Why might you do it?
1. I do a lot of research, how do I bring the cost down?
2. I want to really get to know particular clusters of my customers.
3. I want my research back faster.
Panels are something that, for the right Client, can be a massive game-changer, notably dropping the cost of research on a per-project basis. Our simplest way to view a panel is that the cost of setting one up should be offset by the savings made in year one. The panel then becomes even more efficient in year two as the set-up has already been managed – in essence, year one should all but pay for itself, whereas year 2 provides a saving on research spend compared to previous years.
However, with this mind, we always question whether the Client will be undertaking the amount of regular research needed to warrant the investment. For those that do, this is a way to really squeeze every pound of an insight budget.
The important part of any panel is to ensure a representative spread of customers; this allows us to be flexible and dive into any thoughts or challenges the business can throw at us. As part of any panel, we include monthly usage as part of the cost, ensuring good use and value for money. By use of a panel we typically see a 33%+ reduction in costs of research. At year end, we are in a position where we can show the Client’s business the savings made by running the panel, allowing our Client to demonstrate that the research (that was planned regardless) has generated notable savings for the business.
Qualitative Research Methods
Want to dig a bit deeper? Often the best way to understand something is to just ask why. This simple thought process can lead to fascinating and rich insights. Take a look at some of the ways we approach this kind of work.