Consumer panel definition
Defining the term ‘consumer panel’ is quite easy, but categorizing all the things that these panels do, as well as outlining the benefits that they provide for the companies who put them into action, is a more complicated process. Consumer panels are groups of consumers in specific sectors, recruited by research- and insights companies, who are used as respondents to answer specific research questions relating to product testing, taste testing, ad testing and many other areas. Most often. they are a specialist panel who take part in numerous projects over time.
Consumer panels collect a wide range of information, such as how products and services are received, what other companies in the marketplace are offering, how a company should deal with a range of problems, and much more. The benefit of hiring a consumer panel is that they can offer critical advice and provide information that has been collected in an objective way.
What is a consumer panel?
A consumer panel is a group of people who are tasked with carrying out certain consumer tasks. Those tasks are monitored very carefully and judgments are made based on the collected information. The idea behind a consumer panel is that each member represents a different demographic from within the society. By bringing a wide range of consumer types into the group, the information gathered is more representative of the society being studied. While there are different methods of collecting information, one of the most common is by regular logs being kept about every aspect of the consumer’s engagement. The information collected is not only about the service or product being purchased, but also about the path to purchase, the experience and consumer satisfaction that the company can provide to the consumers.
What is it Nepa does?
Nepa turns big data into actionable insights. Our purpose of actionable insights is not to just share interesting data or information with our customer, but to get them to take action and change. We adapt and personalize the insights and the impact of actions to address the issue of, “This is what this means to you and your business within the area of responsibility that you are working with. This is how it will contribute to your result”.
How do consumer panels help?
In short, consumer panels help by providing businesses with information that they would likely not be able to easily gather on their own, especially not on short notice. Consumer panels are good at what they do and they know exactly what to look for. The opinions that they offer are far more objective than those of regular customers, and they also offer information about the entire market, which is something everyday customers cannot do most of the time.
Consumer panels provide a vast amount of information concerning the consumer experience that cannot be found anywhere other than from the consumers themselves. By taking the information and ideas collected by the consumer panel and putting them to use in the planning and implementation phases of a business operation or a product launch, businesses can provide their customers with a positive experience right from the beginning, which can prove to be an invaluable advantage for any company.