Marketing Research: Confidence vs. ConvictionPrint this Page

The difference between a crisis and an opportunity is often how quickly you learn about it and take the appropriate action: progress over perfect. Getting imperfect information assembled and disseminated quickly is often far more valuable than conveying more perfect information too late to address the opportunity or crisis.

Yet many researchers labor under the misguided notion that senior management expects perfect information that addresses all of their possible questions before they can take action. This is simply untrue. Licensing deals are often made on the basis of a few discussions with different customer groups.

In today’s fast paced and rapidly changing environment, decisions need to be made quickly. There is no doubt that a decision maker will have confidence in information gleaned from a sample of 300 customers. However, if you interview 12 customers who all say essentially the same thing, you may not have statistical confidence but you will have conviction. And pragmatically, conviction may be far more valuable than a larger sample that takes longer.
Think about it.