A data collection panel is a research tool that helps companies collect and analyze the results of surveys and other information gained in market research. Market research is how companies gain information about their customers, products, and competitors. It can be conducted through many different methods, some more applicable to specific business situations than others.

For example, a data collection panel might be best for collecting responses from a large group of geographically distant people. On the other hand, a focus group may help gain information from a small group of people close to each other.

In this article, we will go over the different data collection methods in market research. 

What is Data Collection?

Data collection is gathering information from all the relevant sources to find answers to the research problem, test the hypothesis and evaluate outcomes.

Data collection methods can be divided into two categories: secondary data collection methods and primary data collection methods.

Primary data is a type of data collected by researchers directly from primary sources through interviews, surveys, experiments, etc. Secondary data is a type of data that has already been published in books, newspapers, magazines, journals, online portals etc.

Data collection is an essential aspect of any type of research study. Inaccurate data collection can impact the results of an investigation and ultimately lead to invalid results. Data collection processes are also becoming more complex as organizations collect more diverse data types from multiple sources and in different formats.

Precisely What Is a Research Panel?

A research panel, sometimes referred to as a “consumer panel,” is a group of pre-recruited individuals who agree to participate in market research.

Panels can be general or industry-specific and usually share a vast amount of demographic, household, and behavioral data. Many panels also include psychographic information. Such panels are often used for in-depth market research and allow the researcher to conduct many studies with only one recruitment effort.

Although the quality of panels varies widely, users typically have a good sense of the quality they can expect from any particular vendor. They will also be aware of panel quality issues such as panel fatigue and survey dropout rates.

Higher-quality panels will yield higher-quality data. You should also note that the most appropriate outcome is not always the most cost-effective outcome. For example, purchasing a large panel to perform five studies may be more expensive than buying five smaller ones. Market researchers should weigh both price and quality when deciding which panels to purchase.

Online Data Collection – What is it?

Online data collection is collecting data online or through the internet.  It involves sending emails, texts and other forms of communication to many respondents and asking them to participate in a survey. 

The advantage of online data collection is that it can reach a much larger number of respondents than other forms of collecting data. You can collect data in minutes rather than days or weeks, depending on the size of the panel you are using. The methods used to collect such data are emails, texts sent on phones and similar techniques.

One significant advantage of this method is that respondents have ample time to respond to your questions instead of when you conduct interviews over the telephone, where they have to react immediately. As a result, the data usually tends to be more accurate.

In addition, this method is more systematic since there is a clear distinction in the way the data is collected from one respondent to another. The panel should be responsive and should possess knowledge about the field you are conducting research in so that they come up with more accurate results.

Conclusion

A company must conduct market research to succeed, and a data Panel is crucial for success. Grapedata has the best data panel in the market research sphere. Contact us for your market research, and we will provide you with all the information you need!

Contact us now to get started with your marketing survey.