Dark Chocolate and Data Quality

Generally speaking, we all like nice things. And, some of us are fortunate to be able to pay a little extra for those nice things (sans inflation of course).?My favorite example is dark chocolate. On several occasions, I’ve paid more to eat less – but much better – chocolate.

The same thing goes to every single industry – everything from furniture, to cars, to laptops, to Disney experiences. Literally every single industry’s Quality of service / product / experience, is driven by Price.

However, one unique exception seems to be ResTech, specifically Sample and Market Research. Somehow, we've convinced ourselves that we can get "good quality" at a rate that is less than 20% of what used to be the price just a few years ago. We’ve literally dropped the price 80% in the last 10 to 15 years, and still want the good stuff.

Yes, demand and supply economics certainly play a part. There has been a huge technological investment in dynamic sampling, which (most) traditional panels could not keep up with. In many cases, we would argue that the dynamic sampling has great benefits - it purports a bigger reach, adds more variation in sampling, delivers more quickly, and avoids selection bias. However, driving the price of sample so far down is a negative.

Of course, on the flip side of increasing price and paying more for things, especially sample, one may argue that we also introduce a bigger magnet for fraud. While I understand this argument, I personally sit on the other side of the fence.

While more money and budget spend might create a bigger magnet for fraud, that’s only on the tactical/ study level. On a strategic level, I feel there are more good people (respondents) than bad. That is, an increase in the demand side of the curve using price, would bring out a better set of respondents than the fraud.

So, in conclusion, if you like good chocolate: skip the Hershey's and pay extra for those nice Belgian ones.