In commercial surveys and research, the use of market research panels is becoming widespread. Current methodologies have evolved progressively, as the world shifts away from traditional telephone surveys into a world of digital and online market research surveys.
When companies have access to efficient market research panels, they are sure to get in-depth and accurate insights and benefits from their surveys. The market research panels can be used for qualitative and quantitative research studies.
Market research panels in today’s business world
In today’s business world, market research panels are generally made up of people who have been pre-recruited to participate in studies. The people who make up the panel can participate in focus groups, online surveys, mobile ethnographies, or engaging interviews. For participants to become a part of the market research panel, they will usually share lots of personal details with the market research provider.
At this point, the participants could reveal certain personal information during the process of registration. Such confidential information can include:
1). Demographic data: education level, age, ethnicity/race, etc.
2). Household information: job, salary, number of children in the house, etc.
3). Behavioral data: hobbies, political views, shopping habits, etc.
With the availability of this information, it is a lot easier for any survey provider to easily recruit groups of people for any potential research or survey. This is especially useful in the creation of a market research timeline or budget.
Some benefits of a market research panel
A market research panel is made up of people that have decided to take part in market research. It is beneficial for a research company to have an available selection of respondents. This way, they will be able to get the following benefits:
1). Quicker survey experiences
2). High engagement from the respondents
3). Highly cost-effective.
Who needs market research panels?
Market research businesses and other organizations mostly use third-party survey panels. This helps them to easily get to people that will be willing to participate in various surveys. Using a market research panel is a great way to make your surveys complete and precise. Market research providers can also put together custom research panel participants for their clients.
The panels could be a group of customers, subject matter experts, and other forms of stakeholders. This way, the market research provider will form the panel, expand the panel, store the database of the panel, and be able to get samples for the client’s survey when the need arises.
Why use a market research panel?
Market research panels are used for the case of efficiency. Businesses and organizations typically prefer to use market research panels when they need their surveys done within a short timeframe or under a limited budget. Typically, using research panels from the professional survey provides usually guarantee that any related fieldwork will be executed within the given schedule and budget.
For efficiency, companies usually prefer pre-selected market research panels for them to be able to access specific audiences and demographics. This enables them to have a well-represented sample size and a lower margin of error. Both parameters help increase the confidence level and reliability of the results obtained from surveys.