A guide to getting the most value from market research surveys using panel
Unlike before, when one-on-one surveys were the norm, today, companies use online market research surveys using panel to collect data from a representative sample of a group with similar traits as the organization’s target audience. The characteristics differ depending on whether the survey is for B2B or B2C companies. Here’s a comprehensive guide to getting the most value from market research surveys using panel.
What is a market research survey using a panel?
A market research survey using a panel is where the research company invites a forum to respond to questions. The response to those questions is used in decision-making by the management. If a company wants to change its logo, introduce a new product or alter its brand messaging, concept testing survey research panel is rucial. From the findings, the business will weigh the impact such decisions may have on their turnover. Panelists help in studies of the ever-changing market trends and to collect consumers’ feedback, etc.
Vet the panelists to see if they represent your target audience for accurate, high-quality results. Some of the metrics for vetting are purchasing behaviors, level of income, gender, age, but when it comes to B2B research; the demographics change to; the industry, firmographics, and job title.
To widen your variety of findings, choose service panels whose panelists are from different geographical locations.
Who needs a market research survey using a panel?
Some institutions make the most out of research panels than others; these institutions include:
- Independent research organizations
- Media companies and Top Global brands
- Consulting Agencies
- Small and medium enterprises
- Global market research companies
- College students and academic institutions
- NGOs and non-profit making organization
Advantages of using a market research survey using panel
- Time-saving and reduces market risk: Research findings and insights reach the respective business on time as opposed to when the survey is one-on-one. The institution can then act on the results to cut its market risk. Instead of introducing a new product blindly, a company tailor makes it to fit the description and suggestions of the customers. By doing this, the risk of product rejection reduces.
- Large pool of respondents: Online surveys using panels capture both local and international respondents. That means it is easy to scale your company into global status should you act on the findings accordingly.
- Cost-effective: Apart from speed and high data quality, research panels are a cost-effective method compared to in-store, face-to-face, and phone surveys.
- Better data management for online B2B and B2C research panels with improved data options, e.g., cohort data, current profile data, and cohort data.
- Supports different research methodologies: market research surveys using panels have blended other techniques and experiences to produce quality data solutions. You can apply these innovative methodologies in fields such as:
- conjoint studies
- Customer experience
- Concept testing
- Quality, precise population sampling: AS earlier mentioned, a sample population must be vetted and prequalified. That means the different audience types are verified, profiled, and validated as real people.
How to use market research survey using panels
Market research survey using panels is a typical modern-day practice applied on various subjects with different complexities. These subjects include social, academic, and commercial. Broadly, these researches can fall into two categories..
- Consumers with a bias in products and services
For effective market research, experience in questionnaire screening and sample planning is critical. Choose a panel that offers recruitment balancing to the audience.
Before the research, the market research company pre-recruits its participants. Apart from leveraging and organizing the panel and the panel management system:
- Re-screen for the qualifying responses of the online survey
- Keep updating the panel’s profile, especially the changing demographics for quality data.
- Profile the participants’ attributes, so collecting data on their demographics, behaviors, preferences, and other relevant identifiers is easy.
- Blindly screen the individual respondents to measure their suitability for the survey at hand.
Are you looking for a guide to getting the most value from market research surveys using panels? Panels are time-saving and produce precise quality data, categories. If you choose a balanced audience sample, the results will give a near-perfect representation of the situation on the ground. Setting a panel management system is a job you want to be done by experts; Contact us today for fast, accurate, and valuable panel service.