An custom online panel is a group of pre-screened respondents is a collection of potential respondents who have signed up to participate for market research surveys. Typical online panels contain millions of potential respondents. The more specific the profile requested, the more expensive the panel. Online panels are increasingly used to provide sampling frames in marketing research. With the development of Internet and customer awareness, online panel emerges and develops in Mainland and Hong Kong, although there are no big, dominant online panel, but a range of small players are available. That`s why professional market research institutions are more preferred by enterprises which want more precise data and further evaluation.
Online panel covers a wide range of topics of different products and services, such as research on product packaging, product price, innovation of product, distribution channels, customers` consumption behaviors, main competitor’s analysis, customer awareness, sales activities evaluation, etc. The data collected includes demographics, lifestyle characteristics and media habits, which provides a basis for further survey participation.
What is more, online panel is the main reason why online quantitative research has become the leading global data collection modality. It is also the cause of a fundamental shift in the underlying market research quantitative paradigm of producing projectable results based on random probability sampling.
In cases when the company is dealing with a niche market, it makes sense to invest the time and effort to establish an online panel of respondents. Considering the expertise possessed by professional market research institutions, it is much more efficient for companies to choose professional service survey institutions to launch companies` survey initiative and distribute designed surveys for the companies on their behalves.
While response rates are often viewed as a measurement of the quality of an online panel, success is primarily driven by the availability and willingness of the respondents requested to participate in surveys. Measurement of panel cooperation is often subject to incentives offered as well as by the member`s engagement level and the depth of the profile used to create the sample. However, higher response rates are most notably achieved when members opt-in and make a conscious effort to participate in surveys.
The advantage online panel locates in helping companies achieve financial goals by discovering, understanding and narrowing gaps between their brand promise and their customers` experiences within a certain time interval in China. Consumers are the main factor for brand success and receiving feedback on an ongoing basis enables marketers to make more informed and effective decisions that ultimately provide gross return by lowering customer acquisition costs and improving retention rates.
Now advanced technology makes it possible for market research agencies to gather more cost-efficient and timely data for marketers, paving the way for ongoing continuous interaction with target audiences. With the advent of these new research technologies, a win-win relationship with customers has been created. The benefits of these enhanced capabilities are an enormous point of differentiation between online and offline research. Under the constraints of traditional offline research, a business would extend a great deal of time and money on a routine basis to track the opinions of an existing customer base. With online research technology, surveys are sent instantly on a predetermined schedule and responses are returned in real-time. This method of information gathering feeds directly into CRM strategies, allowing businesses to maintain an ongoing dialogue with respondents and remain aware of their wants and needs.