Creating and managing your own panel community and online portal doesn't have to be wishful thinking or too difficult to justify to other departments in your business or organization. If you are already conducting research projects, you may be spending a lot of resources time and too much money in areas where you could apply to doing it yourself in house. The budget needed per research project for managing sample/recruitment/rewards through outside vendors and 3rd party companies can be as much as $15,000 (Source: Rudly Raphael, President at qSample).
Having and managing a panel can provide your business or organization with a quick turnaround to address consumer perceptions and feedback. There is a great value from staying connected with your audience and the insights you gain help make better decisions and build better products and services moving forward. This proprietary information influences the direction of future research and development.
Having a well thought out plan and goals are important when justifying to others in your business why you should start a panel. Communicating what your business or organization will receive in return for the initial investment is often the most difficult part of planning. Taking on a panel solution can cost a lot of money and take a lot of time. It can also take a long time to migrate from old research processes to new. Everyone needs a way to justify the value of any business investment. How is panel going to effect your company in terms of cost?
6 Ways to Justify the Costs of Starting Your Own Panel
#1 View and analyze all of the investments in your business by answering the following questions:
- Who are your employees?
- Where is your headquarters?
- Are your current projects successful?
- Are there areas where you can improve current processes?
- Is your business keeping current with advancing technology?
- How will this change the overhead or bottom line?
#2 Prioritize initiatives and allocate funding based on the value for the department and company
A company that values research and development first can pitch the idea of panel much easier than a company that values sales first over research. It all depends on the hierarchy of the organization. Think how panel will help all departments moving forward and reshape the way you pitch the solution.
#3 Will this be a better decision sooner or later? Will this add to the bottom line?
Panel implementation has saved many of our clients a lot of time and money. Our clients using panel have reported being able to access data 2x faster and 10x cheaper than previous research methods over long term use. They also have the ability to gain immediate feedback on pressing issues.
#4 Predict the impact of changes and eliminate unneeded costs
Anytime you are implementing a new technology, do you need to layoff people? do you need to hire new people? do you need to move people around? is there old technology that is slowing the company down that you need to upgrade? These are all things to think about when implementing a panel solution. You can reduce a lot of waste and redundancy by managing everything in one place.
#5 Increase utilization levels of current systems and resources
A lot of times when we speak to clients they feel stuck. It is important to make sure you are getting the full value of the tool you are using. What does your current provider have and what can you utilize more? Are your current systems and resources able to roll out your wishes moving forward? Is your research moving forward with emerging technology trends?
#6 Balance value with possible risk
When you are taking on a panel, it can be a high risk. On the other hand, you have high rewards when you look at the end goal and big picture. Having a very clear and concise strategy will bring high rewards and payoff immensely.
“Panels are an ideal solution for companies whose customers are engaged in social media. In industries where your products are perceived as a commodity, panels are a standout way to differentiate.
If you can manage an online survey or your Facebook profile - you can manage a panel. It's as easy as clicking through a few profile selections, sending an email and that's it.”Quote: Ivana Taylor (DIY Marketers)