Why Reliable Market Research Still Matters

I am currently proofreading the text for the 5th edition of Market Research in Practice. Market research has been my passion for more than 50 years, and my journey began in 1969 as a junior marketing executive at Dunlop.

I remember well my very first assignment which was researching the market for dock bay seals. At the time, I had no idea what these exotically named products were. I quickly discovered they were foam rubber surrounds fitted around loading bay doors, creating a seal against truck trailers to keep warehouses—especially cold stores—insulated from outside air.

The research I conducted was fairly crude by today’s standards, but it was crucial. It uncovered sales volumes, market trends, competitor pricing, and opportunities for product and service improvements. That project taught me a lasting lesson: sound market research is fundamental to sound business decisions.

The Value of Government Data

During my career, I leaned heavily on government statistics. In the UK, one of the most valuable sources was the Business Monitor. This official publication provided detailed statistics on the sales of almost every product manufactured in the country—a treasure trove of independent data on market sizes and trends.

Sadly, the Business Monitor was discontinued in 1998, deemed too costly for the Office for National Statistics (ONS) to produce. That loss still resonates today.

Declining Data Quality

Fast forward to October 2023: the ONS delayed its labour market statistics due to concerns about data quality. Survey response rates had collapsed, undermining confidence in the figures. This is not just a UK problem—statistical agencies worldwide are struggling to maintain accuracy and trust.

The market research industry faces similar challenges. The rise of online survey platforms has created “survey fatigue” among the public. In response, many firms now rely on access panels—databases of people paid small fees to complete surveys. While convenient, panel responses can be unreliable. In my own surveys, I would often embed questions to check authenticity, and it wasn’t unusual for half of the responses to turn out to be bogus.

Why High-Quality Statistics Are Non-Negotiable

Whether produced by government agencies or private firms, high-quality statistics are the foundation of informed decision-making. Without them, strategy devolves into guesswork.

Producing high quality statistics both at a government and business level is vital. These statistics provide the solid factual base which is essential for informed decision-making. It isn’t easy to produce the numbers quickly, accurately and at low cost but it is something we must do as the alternative may be sticking a wet finger in the air. This would not tell us anything of value about the market for dock bay seals or labour employment.