We Know Market Research Panels!
Companies have used market research panels for decades to generate valuable data from consumers. Unlike consumer data research, market panels are a bit broader in focus. They typically focus on broad industry trends, opinions about competitors, and basic market structure.
However, the way market research is conducted has shifted drastically over the past several years. Today, the Internet is being employed to gather valuable information from consumers. Paid survey websites give consumers an incentive to complete a survey for a company. Companies typically pay survey participants with either free products or cash.
Of course, this leads to the question “How do you know the data is accurate? Are people just rushing through surveys so they can get paid?” While this is a legitimate concern, the truth is market research is a highly complex science. The rise in online market research panels has led to strict quality control measures to ensure the data is trustworthy. Now, survey companies are able to create niche panels based on a company’s needs. Whether a company is looking for opinion from teenage males in China or they want to know what antique collectors think, a custom-tailored panel can be put together online to get the necessary information.
Many of the top market research companies also use pre-screening to ensure panel integrity. By making survey applicants prove their sincerity and willingness to really work, companies can rest easier knowing their panel is filled with reputable individuals.
The surveys are also typically organized in a manner that makes it difficult for individuals to simply click the bubbles quickly to get through the survey. And if the market research company finds an individual to be completing surveys in a pattern that indicates foul play, they will suspend the user from their panels.
The market research industry generates hundreds of millions of dollars year in and year out because the information they provide companies is truly invaluable. And companies are willing to pay more to ensure their data is accurate. Think about it. These online surveys give a company direct insight into what their target audience is thinking. By understanding their wants and needs, a company can tailor their products specifically to meet their needs. This means the company is losing less money on mistakes and undesirable products, while at the same time boosting income by tweaking their business to be in line with their customers’ needs.
The bottom line is online market research panels are changing the way companies do business. The information generated from these surveys is a goldmine as it allows companies to improve their business practices and to capitalize on the shortcomings of their competitors. Like the saying goes, knowledge is power. And market research panels provide the knowledge companies need to rise to the top.