Panels are growing in popularity in the market research industry, especially as we move away from telephone surveys and step into the online and digital world.
What is a market research panel?
This consists of a pre-recruited group of people who have agreed to take part in studies that can include online surveys, in-depth interviews, focus groups and mobile ethnographies. Members will generally have to share personal information with market research companies to participate in a panel, and during the registration process, individuals may need to share demographic data, household data and behavioural data.
A market research panel essentially refers to a group of people who have already been recruited for studies, and having their information readily available will make recruitment easier for future or potential market research studies.
What benefits can a panel provide?
Market research companies will experience a number of advantages when they have a readily available group of respondents, including quicker fieldwork turnaround and higher participation rates. Additionally, market research panels are also very cost-effective when compared to other sampling sources. A panel is the only option that includes a group of people who have already opted-in to participate in market research, and companies can create custom panels for clients.
Market research panels are ideal when market research needs to be conducted fast or when it is too expensive to seek research participants through other means. In most cases, the use of a research panel will guarantee that fieldwork will be done quickly and on budget. Research panels not only allow for the fast collection of reliable data, but they are also affordable and can target specific audiences and demographics.
The setup involved when using an online panel can be a little challenging, but reputable market research companies can help craft panels to take your surveys from simple word documents to useful data. They will program the survey, get a Cost Per Interview quote, add redirect links, set your quota and receive test respondent IDs, after which they will conduct a soft launch followed by a full launch.
There are many moving parts in the process of launching a panel survey, and market research companies can help create an action plan to meet your end goals on time and on budget. The right plan will prevent this task from becoming overwhelming.
What is the cost?
This will depend on the type of people you want to reach and the type of research you wish to conduct. A research panel will charge more if you want to reach a specific group of individuals within a specific region, whereas a market research panel intended to reach general consumers will cost less. The amount of time it takes to complete a survey will also impact cost, and a 3-minute online survey will cost less than a 10-minute survey, for example.
The cost will ultimately depend on your project, and the specificity of the panel and time will play a role when determining cost.
If you are looking for professional market research companies, Survpoll is ready to help. We will answer all of your questions and will provide you with detailed information regarding the benefits and costs of market research panels. Contact us today to learn more!