Why RFQs are one of the problems regarding data quality in market research?
When you see RFQs, you are going to notice some of the following:
- Markets/countries
- Sample size and quotas
- Profile of the respondent
- LOI (length of interview)
- IR (incidence rate)
- Type of survey/research
- Timeline
- Type of export/dashboard
- Reporting specs
- Questionnaire document
But usually, there are no questions about data quality practices, systems, and technologies being used. Which, in my opinion, is totally wrong.
That is perceived as a given. And it's not. There is a big difference in data quality among suppliers.
When suppliers send back a quote to a request, there is not much to differentiate in a setup like this. And you already know what wins then.
Price! Or CPI. It comes down to that.
Because buyers decide on price, suppliers are forced to lower their prices, which is perfect for lowering standards around data quality.
And this is a vicious circle that will hurt both sides.
Buyers get bad data, suppliers lose reputation.
To stop this, two things need to happen:
- Buyers need to start asking about data quality practices in their RFQs.
- If buyers don't ask, suppliers need to proactively educate and explain their data quality practices in RFQs.
Data quality is the backbone of the market research industry. Let's stop this together.
Start asking/listing data quality in market research RFQs! Share if you agree. 🚶🏼