Importance Of Research Panels In Quantitative Market Research

ByRiya Singh

Quantitative market research helps collect data and quantifiable inputs related to an issue or purpose through surveys, polls, and questionnaires. Since quantitative market research is focussed on collection of factual, valid, detailed, and verifiable numerical information, conducting quantitative market research is considered to be a tedious process. There is also the concern of low participation. Research panels help in this area quite efficiently and provide access to valuable insights. Read on to know how research panels help in conducting quantitative market research.

What Is A Research Panel?

A market research panel is a pre-selected group of respondents who have agreed to participate in research studies. Unlike sample respondents, research panels are formed based on different screening factors including demographics, income, and anything else as specified by the company or the research study like consumer, B2B, and healthcare research panels. It helps in precise targeting to extract useful insights from the study. A well-managed panel of pre-selected respondents also enables a higher response rate because the members have already indicated an interest in taking surveys by signing up for the panel. 

Benefits Of Research Panels In Quantitative Market Research

 

  • Research panels are made up of pre-screened individuals that are deemed appropriate for a study. For instance, in B2B research, if the right B2B research panels are used to test out a marketing campaign, they will be able to offer informed opinions based on market experience and insider information much better than a sample audience. Research panels have a better understanding of the study topic as a result of the profile, screening, and validation at the time of recruitment.
  • Quantitative market research companies use a range of media, including telephone interviews, MCQs on social media, and online surveys, to collect data and provide actionable insights. This type of research utilizes close-ended questions, which enables study of the patterns, traits, and behaviors of the responders. Data-based quantitative research requires inputs from the right samples. Research panels with market research companies are accessible and unlike paid samples, they tend to have more serious candidates, which facilitates higher response rates needed to make correct analysis.
  • Research panels due to contractual agreements or tie-ups help researchers conduct more research. Once recruited, the researchers don’t have to waste time and resources to find respondents and can utilize the pre-screened research panels to conduct more quantitative market research studies.
  • Another related factor, research panels are pre-screened, so researchers can conduct quantitative market research to get faster insights. They just have to match the right panel to the study and they skip the entire sample screening and recruitment process. 

Conclusion 

Quantitative market research provides verifiable data that is generalizable to a large population. Reliable metrics are useful for comprehending market trends and developing effective strategies. Research panels are very beneficial in quantitative market research as they help speed up research, facilitate access to rich responses, and high response rates compared to random samples. But ensuring the quality of the research panel is supremely important as it helps avoid practiced bias, low data quality, and research mismatch. If you are looking for B2B, B2C, or any other kind of market research panel or want to conduct quantitative research, partner with a leading market research agency that is known to have high-quality and diverse research panels recruited and maintained as per global standards. 

Riya Singh is a marketing professional and market research expert. She is always keen on sharing her viewpoints and perspectives about the latest market research trends. Riya usually writes about methods and techniques employed in various market research initiatives. She has immense market research knowledge and her strength lies in working closely with marketing and management teams to develop and execute successful strategies and campaigns for business research.