs. Case closed.
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