Do You Know About Paid Market Research Panels?

There are a few market research panels that exist which is a group of people who are willing to participate in all kinds of surveys and are ready to offer their opinion and answer any sets of questions that are asked to them.

These panels are recruited by market researchers and they usually are from the cross-section of people from the entire society of different age groups, ethnicity, and geographical regions.

They are given a certain incentive for responding to all kinds of questions that are posed to them. These online focus groups can be recruited from market research panels on demand and they will readily submit their opinion about any products or services.

These panels can be selected based on their age, ethnicity, profession, experience, and depending upon the type of audiences needed by the market researchers they can send the questionnaires to them through email and get their responses.

What are the different types of such paid market research panels?

These paid market research panels come in different sizes and types. Researchers usually send panelists an invitation for participating in various research studies. The following are the few most commonly used research panels that exist.

  1. B2B panels

This is also called as a business-to-business panel that comprises mostly business decision-makers whose opinion matters.

2. B2C panels

This is a business-to-consumer panel that comprises customers or any end-users of a certain product/service. They can be customers from travel, automotive, leisure, entertainment, tourism, etc

3. Specialty panels

Here those individuals who can perform a certain specific type of profession or may belong to a specialist group of people.

4. Qualitative panels

This panel is usually made up of people who participate in certain focus group discussions for doing a qualitative market research

5. General population panels

This group consists of the general population who may represent a certain geographical location.

What are the advantages of such online research panels?

There can be several benefits to use these panels for conducting any online market research and they are as follows:

  1. Cost-effectiveness

While researching with this group of people, you do not have to incur any expenses for traveling, booking hotels, conference rooms, and food expenses. This group of audiences will happily share the information and opinion against a very reasonable amount of incentives offered to them.

2. No geographic boundaries

There is no limitation of geographical boundary as you can recruit your participants of many different backgrounds irrespective of where they must be living around the world. You can thus select people based on their geographical location if your research demands that.

3.Ease of analysis

To record the data from such an online paid research panel is much easier than any face-to-face discussions as the platform will provide the necessary recording mechanism that can be taken in both videos as well as text data.

If you want to record moderated video groups, then you can easily translate the conversations, time-code, index, edit, and tag your content. With this, it helps to recall from any part of your session or sessions very easily by using a few searchable elements or any useful keywords e.g. brands or any other categories.

Categories: Business