It’s becoming harder for companies and corporations to stand out from their competitors in today’s ever-changing marketplace. In this context, market research has evolved into a tactical tool employed by forward-thinking companies. A tool used to help them boost their organizational goals and objectives.
Online Surveys and Their Popularity
Online panels or online surveys have become popular among many companies due to various reasons. It has led to surveys becoming a formal replacement for paper interviews, traditional pen interviews, and telephone interviews as the go-to tool for data collection. Often, this method works by hiring and recruiting a pool of respondents to carry out online surveys.
This is then referred to as the “Online Panel”. The panelists are in some cases sourced in large numbers from different regions of the world. They can either be sourced to provide feedback on a product, service, or business sector.
Survey companies have a tech backbone that ensures that only the best respondents are selected to participate in a survey. As such, fatigue and repetition are easily avoided, helping eliminate fraudulence and mitigate bias.
The Process of Profiling Respondents
An Online Panel can be segregated into an ITDMs (IT Decision Makers), Consumer Panel, Patient Panel, or HNIs Panel. Each respondent then gets profiled according to their pasts to ensure that they will only receive the most relevant surveys. For instance, a professional in the medical industry will get placed in the Healthcare Panel.
This means that they will only receive surveys that are pertinent to their area of expertise, e.g., new OTC medicine or new pharmaceutical companies. In the same manner, the Online Panel can further be broken down into B2C or B2B subcategories.
What Are the Benefits of Having an Online Panel?
An online survey coupled with its costs will often provide high reliability and offer value on your investment. When you combine these two factors, an online survey easily becomes the best data collection method. Better strategies, better research, better decision making, and better data all align in this data collection method.
Quick Turn-around Time
Online survey results can in some cases be monitored and analyzed within a few hours of the survey invites being sent out. Conclusions can then be drawn from the large pool of completed survey results streaming in from the initial email invite.
Assessment of customer feedback is one process that does not have an expiry date. Businesses, therefore, have to utilize all the tools they have in their arsenal to guarantee that their clients will remain happy and content with their products and service delivery models.