What is the true cost of BAD Market Research?

I have often heard this question asked, but rarely have I seen a real answer – so I am shouting out to the readers of this blog in search of one!  We all know that MR quality stems from making sure that we are asking the right people the right questions, and applying valid statistics to the data to draw conclusions.  Taking it a step further, we also need the smart, informed people to interpret the results and formulate meaningful actions based on their interpretation.  Hopefully this happens flawlessly every time, but what happens if a mistake is made?  Does it cost

  • nothing?
  • $20,000?
  • $1,000,000?
  • $30,000,000?
  • An FDA approval?
  • A hard earned promotion?
  • The loss of a valued client?
  • The loss of a job?
  • An entire brand?

I think that all of the above situations are not only possible, but probably have occurred over the course of MR history.  That said, can someone send me an answer or add to the list?  Even better, if you have a horror story or real statistic that can aid in answering this question, don’t hold back – post it!

If we can better understand the costs of BAD research, then we can start to address the potential problems from the right perspectives.  In doing so, we can find meaningful solutions and best practices to PREVENT poor decisions from ever being made.

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