Enough time has passed, we can talk about the election now, right? Good. So what the heck happened? A lot of pollsters and data scientists made a lot of predictions that, when all the votes were counted, proved wildly inaccurate.Like Nate Silver found out, shifting demographics, non-representative sampling patterns, and the inherent flaws of phone polling all conspired to get a little egg on the face of nearly every political pollster in the game.
And hey, it happens. Perhaps not always on such a grand, public, and consequential scale, but flawed analyses emerging from suspect data is an unfortunate fact of research. That’s because analytical tools like algorithms and regression models cannot overcome flawed methodologies—it’s like what grade school teachers tell their student everyday: “garbage in, garbage out.”
Such mistakes are not just found in political modeling, of course. This chain reaction—a poor methodological model produces inaccurate data leading to erroneous analysis—is endemic to market research as well. The problem is, oftentimes, people don’t even notice.
Market research clients only see the final product, often an executive summary, key findings, and recommendations, but rarely get any deeper. But this summary did not just magically appear as one of three wishes granted by a business genie. Market research products are the result of carefully designed methodologies, precise field execution and data collection, and rigorous and disinterested analysis. Without accuracy and accountability at every stage of the process, inaccuracies are not just possible, they are a fact.
So how do you ensure you aren’t putting garbage data into your models and getting garbage out? There are several steps all credible market research companies must take in their data collection methodologies, including:
There are many more steps and checks to implement along the way, but this should get you started.
Of course, this is all just on the front end—data collection. There’s a whole ‘nother side to this coin, data analysis and reporting. More to come on that one - Stay tuned for Part 2!