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Seven Ways to Recession-Proof Market Research WIth Panel

Way back in March of this year, but very relevant today, Ted Schadler from Forrester identified 10 ways that consumer and business-to-business (B2B) market research professionals can beef up their practices within a recession.

Seven of those recommendations can be tied directly or indirectly to a panel or private community.

1.    The first one being if you haven’t already got a panel or community, then get one.  

2.    Reduce your sample sizes based on the level of confidence needed in the results. Again for those with their own panel this is a non issue because you own the sample.

3.    In a downturn companies will focus more on existing customers because it’s easier to make money. This is perfect for those with a panel or community of their customers to study.

4.    Use your panel or community to test questions and hypothesis before fielding a study. The payoff is that you can lower your costs and minimize your risks of fielding a custom study.

5.    The best way to increase the value of a study is to get it into the hands of more people within the company. Harness Web 2.0 technology like panels and communities for research distribution.  

6.    Every product marketer or channel manager knows they can field her own survey online. Rather than fight this trend, be a center of excellence through the panel or community.

7.    Utilize omnibus survey space where it's available. Turn your panel into an omnibus that the entire company can use to conduct surveys to save money on multiple independent studies.

If you’d like to speak with one of our industry experts on how a custom panel of private community can help during a downturn, contact Caroline Hickton.

Posted on October 8, 2008
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