It was Benjamin Disraeli who said that, ‘There are lies, damned lies and statistics’. He might have been referring to some of the research-based PR stories that crop up in the media. A headline such as ’80 per cent of Brits face pension misery’ may grab the attention, but, if the research behind the headline is of dubious quality, then so is the story.
What makes some research statistics – and their resultant headlines – ‘dubious’? I believe there are a number of contributory factors. These include:
For me, the real culprit, however, is poor questionnaire design. Put yourself in the position of a panellist taking part in an omnibus survey. You’ll be expected to answer questions on a wide variety of topics. If you don’t know an answer, chances are you’ll take a guess, as opposed to ticking a ‘don’t know’ box. This is a particular problem in financial research, where most questions revolve around how much people earn, borrow, save, invest and spend. I don’t know about you but, off the top of my head, I couldn’t tell you what interest rate I’m paying currently on my mortgage or what my annual car insurance premium is. And I might not want to admit my ignorance, so would probably take an educated guess. If I’m not alone in doing this, then the survey findings – and resultant statistics - are going to be completely skewed.
So how do you avoid this happening?
Market research is great at producing headline-grabbing news stories, but ‘damned lies’, as Disraeli put it, are not worth the paper they’re written on.