Most modern and progressive companies make use of research as one of their marketing tools to provide them with a better understanding of their consumer base. With such knowledge, they are able to work out their business strategies to be more effective, efficient and more profit-focused.
Research companies, on the other hand make use of consumer panels to supply companies with reliable data they need to help them become leaders in their market segments if not at least, provide them with a strong, competitive stance.
What are Consumer Panels?
These are groups of people who consume certain items in a particular market. They are organized by research agencies, who use them as respondents to respond to specific questions that may be related to a product taste test, reactions to advertising concepts, product testing, and even product pricing. They become some specialist panel of consumers who participate in various market research projects commissioned by business organizations through the research agencies. These panels of consumers are handy and useful where short and fast surveys are needed, requiring a sample base with specialist knowledge of certain items instead of the traditional representative group of the general public.
Big-time research organizations have hundreds of thousands of these people comprising different consumer panels. Online or offline these panels provide the data that tells researchers (and ultimately the business companies) what they buy, how they arrived at this decision, where they buy it, what size or package they buy and the price they bought the item. Some of these market research projects involve studies that may be far more extensive than what these questions cover.
Importance Of The Market Research Using Consumer Panels
The data gathered then from these market research projects provide clients of research agencies a comprehensive perspective of consumer attitudes, preferences and overall behavior across all distribution channels and socio-eco demographics. This information is used to track down and learn about consumer purchasing and consumption habits. This also helps them to have clear indications of ownership and usage of a particular product or service.
Sometimes, when clients want to have a more in-depth understanding of customer satisfaction and to have detailed information about factors in the market that influence behavior of consumers, research agencies, still using these consumer panels create custom-tailored research designs.
Secrets To Getting Reliable Data From These Consumer Panels
Most reliable, reputable research companies know that panelists from these consumer groups, when bored or disinterested will lead to unreliable data. This is why, they ensure that the consumer panels are always engaged in the subject at hand and are respected at all times. One of their techniques is to limit the number of characters per question and answer. The other way they show their respect for the consumer panelists is by eliminating tedious and boring surveys that don’t seem to respect their time. These research guys have found that asking these panelists to focus on the subject of any survey for more than half an hour can be frustrating for the respondents and will not result in the quality data clients require.
At the end of the day the equation reads: reliable consumer panels = top quality data.