Rather than rely on assumptions, we went directly to investors. We surveyed consumers across metros and Tier 2 cities, speaking to both existing mutual fund investors and potential first-time investors.

The research went beyond simple preference questions. We explored the gap between what investors say they want and what they actually respond to—including visual assessments of different fund manager archetypes varying by age, gender, and presentation style.

We segmented responses by gender, age, region, and investment experience to surface patterns that a single aggregate number would have obscured.

Within weeks, ICICI Prudential had a complete picture of investor psychology around fund managers—one that challenged several assumptions and validated others.

The data told a nuanced story. Experience wasn't just important—it was overwhelmingly the dominant factor. But the definition of 'experienced' varied dramatically based on whether investors were shown text descriptions or actual images.

When asked about ideal age ranges, most investors preferred 35-45. But when shown photographs, they gravitated toward older faces. The stated preference and the visceral response didn't match—a critical insight for any visual brand campaign.

Regional differences emerged too. Investors in Western India weighted age and gender differently than those in the North and South. What works in Mumbai doesn't automatically work in Delhi or Chennai.

And media strategy? YouTube dominated as the preferred channel across demographics—but the content investors wanted was forward-looking (investment strategies, market outlook) even though they chose fund managers based on backward-looking credentials (experience, track record).

ICICI Prudential no longer debates fund manager positioning based on gut feel. They have a research-backed framework that accounts for audience segment, regional differences, and the gap between stated and revealed preferences.