Often businesses confuse between having a research panel and purchasing a sample from a 3rd party panel provider. Both these methods differ in various ways. Having a market panel research provides several benefits over buying a sample. In this article, we will discuss the benefits that a research panel can offer and how valuable it is for a business.
OvationMR is a recognized firm that develops customized online B2B and Consumer research panels to meet the needs of the business. Their research panels can save you time and money. They are ideal for custom research and brand tracking studies. These panels would out-perform any panel company’s DIY sample for each measure.
High rate of completion
The completion rate is defined as the respondent percentage who executes the survey out of the potential participants that have been contacted. When you adopt a panel to collect responses to perform a study, you get a high rate of incidence. Response rates are higher as respondents choose to participate in the research.
Another benefit of having a market research panel is that they are convenient to develop as well as provides simplified access to research participants. The use of market research panels help to develop convenience samples in the business.
The creation of a panel assures that individuals can participate in the study. It can also lead to quick competition of the research activities. The timely analysis of findings enables the organization to react fast to the findings.
Reduction of Cost
Another important benefit of having a market research panel is that it helps in saving time for the organization. The time saved translates to cost savings in the business. The market panel research approach is a great way to save the money of the organization.
Surveys executed with the help of a market research panel can be supervised on a real-time basis. In this way, it helps lower the costs to a substantial extent.
Better screened resources
Another advantage of having your market panel is that the panel is pre-screened as well as profiled based on the type of the survey. Screener questions will help to disqualify, qualify, or help segregate the respondents. This ensures that respondents are properly pre-screened as well as recruited to meet the target specifications of the business.
An audience panel that is properly managed by experts benefits a business by saving time so that it focuses on the core business. The research providers hold expertise in their field to provide the right respondents as well as gather high-quality insights in less time.
The major difference between having your research panel or buying it from a 3rd party is accessibility. If a business has access to those who can take surveys then it can recruit and manage its research panel. On the other hand, if you have developed an online survey but lack respondents who agree to take it, then it is better to buy a sample from the 3rd party panel.