Panel Management Market Research1

Panel Management Market Research

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What is Panel Management?

Panel Management Market Research2

A research panel is a group of pre-recruited participants that have agreed to provide feedback to researchers in exchange for certain incentives such as cash, vouchers, and gift cards. They help carry out market research by providing feedback on customer sentiment regarding different goods, services, concepts, and messages.

Panel management involves recruiting, utilizing, and managing your own in-house market research panel effectively, so as to not depend on outsourcing. In-house panels are different from outsourced panels that involve the use of an online research panel provider.

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Challenges faced while Managing a Research Panel

Research panels are used by organizations, universities, and market research companies to carry out research. Research panels are useful as they allow researchers to conduct longitudinal studies where variables are examined over longer periods of time such as months, years, and even decades. Additionally, it is a cost-effective method of acquiring data from respondents and it also ensures high response rates as respondents have already agreed to provide responses beforehand. 

Although we see that panel research has a sundry of advantages, it does come with its challenges as well. Let’s take a look at a few challenges that come with the management of in-house research panels:

Acquiring and Retaining Panellists

 Companies are becoming more and more aware of the importance of market research and customer feedback. This means that the competition for customers’ time continues to increase, leading to higher dropout rates, higher costs, and more difficulties in recruiting panellists. 

Reaching the Right People

 Another challenge in panel management is reaching the right participants. Especially when working with large panels, it may be difficult to segment and target participants. Hence, it is pivotal to use the right management technology and processes so that you can identify your target audience effectively in order to get useful insights for your study. 

Data Privacy

Data privacy must be a priority when working with consumer data. You must be able to provide confidentiality and anonymity to your panellists as they won’t trust you with their data otherwise. Additionally, you must be compliant with any laws and regulations that have to do with consumer data and personal information. These laws and regulations will vary across different countries.

Advantages of Managing an In-house Panel

The following are few advantages of managing your own in-house panel:

Rich Panellist Profiles

When you collect feedback from the same participants over time, it allows you to build deeper and richer participant profiles that help enhance your study.

Cost-Effective

 In the long run, the ownership and management of an in-house panel costs less than continually outsourcing.

Higher Response Rates

Those who are a part of your in-house panel have registered themselves willingly; this ensures higher response rates. 

More Comprehensive Research

 When working with an in-house panel, you can increase the scope of your research to conduct more extensive and target-oriented research.

Managing your Own Panel vs Buying a Sample

Researchers can choose to acquire and manage their own in-house panel, or they can buy a sample instead; each has its own advantages, limitations, and challenges. 

When building your own research panel, you can obtain your specific target audience, also if it is very niche and hard to reach. Additionally, you can build richer participant profiles which will help enhance your research. However, it is important to note that a lot of time, effort, and resources are required to effectively manage an in-house research panel, making it better suited for long-term studies. 

On the other hand, buying a sample involves outsourcing a panel from an online research panel provider. In the short term, this is a more affordable method of research relative to owning your own in-house panel as you don’t have to maintain and manage the panellists yourself. Furthermore, you have access to a more diverse range of participants as panel providers allow you to choose demographic characteristics (among other specifications) to group panellists that fit your current target audience. 

However, although it may be cheaper to outsource panels in the short term, it may be more useful and cost-effective to manage your own panel when dealing with long-term studies. The costs of repeatedly outsourcing panels can cumulate to a very large amount, hence this should only be done when you require a panel for just a few projects rather than for a study that is likely to stretch over a long period of time. 

Many different factors influence whether in-house panels or outsourced panels are more suited for a study, and it is important to consider all these factors before arriving at a decision of what is best suited to you.

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Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries