While market research in one form or another has been around for decades – actually, make that centuries – it is not an exaggeration to suggest that we are currently living in what could be described as the Golden Age of Market Research.
There are a few reasons for this rather lofty designation, including the rise of the internet and web in virtually every aspect of business operations, the role of email and social media, the unprecedented amount of market fragmentation and resulting competition (i.e. small firms leveraging technology to compete with large enterprises), and the proliferation of mobile devices. In the simplest terms, when the difference between market-leading success and going out of business is no longer WHO you know but WHAT you know, market research has never been as important as it is now.
At the same time, however, market research ethics are also being put under a brighter and broader spotlight; largely because the courts – both the legal edition and the “court of public opinion” – are paying very close attention to whether companies conducting market research behave as good corporate citizens and, especially, how they handle data.
In light of this, below we highlight some best practices for dealing with market research ethics that all consultants and companies should follow:
- Consent cannot be assumed or implied – it must be explicit and demonstrated. As such, all research participants must be proactively informed of how their information will be used and stored, and if it will be provided or sold to any third parties.
- It is not acceptable under any circumstances to misrepresent or exaggerate market research results, in order to support a marketing claim or a company target. All claims must be justifiable and bear scrutiny. The FCC, FTC, SEC and other regulatory bodies are very clear on this point and ignorance of the rules is not a defense.
- If a potential for harm exists as a result of conducting market research – such as psychological harm, financial harm or social harm – then the consultant or company undertaking the research must proactively institute mechanisms to eliminate this harm, and be prepared to provide evidence of this resolution.
- Market researchers must not have a vested self-interest in the results. While it is fine (and frankly, normal) for a business to hire a market research company or consultant, the results must be objective and driven by the data; not bias.
- Market research companies and consultants have a responsibility to reveal if their work for one client could lead to a potential or real conflict-of-interest position.
The Bottom Line
Market research is a valuable – and in many cases vital – business solution. But there are implications of market research, both the design and delivery, that go beyond a specific project or client engagement. Market researchers must adhere to high ethical standards at all times: for the good of their clients, for the good of their reputation, and for the good of the industry as a whole.
Learn More
At Qlarity Access, we are proud to be among the many professional, credible and experienced market research firms across the country that embrace our obligation to consistently do the right things, the right way. To learn more about our uncompromising commitment to market research ethics, contact us today. You’ll speak with an Insights Director who can give you advice and a quote based on your market research budget and timeline.
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