Market research technologies are constantly improving and evolving to provide better information to research consumers. Here at Luminosity Marketing, we love using the latest technologies to find the best research solutions for our clients. Below is a brief on a research technology that is increasingly being used by organizations to gain faster and more reliable data from their customers.
Custom Online Consumer Panels (COCP) are online panels that are recruited to participate in research studies for only the panel owner’s company. These types of panels are also known as customer advisory panels or proprietary panels. COCPs started gaining momentum in the online research world several years ago and are now quickly increasing in usage among consumer facing organizations as way to maintain a constant source of sample for online research studies.
COCP benefits:
- Prescreening of panelists to demographics, habits, traits and lifestyle characteristics of the owners choice
- Quick turnaround of studies
- Lower costs in the long run than buying sample from general panels for every study
- Increased panelist and customer validation
- Only needs to be big enough to support studies – from 100 to 100,000 panelists
- Can internally manage or source a vendor to manage the panel
COCP drawbacks:
- High initial costs to build the panel infrastructure and recruit enough participants
- Must have constant recruit efforts
- If self managed, complexity of management
COCPs work best for companies that have a high frequency of online research studies and want to have control over the sample that is used for research purposes. COCPs can be of particular usefulness to companies that have a high number of communications and touch points with their consumers (e.g. magazines, radio, television, and retailers) or any company that tends to have a cult-like following (e.g. H&M, Apple, Pottery Barn and Williams-Sonoma).
For more information on how Custom Online Consumer Panels could help your company focus your research strategy, contact us at info@luminositymarketing.com.
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