Are Impact Investors Really Listening?: Why Capturing Stakeholder Insights is Key to Impactful Investment Strategies

 

Are Impact Investors Really Listening?: Why Capturing Stakeholder Insights is Key to Impactful Investment Strategies

Gathering data is straightforward—but turning it into meaningful action is far more challenging. At Acumen and other impact investment firms, this transformation happens deliberately in forums like investment committees, portfolio reviews, and sector gatherings—spaces where input from customers, communities, and other stakeholders directly informs how capital is allocated, risks are assessed, and post-investment priorities are set.

For us, “listening” goes beyond surveys or feedback mechanisms. It means engaging in genuine dialogue with company teams to interpret and act on what we learn together. It’s in these conversations that the real value emerges: customer perspectives expose blind spots, spark co-created solutions, and sharpen impact strategies.

This collaborative reflection not only improves company performance but also reassures co-investors and limited partners that impact is actively managed—not just tracked.

This article outlines key lessons from our experience embedding listening as a core practice that shapes investment strategy. We’ll show how Acumen integrates impact management throughout the investment lifecycle—setting clear expectations with investees and partnering with them to translate insights into tangible outcomes for both the companies and our mission.

**Why Listening Is Central to Impact Investing**  

While “listening” may sound simple in the context of impact measurement, it’s often reduced to a box-ticking exercise: send a survey, compile results, publish a report. But the true power of listening lies in what comes next—the strategic shifts, operational changes, and investment decisions it enables.

Unlike conventional businesses that listen mainly for product feedback, impact investors like Acumen help companies uncover deeper, structured insights into how their services affect people’s lives—especially impacts that internal teams might miss. These insights bridge the gap between business operations and real-world outcomes.

The field is increasingly recognizing this. Organizations like the Global Impact Investing Network (GIIN) advocate for structured feedback loops across the investment chain, while Impact Frontiers emphasizes incorporating the voices of affected communities into reporting standards. Tools like 60 Decibels’ Lean Data rapidly capture lived experiences at scale, delivering actionable findings in weeks instead of years. Today, listening isn’t optional—it’s essential to credible, responsive impact management.

**Listening Before Investment**  

Acumen integrates listening from the outset, using it as part of due diligence. Through Lean Data surveys—often in partnership with 60 Decibels—we assess whether a company truly serves people living in poverty, identify operational weaknesses, and explore ways to strengthen its model.

Take WamiAgro, an Acumen investee supporting smallholder farmers in Ghana. A 2024 Lean Data study confirmed that 77% of its customers live on less than $3.65 a day and that 64% reported higher earnings thanks to WamiAgro’s services—validating our investment thesis. But the data also revealed gaps: farmers cited delays in receiving inputs and insufficient extension support, which disrupted planting cycles.

This feedback prompted deeper discussions within Acumen’s investment team about WamiAgro’s operational risks and priorities. Post-investment, the company responded by creating a dedicated service delivery unit to improve reliability and customer retention—enhancing both its business viability and social impact. For us, such responsiveness signals a company’s commitment to learning and growth, guiding where we direct additional support or capital.

**Listening After Investment**  

Post-deployment, listening becomes even more vital. We conduct Lean Data studies at strategic moments—such as six to twelve months after investment or during major product shifts—to catch issues early, verify impact, and provide transparent evidence to limited partners.

Consider Zeraki Analytics, a Kenyan ed-tech startup initially offering a desktop admin tool and e-learning platform. Schools were slow to adopt it because it wasn’t integrated into their existing workflows. Feedback from a school administrator revealed a stronger need: tools to manage operations and track student performance. In response, Zeraki pivoted to build a comprehensive school management system now used by thousands.

For Zeraki, customer input wasn’t just validation—it was a strategic compass. It addressed a critical pain point: teachers spending up to 50% of their time on paperwork. For Acumen, it demonstrated how listening could reshape investment strategy, informing decisions about follow-on support and business model refinement. We’re now exploring performance-based financing and other innovative instruments to further amplify impact based on such insights.

These aren’t minor tweaks—they’re strategic course corrections that align growth with deeper, sustainable impact.

**Guiding Technical Assistance Through Listening**  

Customer and employee feedback also shape the type of technical assistance (TA) and capital we provide. Without this link, insights risk becoming static snapshots rather than catalysts for continuous improvement.

In our “Pathways to Growth” report, we highlighted how listening uncovered gender-based barriers at Koolboks, a portfolio company selling solar freezers. Women entrepreneurs—key potential customers—faced structural obstacles in accessing and affording the product, not due to lack of interest but because of how pricing and product design were structured.

In response, Acumen provided TA to help Koolboks adopt gender-inclusive approaches to product design, financing, and distribution. The company adjusted payment terms and product features to better serve women, strengthening market reach, building trust, and driving more inclusive growth—all rooted in direct customer input.

**Listening Across the Portfolio**  

Annually, we analyze patterns across our entire portfolio: where companies succeed, where they face challenges, and how to balance scale with depth of impact.

Historically, our focus was on reach—how many people were served. Now, we prioritize depth: Are lives genuinely improving? Are communities more resilient to climate shocks? These questions—shaped by years of listening—now guide portfolio strategy, follow-on investments, and risk monitoring in investment committees.

**Impact With, Not For**  

True impact emerges when customers, companies, and capital providers engage in shared dialogue. Companies refine their models around real needs; investors align capital and support accordingly; and industry convenings spread these lessons across the ecosystem.

At Acumen, we see feedback not as an endpoint but as infrastructure—an ongoing system that turns insight into coordinated action. Impact isn’t a final metric; it’s a continuous conversation.

Ultimately, listening isn’t a side activity—it’s our core strategy. It’s how impact capital stays adaptive, relevant, and capable of delivering lasting change.