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Survey panels for Market Research: is it worth outsourcing?
I'm looking for feedback regarding other business' experience with market research panels, or (outsourcing) panels of qualified survey respondents. When it comes to market research, the incidence rate- or ease of recruiting 'the right respondents'- plays a big role in the success of the project: quality of the data, time frame, etc. Has your business deployed a survey for market research and leveraged another company's user base to ensure data integrity and time efficiency?
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2 Answers
I have not, but am a market research practitioner by trade. This can be tricky territory, and I'm not really sure what you're after here. Sounds like you're talking about hiring a market research firm to build a panel for you and manage it. This may be cheaper than building your own panel, but you sure give up a lot in terms of quality control on many levels.
I would only do this if I knew the firm well, and trusted their expertise to do this professionally. It's actually pretty easy to build a panel as a one-off, but much more involved to keep one going over time. Let's see what others say, and I'll be happy to jump back in then.
There are several key factors to consider when determining the sample source needed to achieve your market research objectives. Chief amongst them are the resources available to dedicate towards compiling the sample you need, along with the level of planned engagement over time.
Here's a recent blog post I wrote about what else to consider about outsourcing panels:
http://www.markettools.com/blog/online-panels-rent-vs-own
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