Importance of Reliable Marketing Research Panels

Market research panel refers to the continuous collection of data from an existing pool of pre-recruited people. The persons in these groups are sources of demographic, household, and behavioral data. Using market research panels makes future research studies easier to conduct in a short period of time.

In this article, you will learn insights from b2b professionals at the benefits of having reliable marketing research panels.

High completion rate

High completion rate refers to the percentage of respondents that complete a survey in comparison to the total number of participants contacted. Working with research panels will result in high incidence rates given that they consist of pre-screened participants who have further expressed their willingness and readiness to participate. That means that as you send the survey, you have the confidence that the recipients are already available to respond to them and will do so in the shortest time possible.

Time-saving

As already mentioned, panels are constructed with the view of giving access to participants that are willing to participate. If you’ve got two survey projects one running on the market research panels, and the other using the traditional method, the outcomes will not be the same. Panels are built for convenience in terms of the amount of time it takes to complete. By sending the survey to people that are already anticipating it, you stand higher chances of having the results in standard time. That’s the reason many businesses are now turning to the panels as their preferred method of survey due to the amount of time that it saves while minimizing errors and inaccuracies.

Cost reduction

The time-saving factor directly translates to cost reductions. For one, since the organization is already working with an already established group, it will only send out the exact number of copies to be filled and returned by the panels. The other conventional methods involve printing or sending out large amounts of questionnaires since they’re targeting random people. To increase the incidence rate, the surveyors have to target as many random people as they can afford. Market research panels only target the right samples who are prescreened to fit the set quotas thus saving on costs.

Provides room for in-depth interviews through focus groups

At times, the researcher might be interested in conducting in-depth interviews based on a given set of questions. Such sessions might not be productive if the researcher is relying on people they’re meeting for the first time or who are not familiar with them or their businesses. On the other hand, it’s easier to have focus sessions when the participants are drawn from the research panels.

The researcher is able to ask questions that will enable the participants to give their attitudes and perceptions about certain products or services. Such insight can then be used by the business to come up with the necessary improvements to make what they’re offering more customer-centric.

Better research outcomes

One of the issues that affect many surveys is the reliability of the data obtained. Market research panels use people who are ready to engage in the surveys and give their honest opinion about a product or service. Before they’re brought on board, the individuals are prescreened and profiled according to the various aspects of the survey. The pre-screening is important because it enables the researcher to know which groups of participants to give what kind of research.

The benefit of this approach is that you’re guaranteed that the participants won’t shy away from answering some questions since they already know what is expected of them. You’ll only send the research questions or survey to people that are best and fit to provide the precise responses you’re looking for. Consequently, marketing research panels are a good way of ensuring that you’re working with a team that’s committed to meeting the specifications of the research.

Are market research panels worth it?

Market research panels can have great benefits to a business that knows how to utilize them to its advantage. Remember, this method essentially means that you’re using the real consumers of your product to give their feedback on their attitudes and perceptions.

The maturity that comes with this method increases the confidence of the researcher in knowing that the outcomes of the survey are dependable and can be utilized to take the business to the next level of growth. They further eliminate the problem associated with the traditional surveys of reaching a target audience that will provide accurate data on time. So to answer the question, yes, market research panels are worth the attention of every business that is growth-oriented.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes