If you read our blog regularly, the likelihood is that you already have some idea of the benefits of using custom panels to get closer to your customers – wherever they are in the world – in order to understand their views about your products and services. Without wishing to preach to the converted, we thought you might find this post a useful reference when building a business case and securing internal buy-in or budget for your panel.
Q. What are the benefits of a custom panel?
1- A direct line to your customer
With a custom panel you’ll have direct access to your customers. You’ll be able to get to know them, their needs and wants – so that you can ensure you meet these better than your competitors are doing. By choosing to communicate with them in a way that suits them, by asking them for their views and demonstrating that you listen to and value their opinions, you can help to build a strong relationship with your customers and to reinforce your brand values.
2- Cost savings
Conducting research across multiple markets using a custom panel can be much more cost efficient than other research methods. Savings of 40 to 50% are not uncommon.
3- Greater speed and efficiency
Using a panel to test concepts and products can provide you with a rapid response and the critical insight needed to inform your strategy. On the flipside, this timely information could prevent you making costly, misdirected decisions.
4- Consistency and comparison
A custom panel will enable you not only to source feedback in a fast and cost-efficient fashion, but will also allow you to collect information in a consistent way across multiple markets to provide you with comparable data and a more complete picture.
5- Improved response rates and robustness of results
With a well run panel you will enjoy higher engagement levels from panellists and improved response rates. You can also target particular panellists with information to ensure the quality of your sample and the relevance of feedback received on a particular issue. As a consequence you are guaranteed more robust results to interrogate for insights.
6- The ability to track and identify trends
You will not only be able to use your panel to understand better individual customers’ views and behaviour from the surveys they choose to complete (and those they don’t), you will also be able to repeat surveys over a period of time to track emerging trends.
7- A revolutionary business resource
Having a central resource like a panel can help to engage employees and departments in the research process and with the insight team, revolutionising the way you work and improving business performance. Research projects that wouldn’t normally be commissioned owing to timescale and cost are made possible with a panel, providing teams with the customer insights needed to make better informed decisions.
It is important to note that the cost savings, efficiencies and features you will enjoy from a custom panel are relative to the quality of your sample, which in turn impacts the robustness of the results and their benefit to your business.
You can find out more about how to run your custom panel and key business asset in our Custom Panel Best Practice Guide.
Nespresso case study: A global panel in action
“In managing this programme for Nespresso, Beehive has delivered cost savings, faster delivery of projects and all without compromising the robustness of the results”
Frédéric Laforge, International Market Research Manager, Nespresso
See the case study…