Consumer Panel Research is a specialised market research methodology aimed at getting quicker consumer insight of specific group of participants in a sector to help gain an overall market perspective.
Consumer Panels widely involves surveying group of consumers/shoppers (representative of the entire market in specific areas/sectors) with specialised knowledge to understand their opinions and behaviour towards a product/service/advertisement in a quicker and efficient way. They are broadly used across different industries like telecom, FMCG, personal care, petroleum and entertainment etc.
Providing a complete picture of a company’s consumer/shopper, the methodology involves specialist consumer panels to test and answer specific research questions about consumers / shoppers on a regular and continuous basis helping companies establish and assess a pattern for improving their products / services and formulating future market strategies. Taken from different cross-sections of population and various demographics, Consumer panels are generally used for different projects or researches, making its data very reliable and accurate. It also helps build loyalty, innovation in research and better relationship with customers, as they feel valued and important, leading to increased sales.
Widely conducted by qualitative research firms, Consumer Panels research helps provide key shopper behaviour across different mediums like TV, online or retail sales. Consumer panels can be of different size and type and are classified under generic consumer panel (random individuals selected on basis of usage of products/services); trendsetter consumer panel (first one to adopt ideas/products, help predict acceptance/rejection of future products); brand loving consumer panel (they love the brand and trying new products from the same brand); Creativity trained consumer panels (help in problem-solving or innovation).
Consumer Panels are often used to provide a detailed view of the kind of purchase done by an individual/family, any shopping behaviour change, changing consumer trends, the nature and usage of products and its future usage viability and the kind of advertisement needed to make an impact on future, making it very useful during product testing or trial phase. It also helps in gauging the effectiveness of a company’s distribution network or outlets and the need to improvise them.
Nowadays, consumer panels are widely conducted online, making it an economical option, with wider target audience and quicker yet deeper consumer insight, leading to faster response by the companies.