Care about market research data quality? Of course you do! Lessons from behavioral economics can be used to inform market research methodology design decisions. Let’s use an example.
Imagine you are working on a product-related questionnaire and you are thinking about including a trade-off exercise. Maybe a MaxDiff or discrete choice exercise, or even a simpler constant sum question. How do you know if the product category of interest is appropriate for such exercises? Are you asking consumers to think about a product in a way that simply does not reflect real-world decision behavior?
In this conversation, I reference Daniel Kahneman’s famous book, Thinking Fast & Slow, to suggest how market researchers can apply the concept of “System 1” and “System 2” thinking to such questionnaire design decisions. This might help you to make such decisions, or help you explain your recommendations to colleagues or clients.
Please share this video with any colleagues who may want to learn more about “fast and slow” thinking. And if you think the video has value, please do like and subscribe on YouTube! Prefer podcasts? Also available on iTunes.
