How to Manage your own Market Research Panel
Market research is integral to the success of any organization or business outfit, as it helps the same to gain insight on client or consumer behavior, the ones that they are catering to. In most cases, organizations are dependent on third party survey providers to get a piece of the mind of the target audience. However, these days many prefer to have their very own market research Panel Management Platform.
Easy access to a wide range of individuals from diverse age groups, ethnicity, profession, etc. allows organizations to utilize and manage their own market research survey panel without zero dependencies on outsourcing.
The practice has gained immense popularity, because the organization with its Online Panel Community Platform, has all-time accessibility to a group of willing respondents who can participate in market research surveys whenever needed. It is an easier and cost-effective method of gaining insight into key factors that drives the market based on consumer behavior.
With time the organization can establish detailed profiles on the panel members which results in more personalized and targeted market research. Here in this blog, we will highlight all the essentials for managing one’s market research survey panel for the reader’s understanding.
What is Panel Research?
It is a common market research technique that is used to collect consistent data through feedback from a specific group of diverse people. The data gathered is quantitative and is further analyzed by running the statistics. It offers a unique combination of diverse parameters with accurate measurements.
A panel research group is different from focus groups and is employed for a wider scope of the survey. Panel research for the market survey first became prevalent in early 1948, and in recent years it has gained significant popularity among organizations.
The advent of the internet and the trend of globalization have a lot to do with that. Organizations today need to expand their focus from local identity more than ever. They have a larger audience to serve and to maintain efficacy, knowing the average consumer behavior is important.
Market Research Survey Panel has evolved into Online Panel Community Platforms, where a significant percentage of people engage and provide their insight on multiple business aspects. The feedback is later used for product development, pricing, sales projection, or other marketing needs of an organization.
Why it is Important to build one?
The Panel Management Platform is not a one-time thing but has more of a long-term significance. It is a consistent process of conducting surveys the timeline of which can range from a week to a year, sometimes even more. It is important to build panel research because:
- Constant feedback from panel members ensures accurate and authentic responses, that can aid in product development. Even after the product is launched, market insight helps in fixing the issues, in case there are any. The survey helps in proper assessment of the product, that further helps in future product developments.
- A Panel Management Platform manages a well-coordinated group of diverse individuals who can provide an organization with the marketing insights way faster on a need basis.
- In such a system, the questions are received by a group of people who are willingly participating in the survey. That eliminates the chance that the question will end up in the trash bin or be ignored. Being willing they will invest time and effort into giving the answers, which increases the reliability of the process.
What are the main benefits of managing your panel?
Having an inhouse Panel Management Platform comes with numerous benefits such as:
- It opens up the scope to conduct more extensive and comprehensive target-oriented results on the in-house panel.
- With outsourcing out of the way, conducting a survey becomes a less time-consuming process with access to faster submission of answers.
- All those participating in the panel survey are doing so willingly, which increases the chance of an organization to better and a higher rate of response from the group.
- Ownership and management of in-house costs significantly less than outsourcing.
- As we mentioned before, inhouse panel research has long-term benefits, as it gives an organization the chance to build deep and more reliable panel profiles that helps in overall growth and improvement of their offerings.
What are the benefits of having an online panel?
As legacy systems and traditional processes get immersed into digitization, it makes more sense to have an Online Panel Community Platform. Being online it gives an organization the leverage to broaden their scope of marketing research transcending geographical borders surpassing other diversities as well. There are multiple benefits associated with an Online Panel Community Platform such as:
- It is known to enhance the quality of the research. When it comes to running marketing surveys the result is as good as the quality of the panel members and their responses. Since in this case the organization is recruiting the members and conducting the surveys with due diligence, that keeps them in control of the process and take necessary steps to maintain the quality of the process.
- Easy accessibility to an online panel, allows organizations to conduct multiple market research surveys to assess different aspects of a certain product or service and to assess the consumer behavior better. It helps in strategical planning and making business decisions in favor of enhanced consumer experience. The data collected through online market research panels are of the analytical nature which when compared with qualitative data from focus groups generates better results.
- An online panel research platform is more cost-effective than its alternative options.
What is the difference between your Online Panel vs Renting one?
When compared, an online panel community platform will always trump over renting the same from a third-party service provider. The differentiating points are mentioned below:
- An organization’s Panel Management Platform has a chosen group of respondents, the ones that they think are apt for the marketing survey. When hiring vendors, one has to rely on a different company and there is no guarantee that the quality of the respondents will be good or rather fit for the survey.
- With the advent of the internet, we are living in an age of digitization and automation. It has made any online process easier, accessible, and streamlined not to mention cost-effective. It does not take much to build one’s very own panel platform and recruit interested members online.
- One might argue that building a Panel Management Platform is a time-consuming process and renting feels like the easier way it. Well, that is partially true, the benefits of owning a panel trump that of a rental any day. The organization can be sure that there will be no compromise with the quality of the survey and that they can conduct consistent research for a long time and get targeted insights.
- The data generated through an in-house Online Panel Community Platform is more reliable than the rented ones. It represents the target audience accurately as opposed to the later since the recruitment has the active involvement of the organization.
It is a highly competitive market with technological advancements inducing rapid changes within the organizational architecture. Marketing strategies require constant evolution to keep up with the latest trends. It ensures that an organization is always on the path to continued growth. Ownership and management of an online panel management platform ensure that the organization gets authentic and real-time feedback from its target consumer while keeping the control of the survey in their hands. It is less time-taking, cost-effective, and ultimately the smarter way of doing business in the Digital Age.