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Ipsos Loyalty brings you "Power Panels"
There are as many options for conducting research as there are reasons for doing it, but finding the appropriate solution for your research needs starts with an exam ination of what business issues your firm intends to address.
For instance:
- Do I want to examine highly targeted populations?
- Do I want to create and grow a database of information about a market?
- Do I need to track crucial aspects of the research over time?
- Do I need to examine my market in a dynamic, ongoing way?
If you answered "yes" to at least two of the items listed above, then you should be considering building a customer panel. Ipsos Loyalty makes this easy by providing the experienced staff and proprietary tools needed to create your own "Power Panel" of customers.
- Panels are based on the premise of re-contacting respondents.
- This characteristic is what offers a greater degree of validity and reliability in trending scenarios; the same respondents are contacted for follow-up studies.
- Panel studies will be more effective at revealing shifts in attitudes or patterns of behavior more conclusively than other types of research work with similar sample sizes.
- Panel studies are often reoccurring – consistent, periodic
research collection with a prescribed group of respondents.
The Costs of Doing Business
There is a general belief that creating and maintaining panels is a laborious, expensive task compared to running single ad hoc studies, which are seen as much faster and less expensive. This is sometimes true, but in reality, large ad hoc studies with specialized sample criteria can cost as much, if not more, than creating a small custom panel for ongoing research use.
Panel studies may seem more expensive at the outset because there is a need to recruit and provide incentives to respondents who have joined the panel.
- However, this cost offsets the need to re-screen and re-locate appropriate respondents in instances where the research topic is highly specialized; this additional screening cost would inflate the price of any ad hoc study.
Advantages of Panels
- Excellent for continuous examinations
- Cost-efficient for highly specialized samples
- Well-suited for cases where respondent re-contact is necessary
- Increased validity and reduced level of error as a result of respondent linkage from survey to survey
- More effective at predicting long-term,cumulative market effects