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With well-founded feedback from the relevant audience you can build and deliver successful products or services and create targeted marketing campaigns. While some companies have access to their existing customers for customer insight; other companies turn to using the Research Panel.
A research panel is an answer when you need to gather feedback from a specific type of consumer who mimics the target population. It is most effective and efficient when you need to collect feedback and insight for a specific purpose for market research.
Research Panel is also useful to access your competitor’s customers to compare how your products match up to your competitors. While you can easily access your own customers from your database, you cannot do the same with your competitor’s customers.
This is where the research panel helps you. It offers you the opportunity to gather feedback from consumers who may not be a part of your database. You can survey and analyze the customer insight of audiences to whom you may not have any access.
As we all have learned the larger your sample size is the better your results will be. When you need quantitative data more response may be a better option. However, the number of participants you need largely depends on the nature of your market research.
For example, for research on User Experience, less no. of respondents may be enough to reveal issues with the product or bugs in the app. You don’t need to survey endless no. of participants to get quality, practical and actionable insights.
Selecting your panelists should align with the goal of your research. This will help you receive the more relevant information to fulfill the purpose of your research.
Define the demographic data that should be considered to gather useful data, such as age, gender, income level, relationship status, education, location, etc. These details will help you narrow down to relevant respondents who are a perfect fit for the market research.
Companies refer to the B2B research panel when they require insight from experienced people on business matters. So, B2B panelists consist of individuals based on their job description, such as decision-makers, executives, and financial analysts of the company. Thus, for the B2B research panel respondents are selected as per the requirement of the business research.
A Double Opt-in feature confirms the respondent’s willingness to join the research panel. It is a two-step process, this means it asks for the member’s consent at two different points.
In the first phase of the procedure, the potential panelist sings in by providing general information like name and email address. After submitting the information, the participant is sent an email with a link to complete the process. The link works as the final step to enroll in the research panel. The second step may include a profile-based questionnaire to collect extensive data.
Recruiting for a research panel does not imply that you should get as many people as possible. Though the sample size does matter, for a research panel selecting the right people who will provide you better insight is more important. There are a number of ways you can recruit panelists as we have mentioned in the article.
A research panel provider can help you find trusted respondents who match your respondents and fit the target market. External providers have a wider variety of panelists available to them.
Panel Companies ask their respondents questions on various topics to create a profile for each respondent. The profile data is updated on a daily basis. Therefore, when a client requires a specific sample of respondents for their market research, the Panel Company can provide the sample based on the qualifying criteria of respondents.
This makes outsourcing your market research to a Panel Company a better option. Whether you want a homogenous or a diverse group of panelists, you can take advantage of a Panel Company to successfully reach the objective of your market research.
You can also put together a panel of respondents from your own customer database. You require the email or other contact details of your customers to survey those who fit your profile for the respondents.
You can obtain the customer details from your sales or development team. Once you have the contact details of these customers you can send an email asking them to participate in a survey.
This works the best when you need to survey your own product or service. From the available customer data you know which customer is best suited for the survey, that is, those who have experienced the product or service.
You can better screen your own customers and narrow them down to survey those who will help you gain useful data. This way you can figure out the issue with the product and why many customers are not signing in or buying it anymore.
Email (SMS) or social media are the best platforms to contact the right respondents for your research panel. You can connect with hundreds of consumers and also recruit participants for your panel by identifying those who are interested in becoming a part of the research panel.
The respondents are those who trust your company which will lead you to more meaningful and useful customer feedback.
Email or SMS: You can make use of the customer data to send emails or text messages to your customers. Rather than looking around to recruit participants for the survey you can send them a link to invite them to participate in the survey. The recipient of the email can enter the panel themselves with the open invitation.
You can leverage an automated system to send a personalized message to a wide range of audiences in an instant.
Social Media: There are many options available in social media. While each channel serves a different purpose, all of them bring together thousands of people based on their shared interests. You can leverage social media to target audiences who share the same interest as the subject of your research.
Using probability sampling to select participants for research panels ensures that the entire target population has a non-zero possibility of receiving an invite to join the panel. Probability sampling gives you control over who enters the panel. They can only join when they are selected by the researcher. Moreover, no one is allowed to refer to their friends or family.
Panelists are recruited by using sampling methods such as –
In probability sampling, potential participants may be the first contact via mail. A package can be sent to the household that contains instructions on how to join the research panel.
An interviewer may attempt to contact the household on their telephone number when the telephone is matched with the address. In case the telephone no. is unavailable an interviewer can make an in-person visit to the selected household.
Incentives can play an important role in increasing the participation rate for market research and the quality of data collected. A promised incentive on participation can have a great impact on the quality of data.
You can offer incentives when you use a panel of experienced respondents. These respondents have worked with you previously so they trust your company. Or, you can also promise rewards to every respondent who completes the survey. Promotional offers or rewards can help improve cooperation and increase the chance of obtaining useful data.
Digital Rewards: It could be a QR code or a virtual code for movies, gifts, promos, etc. that can be sent and downloaded online.
Monetary Rewards: You can also promise monetary rewards via a digital wallet or gift cards for those who complete the survey. These cards and cash in the digital wallet can be set up and redeemed easily and against any service.
These rewards are better options for instant gratification.
A research panel is now considered a primary market research method. A Survey Panel Company can help you screen your participants down to the qualifying criteria for the survey. A panel provider categorizes the participants of research panels based on demographic factors. This allows the researcher to effectively survey the target group.
The panel software allows you to import your desired list of panelists, update and even create subgroups for maximum efficiency. A panel provider offers detailed monitoring of the survey and the responses gathered from individual participants.