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The panel responds to business-related surveys to help gather information, solve problems, and gain insights into their industry over time. Let’s explore using B2B panels for market research for your business.
Market research panels
When you want to get to the heart of customer and market insights, market research panels can help. Assemble a panel based on distinguishable characteristics, such as demographics or firmographics, depending on what works best for your research.
You may want to incentivize participation with rewards in exchange for time and opinions. Rewards may include cash, gift cards, discounts, or vouchers.
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Panel surveys are used to understand how attitudes change over time and are frequently used to evaluate products, services, or brand positioning. Once a panel is selected, surveys are administered in regular intervals over a predetermined period of time.
The data can be used to influence product enhancements, the development of new products and services, and a myriad of other business decisions.
B2B panels
B2B panels deal with the relationship between two businesses. The panel may include business owners, industry experts, and other professionals in the business world. They are pre-recruited and have agreed to participate in research surveys.
B2C panels
Business-to-consumer (B2C) panels are focused on the relationship between a business and its target market. The B2C panel should include members of the target market as identified by the business. These panelists have also been prescreened and have agreed to participate in panel research.
Advantages of market research panels
Market research panels consist of pre-screened participants who have already agreed to participate in surveys. This makes panels faster, more cost-effective, and easier to run. In B2B panels, it can be challenging to reach the executives you need for your research. Using a panel gives you access to executives over time without having to recruit new respondents.
Other advantages include:
- Higher response rate: respondents are more likely to participate because they have already agreed to it by signing up with an app or website, they have expertise and experience they would like to share, or they’ve been incentivized to engage.
- Diverse viewpoints: your research panel can be comprised of any number of participants from a variety of demographics or firmographics that mirror your target audience. This virtually guarantees that your panel will be diverse and offer a variety of unique viewpoints.
- Reliable data sampling: demographics and firmographics are collected during onboarding, making market segmentation easier—as well as allowing research panels to be gathered quickly and easily to offer views on new products or services. You’ll be conducting primary research directly from your respondents, so your data will be accurate and reliable.
B2B panel vs. B2B online panel
Before technology reached a point where research surveys could be conducted digitally, they were given on paper and were administered door-to-door or in focus groups. Data had to be collected, sorted, and analyzed—all by hand. Imagine reaching out to hundreds of businesses, one by one, to collect panel data. The process was time-consuming and a lot of work.
Thankfully, B2B online panels have changed the entire experience. Today, if your company is conducting B2B panel research, you can send an email blast to the panelists you want for the survey. Or you can save time and use SurveyMonkey Audience to assemble the panel, using relevant criteria chosen by you.
Creating a B2B online panel with SurveyMonkey is efficient and straightforward.
We’re happy to help you connect with your target audience, conduct your surveys, gather your information, and analyze your data.
B2B panels in market research
B2B market research, in panels and other channels, is essential for businesses. The insights from B2B panels help you gain insights into everything from product development to employee satisfaction.
Advantages of B2B panels in market research
You may be wondering, “What can a B2B market research panel do for me?” Let’s look at some advantages:
- Define markets to determine exactly where your company is positioned, and who your competitors are.
- Measure customer needs by understanding your target market better—from how they use your product to what they wish you did for them.
- Strengthen competitive advantages by studying brand awareness and examining competitor data.
- Inform business decisions by finding out exactly what your customers want to be improved in your existing products and what needs you can meet with new products.
- Gain competitive intelligence by monitoring industry trends with ongoing insights from your customers.
- Identify new opportunities by measuring demand for your products and services in potential markets.
- Improve product/service offerings by testing new product concepts before you take your new idea to market.
Why use a panel survey?
Use a panel survey to discover how consumer attitudes change over time in relation to products, services, or brand positioning. One of the biggest benefits of a panel survey is the ability to study how variables impact customer behavior over time.
Companies may use panel surveys internally to learn more about managerial performance, employee reactions to new policies, or how to improve employee engagement.
Choosing an online B2B panel partner
If you’re going to assemble a B2B panel and conduct market research online, your job will be much easier if you have a qualified, knowledgeable partner.
Qualities of a good online B2B panel
What should you look for in an online B2B panel partner?
- Experience and expertise in online market research
- Accessible services that are available 24/7
- Familiarity with business and market trends
- Ability to assemble a target audience from a global pool of respondents
- Provides high-quality survey respondents
- Hundreds of prewritten questions and templates to accelerate the process
- Artificial intelligence (AI) insights
- Customizable surveys with branding options
- Easy-to-use data dashboard to filter data
It should come as no surprise that SurveyMonkey meets all of these criteria.
Are you ready to use B2B panels for your market research?
B2B panel market research provides valuable insights into the businesses in your target market. Increase your understanding of your customers, how your brand meets their needs, what improvements they desire, and more.
Use SurveyMonkey Audience to gather a B2B panel based on your criteria. Check out our popular audience profiles to get started.
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