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Online Market Research Panel

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Online Market Research Panel

An online market research panel is a group of online individuals who respond to various research studies presented to them. For the researcher to get to the correct target population, the online research panel must first share an extensive amount of information about themselves; which is then used to aid selection of participants for certain research studies. They are effective at gaining an insight into what customer’s and employee’s views are about the company or a product.
There are two types of online market research panels: business-to-business (B2B) and business-to-customer (B2C). An online business-to-business panel is formed when business owners, professionals and decision-makers respond to business-related surveys about the market. This will help a company ascertain if there is a viable gap in the market for their product or service, as well as opening up new opportunities for future business ventures.
An online business-to-customer panel is established when a customer or end-user of their product is sought out by the company to respond to the surveys. The range of the participants can be broad or precise depending on the research study and the researcher. Using an online business-to-customer panel is an effective way of understanding what the consumer wants compared with what the company is offering.
The response rates of an online market research panel tend to be high because the participants have all volunteered to be part of the research. The response rate is also affected by who is chosen, which makes it more crucial that the right participants are selected at the start.

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