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Research requires a careful analysis of opinions provided by eligible people. These people must possess the relevant knowledge base to be able to answer questions to best assist the organizations in understanding current market scenario.This is where a Consumer Panel steps in.
Consumer panel is a group of qualified individuals that are suited to provide their inputs to topics of research that are related to their knowledge base. This makes the market research accurate and minimises sampling bias. This is because the answers provided by these consumer panels are more representative and so the decisions taken on the basis of such research is actionable.
The research circles around various topics that the organizations look to gauge using the inputs provided by specialized consumer panels. This type of sample selection is more effective and can help organizations limit the number of people they study , thus , resulting in cost and time savings.
For example : A brand looking to launch a new product with a certain pre-decided price , packaging and other accompanied features in mind , is likely to target their own customer segments that have purchased within that price range. This group of targeted customers are highly familiar with the brand and its products and are the target group that is likely to purchase this product after it’s launch.
So the feedback , positives, negatives and add-ons suggested by such a group of respondents is more likely to help the brand improve and make the product market ready as against any other group of participants.
Consumer panel surveys hand pick a specialized group of individuals that make the research collection process more impactful and applicable through qualitative input. The need for gathering valuable information through thorough research cannot be undermined which is why consumer panel are a more viable option for organizations to go for.
Better suited respondents: Respondents in a consumer panel survey are equipped with the necessary knowledge to help organizations answer their research questions. This allows organizations to stretch boundaries and get deep insights by exploring technical areas that other respondents might not be able to comprehend and answer aptly.
Understand customer mindset : Customer mindset is a market metric that keeps on changing as new brands emerge and choices increase . In this dynamic market , it is essential to understand what customers prefer and what they reject. A better understanding of the same can only be provided by participants in a research that are familiar and up to date with the current market scenario.
Concept testing : Launching ideas , products and services is a crucial step that decides market failure or success. Organizations usually put developed concepts to test in order to assess market sentiment before they go ahead with launching a product . This assessment needs to be precise to defuse the risk of market failure. Such a task requires meticulous research that can only be achieved using consumer panel surveys.
Greater market acceptance: Changes and modifications made to a product or service are more representative of the target group’s expectations when such changes are suggested by consumer panels who are aware about customer preferences. This implies that the final product is likely to be far more successful and acceptable which leads to an increase in market share and higher revenues for the brand.
Indefinite consumer panels : These consumer panels are formed for an indefinite period of time hence its name. These panels assist in studies that are carried out for gathering insights into consumer behaviour and help save time by avoiding the need to form and reform panels. The information supplied by such panels is highly realistic and their experience in participating in research is an add on that helps them in getting familiar with exactly what the organizations are looking for
Specialized consumer panels : These panels are ones that are associated with particular brands and organizations. Their participation in research is limited to their association with the brand. This makes them ideal for brand related studies that are meant to assess competition or help brands make vital business decisions. These consumers are greatly aware of brand specific attributes which makes brand studies their area of interest. This makes these consumers answer questions as elaborately as possible which improves the quality of data .
Innovation based consumer panels: The area of expertise of innovation based consumer panels is identifying how organization can one- up themselves by experimenting and coming with new and creative ideas. This helps organizations go beyond their present areas of functioning and introduce products and services that attract new customer segments and expand market share.
Influential consumer panels : Certain consumer panel members have a vast following particularly in today’s social media scenario. The feedback provided by such individuals goes a long way. It not only helps gain ready acceptance but by gaining such acceptance the people who follow such personalities also get influenced into using brand products and services . This is an easy way of targeted promotion that, with the right selection , helps in bringing in exactly those customers who are the target market for the organization.
On the basis of availability :
Convenience panels: These panels have a voluntary participation style. They can choose to participate and provide their data , if they wish to do so. These panels may show an irregular participation trend and so may not be a viable choice when seeking to track changes and opinions over a long period of time.
Static panels: These consumers also have a voluntary say , the only difference is that these groups stick for longer period. They provide valuable feedbacks and relevant information over regular studies that makes easier to study and a preferred choice.
The benefit of sampling brand related customers to answer questions serves the advantage of gaining knowledge that is more representative of the target population , than what any other panel is capable of providing. The same quality of input can be obtained by using a limited number of people instead of interviewing the entire target population which minimizes cost , effort and time investment .
By interacting with their customer base , the brand gets to understand the approach that customers have while the customers get to increase their know how about the brands and its offerings. Further , this barter of knowledge is not only limited to the topic of study but extend beyond as well . For example : while deciding and comparing multiple prototypes of packaging of a milkshake that a large industrial brand is about to launch , the customers who are participating gain information about the price , flavouring , size etc . On the other hand , the brand gets to understand how customers put convenience , grip , colours and material in mind while asnwering packaging questions.
Customers feel valued when large companies invite and apply their feedback . This shows customers that brands care about customer views and are not just operating for the sole purpose of profit maximization. They feel respected and the degree of transparency that they have with the brand increases their comfortability and makes them loyal towards the brand . This improves customer retention which is beneficial for any brand, especially in today’s market conditions.
Market research must be carried out with a group of individuals whose insights can direct the flow of decision making. The presence of consumer panels increases the impact of organizational actions through unparalled feedback and suggestions that help companies adapt to sudden market changes and shift in trends.
Voxco assist orgainizations in this sphere of research through Voxco’s panel management surveys. The easy survey research methodology makes active surveying and managing specialized respondents an easy task.