What is panel research and how can you leverage it?

In an era where data fuels business success, understanding consumer behaviour has never been more critical. Companies, researchers, and policymakers rely on market research to navigate shifting trends, refine strategies, and stay ahead of the competition.

Among the many tools available, panel research offers a unique advantage: tracking the same group of individuals over time to uncover patterns, preferences, and evolving perspectives.

But how does panel research differ from traditional survey methods? And how can you use it to gain a deep understanding of your target audience?

What is panel research?

Panel research is a method of market research that involves studying a diverse and representative sample of people over an extended period to track changes in opinions, behaviours, and trends.

Unlike one-time surveys, this approach follows the same group of panel members, allowing researchers to gather insightful data on evolving consumer preferences, brand perceptions, and market dynamics.

Businesses partner with panel research agencies to ensure access to high-quality respondents and reliable data collection. By continuously gathering data from a research panel, businesses can gain valuable insights that support strategic decision-making.

Difference between panel research and sample

Many confuse panel research with traditional sampling methods, but there are key distinctions:

• Panel research involves studying a fixed group of panel participants over time, providing a deeper understanding of behavioural changes and long-term trends.
• On the other hand, a sample is a one-time selection of survey respondents chosen for a single research project, meaning there is no ongoing engagement or follow-up.

While traditional survey research provides a snapshot of opinions at a given moment, panel data offers longitudinal research, making it ideal for businesses needing continuous market research insights.

Benefits of conducting panel research

There are several reasons why businesses, researchers, and policymakers use panel research:

• By maintaining their research panel, companies can ensure they engage with a representative sample of their target market. Many businesses collaborate with market research panel agencies to recruit and manage participants effectively.
• Since the same group is studied over time, inconsistencies in data collection are minimised.
• Recruiting new survey participants for every study is expensive; retaining an existing research panel reduces these costs.
• Panel studies allow for monitoring shifts in consumer behaviour, market trends, and brand loyalty.
• Unlike one-off online surveys, panel research enables businesses to connect the dots between past and present data collected.

Challenges of conducting panel research

Despite its benefits, conducting research through panel surveys comes with challenges:

• If panel members receive too many online surveys, they may lose interest, affecting data quality.
• Keeping an engaged and responsive consumer panel requires effective panel management software.
• Over time, some survey respondents may drop out, leading to gaps in the research process and potential bias in the remaining panel data.
• If a consumer panel member group is not properly maintained, insights may not accurately reflect the target population.

Who conducts panel research?

Various organisations rely on panel research to gather relevant insights for business-to-business (B2B) and consumer-focused studies:

• Market research companies: Specialised agencies use market research panels to help brands understand their target market.
• Businesses: Companies across industries conduct panel research for brand positioning, product development, and customer feedback.
• Healthcare professionals: Medical panels study trends in mental health, patient experiences, and the impact of treatments.
• Academic institutions: Universities use longitudinal studies to analyse societal trends and policy impact.
• Government agencies: Public sector bodies conduct panel surveys to assess citizen needs and policy effectiveness.

By leveraging panel research, organisations can deeply understand their audience, track market trends, and make informed decisions that drive long-term success.

When to conduct panel research

Panel research is most effective when organisations need to track changes over time, gain a deep understanding of their target market, or collect longitudinal research data. Here are some key situations where conducting research with a panel survey is beneficial:

• Businesses looking to analyse purchasing patterns, brand loyalty, and preferences should use a consumer panel to collect ongoing insightful data.
• Companies in fast-evolving industries like technology and retail can use market research panels to track trends and customer sentiment shifts.
• Businesses can gather meaningful insights by engaging panel members in focus groups or quantitative surveys before launching a new product or service.
• Organisations can assess their advertising campaigns by studying a representative sample of consumers before, during, and after a campaign.
• Medical panels are essential when conducting mental health research, evaluating the effectiveness of treatments, or tracking long-term health data.
• Government agencies and universities use panel research to analyse societal changes and assess the impact of policies over an extended period.

By selecting the right moment to initiate panel research, organisations can maximise the value of the data collected and generate relevant insights to inform future research projects.

Types of panel research

Different types of panel research exist, each designed to cater to specific research needs. Below are some of the most common panels used in the market research industry.

Customer panels

A customer panel consists of individuals who provide feedback on products, services, and brand experiences. Companies use these research panels to:

• Understand customer satisfaction and preferences
• Test new product ideas before market release
• Improve brand loyalty and engagement through online surveys and focus groups
• Conduct surveys for customer satisfaction and refine customer service strategies

Market research panels

A market research panel is a group of panel participants who regularly share their opinions on industry trends, advertisements, and competitor analysis. Market researchers use these panels to:

• Analyse target market behaviour
• Measure brand awareness and reputation
• Collect quantitative data on consumer trends for business-to-business (B2B) and Business-to-Consumer (B2C) markets

Medical panels

Medical panels involve healthcare professionals, patients, or caregivers participating in panel studies on medicine, public health, and treatments. These panels are used to:

• Study mental health conditions and treatments
• Track long-term patient outcomes in longitudinal studies
• Evaluate the effectiveness of new medical procedures or drugs

Online panels

Online panels consist of survey respondents who participate in online market research through online surveys and digital feedback tools. These panels provide:

• Faster data collection for real-time decision-making
• Cost-effective solutions compared to traditional in-depth interviews
• Access to a diverse pool of participants from various demographics

Professional panels

A professional panel includes industry experts, executives, and specialists who provide relevant insights into specific sectors. Companies and market research companies use these panels to:

• Gain a better understanding of niche markets
• Improve brand positioning based on expert opinions
• Conduct panel research on leadership trends, technology adoption, and business strategies

Supplier panels

A supplier panel comprises manufacturers, distributors, and vendors who share insights on supply chain dynamics and operational efficiency. These panels help businesses:

• Optimise supply chain strategies and procurement processes
• Assess supplier performance and reliability over an extended period
• Identify risks and opportunities in sourcing materials

Each type of panel research offers unique advantages, allowing organisations to gain insights, track market trends, and make data-driven decisions that align with their research goals.

How to conduct panel research

To ensure high-quality results, panel research requires careful planning, recruitment, and data collection. Organisations can choose between conducting in-house research or working with outsourced providers depending on their research needs, budget, and expertise.

In-house research

Managing their research panel internally gives companies greater control over the research process, ensuring that panel data aligns with specific business objectives. When conducting in-house research, organisations should consider the following steps:

1. Establish clear research questions and objectives to determine the scope of the study.
2. Select panel participants from the target population based on demographics, behaviour, or industry relevance.
3. Implement tools to manage panel members, track engagement, and automate survey research.
4. Ensure clear instructions and well-structured questionnaires for collecting quality data.
5. Use data analysis techniques to extract meaningful insights and enhance the validity of findings.
6. Keep survey respondents active through incentives, regular communication, and follow-ups.

While in-house research provides deeper involvement in the research method, it requires expertise in panel management, data quality control, and ongoing maintenance.

Outsourced providers

Many organisations turn to market research companies to conduct panel research on their behalf. These external providers offer:

• Access to online market research panels. Ready-made online panels cover diverse panel participants across various industries and demographics.
• Expertise in survey research. Professional market researchers design panel surveys, ensuring quality data and accurate data collection.
• Outsourcing reduces the need for internal recruitment and long-term panel management.
• Providers use statistical methods and AI-driven analytics to generate insightful data.
• Companies can expand or refine their research projects without the burden of maintaining their own research panel.

By leveraging outsourced panel research, businesses can focus on interpreting and gathering valuable insights rather than the logistics of collecting data.

Both in-house research and outsourced providers offer distinct advantages. Choosing the right approach depends on an organisation’s resources, expertise, and the depth of analysis required for future studies.

Conclusion

Panel research is invaluable for businesses and researchers seeking to track trends, understand consumer behaviour, and make data-driven decisions. Organisations can unlock valuable insights that shape strategic success in an ever-evolving marketplace by carefully selecting and managing panel members, employing advanced data collection and analysis techniques, and proactively addressing challenges.

Milieu is a leading online survey software and market research agency in Singapore, helping businesses unlock valuable insights through reliable panel research solutions and online research methods. Stay ahead with data-driven strategies by exploring our latest research and expert insights.

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