Role & key Trends of Market Research in Pharmaceutical Industry
Are you trying to launch a new product, analyse customer perceptions, forecast purchasing behaviour, or simply reposition your brand? Market research is essential, regardless of the niche your business serves.
Consumer behaviour is always changing. Brands turn to consumer panels for answers in order to keep up with an evolving marketplace and better understand what consumers are buying, as well as how and why.
Market research is critical for pointing you in the right direction, and one of the most effective methods of market research is consumer panels, which is the subject of this post.
Here we will discuss about consumer panels, the various types of consumer panel, why choose consumer panel survey and how to use them and lots more.
What is a consumer panel?
A consumer panel is a team of individuals chosen to offer opinions on the wants and preferences of consumers. A consumer panel is a tool used to continuously collect information from customers in order to better understand their attitudes, behaviours, and spending patterns. Consumer panels are made up of a diverse group of households from all demographics.
These panels are used in a wide range of campaigns, including those for product testing, advertising research, and other projects that call for the opinion and understanding of a target market.
Β Β What are the types of consumer panels?
1. Generic Consumer Panel
Generic Consumer Panels are large panels that are made up of countless β or even millions of people. Generic Consumer panels are used to create the most suitable samples for particular market research projects.
At first, they selected the sample that will reply to each survey and then match the target audience and asked them to give responses a different question set on a different subject each time. Filters for age, gender, geographical region, and much other demographic information can be used to handpick the most correct survey sample.
2. Focused Consumer Panel
This consumer Panel is not similar to the Generic consumer panel, Rather than being made up of enormous, highly representative samples, they focus on a very definite type of target audience that is commonly difficult to find.
This could be the situation for people with a certain occupation β for instance in the health field β people who are at a particular stage in the life cycle β such as pregnant ladies β or people who have very particular individualities, such as being trendsetters.
Spade Survey has the proficiency to target consumers from numerous industries, like healthcare, travel, consumer goods, finance, IT, automobiles retail, etc. Β
3. Brand-loving consumer panel:
Some people are so enthusiastic about a brand that they are always willing to answer questions and take surveys without expecting monetary compensation. They enjoy trying the brand's new products and provide the most honest responses. They join a brand-obsessed consumer panel to answer questions and provide feedback. Customers and prospective customers make up brand-loving groups.
4. Innovation based consumer panels
The specialty of innovation-based consumer panels is determining how organizations can outperform themselves by experimenting and coming up with new and creative ideas. The specialty of innovation-based consumer panels is determining how organizations can outperform themselves by experimenting and coming up with new and creative ideas.
Why choose consumer panel surveys?
Through qualitative input, consumer panel surveys handpick a specialised group of individuals who make the research collection process more impactful and applicable. The importance of gathering valuable information through thorough research cannot be overstated, which is why consumer panels are a more viable option for businesses to consider.
Better suited respondents: Respondents in a consumer panel survey are equipped with the knowledge required to assist organizations in answering their research questions.
Understand customer mindset: Customer mindset is a market metric that is constantly changing as new brands emerge and options expand.
Concept testing: Launching ideas, products, and services is a critical step that determines market success or failure.
Greater market acceptance: When changes and modifications are suggested by consumer panels that are aware of customer preferences, they are more representative of the target group's expectations.
How to Use Consumer Panels for Market Research?
Consumer panels, which are frequently managed by market research firms, are used by organisations for various research studies. The purpose of research studies is to collect feedback on a regular basis in order to achieve customer satisfaction.
Here are some examples of how consumer panels can be used for market research.
1. Ads and Campaign Testing
Businesses typically conduct ad and campaign testing to gain insight into the impact it has on the targeted customers. This is used to determine whether or not the advertisement was successful.
2. To test products and services:
The primary goal of a consumer panel is to collect information from panellists. You can give the panellists your products to test and solicit feedback from them before releasing them to the public.
3. Competitive Benchmarking
Competitive benchmarking is a method of learning everything you can about your competitors and their industry leaders' methods, strategies, and practises for success.
4. Product Testing
The goal of the consumer panel is to have actual competitors evaluate your products so you can see how well they work and whether or not your target market will like them. Consumer panels can help you with this, whether you're looking for food, beverages, electronics, or white goods.
5. Guage brand awareness
The success of your products determines the strength of your brand. The brand logo, voice, personality, reputation, and so on all have an impact on the perception of your brand.
Conclusion
We have seen the purpose and types of the Consumer Panels for product Testing and their improvements. All these are done with the help of conducting Surveys for different industries such as Healthcare, Metal manufacturers, food, and Drink Manufactures. Consumer Panels help to avoid the risk before the product or services launch by getting feedback on the products.
Spade Survey has a global consumer panel of 10 Lac respondents. These panellists have been pre-screened and are prepared to participate in a variety of consumer research activities.
Spade Survey Consumer Panel collects, analyses, and conducts comprehensive research for the Healthcare, Automobile, Information Technology, and Retail industries.
Our extensive network of consumer audiences can provide you with the feedback you require to better position your product in the market. Use our consumer specialty panels to help your company grow by gaining actionable insights for your brand.
