A marketing research panel refers to the technique of collecting data from an already established pool of pool.
A marketing research panel refers to the technique of collecting data from an already established pool of pool. The individuals in these pools have the responsibility of providing household, demographics, and behavioral data. As market research evolves, it’s essential that businesses also develop their data collection techniques to make it easy for them to gather and utilize important insights in their growth.
Top 5 benefits of using market research panels
Businesses can use market research panels to advance their growth agenda as an alternative. Here are important insights from b2b professionals about why businesses should use market research panels.
- Saves time
Lack of time is one excuse that many businesses quote for not conducting customer research. Research panels make it easy to overcome this challenge by readily availing willing research participants. The panels use convenience samples, meaning that the participants will take the least time possible to provide the required data. In the end, the company or business ends up using a fraction of the time taken by the other conventional research methods.
In panel research, you might not see the company posting an online survey on Facebook, Twitter, or other online platforms. That’s because it’s a determined fact that most people using those mediums may not be willing to participate. Consequently, it takes a lot of time to gather the required data. But with panels, a team of pre-recruited participants is always available and willing to provide feedback.
- High completion rate
A significant disadvantage with the conventional market research methods is that many projects never see a conclusive end. It becomes quite frustrating when there aren’t many willing participants or when the incoming data is inaccurate thus not relevant. At that point, many businesses will opt to drop the research projects and focus on something else.
On the other hand, panels provide a guarantee of accurate data from people willing to participate. It’s the reason why panels have a higher incidence rate than most of the methods out there.
- Better screened and reliable data
Panels are a source of reliable data since they come from willing and motivated people to engage in the survey. The respondents’ screening entails grouping the required qualities and experiences to provide the correct and authentic data. During the screening process, the recruiters disqualify the people they find not to possess the basic requirements.
When the time comes to deploy the study, the study initiators know the same group to engage based on their earlier classification.
- Easier tracking of surveys
Tracking is another excellent benefit associated with research panels. Researchers like it when they can track the data over time, pick out the expected trends, compare several aspects and measure outcomes. As an improved market research tool, panels offer a competitive advantage for the live-tracking of studies.
As a result, companies using this technique have the power to control and manage their brand by continuously improving their operations, products, services, and customer relations based on the outcomes of their surveys.
- It makes it easy to research sensitive issues
At times, studies require respondents to give sensitive feedback, affecting how they react to such surveys. For instance, when respondents feel that the questions are confidential or too incriminating, they skip these questions or abandon the entire study altogether.
But with market panels, the researchers narrow down to the specific group, making them feel comfortable and secure before requesting the needed information. For instance, if the survey involves alcohol or smoking, the researchers will target a panel that consumes them and extracts the data with ease.
Furthermore, the people who opt for the research are more willing to supply the needed information than those ambushed or compelled into partaking.
The maturity evident in consumer panels is the reason for the increasing use of online surveys. The approach eliminates the pain and difficulty of reaching an appropriate group needed for a specific survey type. In other words, the market research panel is bringing and stirring back life into surveys previously considered as an outdated tool.
The above are the reasons why marketing research panels are becoming popular by the day. Using consumer panels is something that a business focusing on market research needs to consider. The options offer many benefits over the traditional methods and, if used correctly, will generate valuable insights that can forever change an organization’s course.
It’s about time you thought about the good that this approach could do to your business. Weigh the pros (which are more), and see if it’s something you may want to pursue. https://www.ovationmr.com/services/panel