What is a research panel?
A research panel or custom online research panel is a group of dedicated respondents who agree to contribute their feedback and insights to a particular research. The members of research panels, also called panelists, are recruited by research firms via social media, websites, emails, etc. Most market research firms use research panels to gather accurate and reliable data for product development, social welfare, health infrastructure, etc.
Research panelists are often given incentives such as cash rewards or gift cards to keep them invested in the process of research and boost active participation.
What are some common uses of research panels?
The most common use of online research panels is to gather accurate data for a study from a targeted group of customers that have been recruited based on various factors. This data ensures that the findings of the study are statistically significant and representative of the population they are studying.
Here are some of the common uses of a market research panel:
1. Gathering feedback on new products or services: Before launching any new product or service to the public, companies can use research panels to test their appeal. By doing so, they can get feedback on features, pricing, packaging, and other aspects of the product or service.
2. Understanding consumer behavior: Companies can also use research panels to better understand consumer behavior by collecting data on things like purchasing habits, brand preferences, and consumer attitudes. Then, they can use this information to build marketing strategies and accelerate product development.
3. Tracking trends: Another thing that research panels can help companies do is track trends in consumer behavior and changes in preferences over time. This can be valuable for companies that want to stay ahead of the curve and adapt to changing market conditions.
4. Identifying market opportunities: Online consumer research panels can help companies identify new market opportunities by gathering information on consumer needs and preferences. This can help companies develop new products or services that meet unmet needs in the market.
5. Conducting competitive analysis: Another amazing use of research panels is analyzing the competition. Gathering information on competitors, including their products, marketing strategies, and customer base can help companies identify areas where they can differentiate themselves and gain a competitive advantage.
What is panel management software?
Panel management software is a type of software used by organizations to manage and maintain their research panels. It is designed to automate many of the tasks involved in panel management, such as participant recruitment, screening, communication, and data collection.
Also known as online consumer research panels, panel management software typically includes a range of features, such as:
1. Participant recruitment: Panel management software can help organizations recruit participants for their research panels through various channels, such as email campaigns, social media, and online advertising.
2. Screening and qualification: Panel management software can screen potential participants and assess their eligibility based on specific criteria, such as age, gender, location, and interests.
3. Communication: Panel management software can help organizations communicate with their participants through various channels, such as email, SMS, and social media. This can include sending notifications about new research opportunities, updates on study progress, and incentives.
4. Data collection: Panel management software can automate the process of data collection through various methods, such as online surveys, focus groups, and product testing.
5. Reporting and analytics: Panel management software can generate reports and analytics based on the data collected, helping organizations gain insights into their research panels and make informed decisions.
Panel management software can be used by a wide range of organizations, including market research firms, academic institutions, and government agencies. Automating many of the tasks involved in panel management can save organizations time and resources while ensuring that their research panels are well-managed and productive.