How Leaders Can Launch a Successful Listening Tour

Stepping into a new leadership role is always an exhilarating challenge, no matter your level of experience. Last year, I embraced a new adventure as Global Head of Derivatives, Cboe’s largest business line, after several years leading our Data and Access Solutions group. In that time, the business evolved into a rich data-driven powerhouse that fuels Cboe’s entire ecosystem today.

I was eager to get started reimagining and unifying our derivatives team across the globe—including Cboe European Derivatives (CEDX), product development, sales and distribution, education and our strategic index partnerships—into one cohesive unit.

Despite my familiarity with Cboe, I recognized there was much to learn in my new role. It’s important to stay humble, regardless of your position. As leaders, understanding your organization inside and out is crucial, but it’s equally important to acknowledge that not everyone shares your perspective. And that’s a good thing, so long as you listen and stay committed to learning from other viewpoints.

I like to take action quickly, but I also recognize the pitfalls of trying to remedy a solution without enough insight. So, right away, I decided I would not take action during my first 40 days in the role. Instead, I launched a global listening tour and focused on absorbing, learning and making connections.

Listening may sound like a passive activity, but it requires serious stamina and dedicated planning to remain engaged in the conversation. If you’re taking on a new leadership role, or simply looking to pause and reassess, here are my key tips for a successful listening tour.

1.)  Get in front of as many people as possible. I’m not just talking about your top clients and executive team. Make time for long-term customers and internal leaders with deep knowledge of your industry’s landscape. During your listening sessions, make sure to ask, who else do I need to talk with? It’s okay if you can’t get to everyone but make an effort to make as many connections as possible. Clear your calendar and start scheduling those meetings.

2.)  Seek out new voices. After meeting with a business line head in London, I took their recommendation to speak with contacts from a new trading firm in a less familiar market. I never would have made the connection otherwise, and it proved to be both a valuable learning and business development opportunity. Think about the untapped voices in your network and take the initiative to bring new perspectives into the conversation.

3.)  Be open to constructive feedback. When I met with our stakeholders, I often heard Cboe is a great business partner, but customers were hungry for more continuous engagement. We needed to demonstrate our understanding of what drives their business forward and how we could help. If you’re hearing something more than once, it’s a pattern worth investigating. Remember that meaningful, constructive feedback is an opportunity to grow and improve. Thankfully, the listening tour proved to be the perfect first step to developing more rigorous and impactful customer engagement, and the team was quick to incorporate the feedback we received into our new strategy.

4.)  Bring your team together, ideally in one room. In addition to the more personal, one-on-one conversations, gather your team together to share feedback as a group. Don’t forget your most important job, first and foremost, is to listen and stay engaged. We held our first global team summit in Chicago where we conducted a high-level SWOT analysis and developed our new team mission and vision together. The collaboration and subsequent direct buy-in from team members across the globe was a real gamechanger.

5.)  Rely on your capable team. Of course, listening never really ends. Rely on your capable leaders to continue having these conversations and sharing feedback. If you have a small team, get creative and leverage a group of cross-functional leaders to provide more frequent check ins with stakeholders, keep the lines of communication open and follow up on action items.

6.)  Take time to reflect. After the fast-paced experience of a serious listening tour, you’ll be ready for some time to just think. Armed with the new data you’ve received, key themes and priorities will begin to crystallize. As you reflect, consider changes that are aligned with your organization’s larger strategy and goals. Remember, it takes significant trust to share feedback, so make sure you’re carefully assessing new business decisions with your people and customers top of mind.

7.)  Share what you learned. Once you’ve completed your official listening tour, share what you’ve learned with your team and organization. Whether you choose to develop a report or present the results in a meeting, find an effective way to communicate the findings, ask for questions and address the feedback you received. My plan included hosting live, educational events for our entire global associate base.

Launching a listening tour is a win-win for any leader stepping into a new role. Stay focused on transparency through regular team meetings, town halls and an open-door policy. After a year in my role, I’m reconnecting with key stakeholders and critical voices from my global listening tour to evaluate the progress we’ve made, recognize where we still need to improve, and celebrate our collaborative achievements.

The responsibility to listen is not a temporary job. In fact, it may be the most important, constant role for a leader in any career. By actively engaging with diverse voices, empowering team members and being open to constructive feedback, leaders can make more informed business decisions, build a stronger, unified mindset and foster a culture of continuous improvement.

Never underestimate the power of listening.