Paid market research studies involve the use of research panels that participate for a reward. Conducting studies is a critical part of the business plan and should always be a priority. It helps business owners understand the financial trends in their business niche, audience preferences, and potential future changes in those needs. The collected data aids in market assessment, competition evaluation, business location choice, product or service pricing, marketing techniques, and packaging designs. That is why a detailed approach and accuracy are crucial in such research studies.
Paid research panels
When choosing a research panel, remember every study panel has a different number of participants. The most common types of paid market research panels are:
The participants in qualitative research engage in focus groups individually. The questions are always open-ended, providing insight into products and their features before business owners move forward with final production.
B2C panels consist of end-users of the product or service. They are customers in the niche of the study, which can be automotive, tourism, or hospitality sectors.
General population panels
Also known as ConsensusRep panels, these are individuals chosen based on their geographical location. They help business owners determine the preferences of the target audience in the locality where the business will be situated. Most researchers do not like to use such panels in paid studies.
B2B panels are the decision-makers in different businesses. Research companies profile them according to the number of employees, occupation, location, revenue they generate, and business operation area. They are not necessarily business owners. However, they can hold managerial positions in various departments such as finance, human resources, or marketing.
Specialty panels in paid research are essential when there is a need for gauging the response from a specific target market rather than the general population. They are crucial when researchers need data about a particular group of people. They could be college students, property owners, contractors, or the healthcare personnel, among others.
Paid research benefits
Paid market research studies are beneficial to both participants and business owners. For participants, the main benefits are the incentives or rewards – merchandise, gift cards, or cash, among others. Since participants engage in the study willingly, they are usually interested in the research topic, and they get satisfaction when receiving the report afterward.
For business owners and researchers, paid studies bring high returns on investment. The panelists often give quick responses, thereby promoting fast data collection and analysis. Since the panelists know that the researchers do not use subservient responses, they take the study seriously, delivering quality results.
Product Insight paid researches
Our goal is to give you value for your money when facilitating the paid research on your behalf. We select panelists carefully and only use superior data for the overall quality assurance of the entire process. We also know how to analyze the data without drowning in it to provide the actionable insights you need to move your business plan to the next step.