Article by Patrick Fiorenza, RMS Director of Research Analytics –
Last month, I was finalizing a research report for a client. As I was reading through responses, one quote jumped out at me. To paraphrase, this individual stated, “The industry is rapidly changing, and companies need to modernize and continue to change with it.” The quote served as a central point of a finding and recommendation to our client and a firm reminder to RMS and business leaders in the community. To quote a hero of mine, Bob Dylan, “the times they are-a-changing.”
We are living in truly uncertain times. The global pandemic has up-ended how, when, and why we work. Regulatory policies are dramatically changing the business landscape. Supply chain issues have hindered growth. The impact of climate change has spared no communities and will not.
Market research is a diverse field of practice and cuts across all industries. Some niche companies focus on very specific industry segments, and others tend to focus more broadly and offer a wide array of services. It’s all related to business strategy, but all market research can help provide clarity, focus, and a path to move forward to reach objectives. Sound data gives confidence in decision-making and often leads to better or validation of strategies and context to make difficult or complex decisions.
Research can be done quickly, cheaply, and strategically. There are many research modalities to help organizations push forward, but one of the most efficient ways is through panel research.
Panel research is sometimes called community research. Individuals sign up or register to take part in research studies. At RMS, we have a large and growing nationwide panel that we often leverage to help our clients reach a specific population segment. Panels are not just for survey research. We use our panel to recruit individuals for focus groups (virtual and in-person) and in-depth interviews (IDIs). Our panel is well represented and highly engaged, making reaching target markets fast and efficient.
How can you use panel research?
- Your company is looking to expand into a new market using traditional and new media strategies. Before you start your campaign, you test your ads, videos, and new logo. You host several focus groups and learn more about which performs best.
- Your company is getting hit with increased fees every time someone purchases a credit card. You want to test how much price increase individuals will tolerate before not buying your product. You decide to study your target market and test their pricing preferences.
- You work for a Credit Union and want to learn some intelligence about competitors. You use a panel to craft a brand awareness and imaging study. Individuals do not know you were the study’s sponsor but provided critical intelligence about your brand imaging in the community.
Panel Research has many benefits and applications. Working with a vendor like RMS can guide you toward the most cost-effective and suitable modality.
Registering is easy if you want to become a member of the RMS ViewPoint Panel. Please enter your email here, and someone from RMS will reach out to welcome you.
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About the Author – Patrick Fiorenza
Patrick brings years of market research experience to the RMS Research Analytics team. His preliminary focus encompasses designing, implementing, gathering, and analyzing results from proven research methods created to obtain credible data to help guide decision-making across a variety of industries.
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Research & Marketing Strategies, Inc. (RMS) is a full-service market research firm in Central New York. Formed in 2002, RMS helps organizations that are looking to know more about their customers and/or potential customers. They conduct surveys, focus groups, mystery shopping, studies and analysis. Each project is customized and gets personal attention by the best in the business. RMS has a reputation for getting results and offers an independent means to conduct telephone, on-line and mail surveying, In-depth interviews, intercept interviews, and participant recruitment as well as focus group hosting through QualiSight, its onsite call center and focus group facility. Taking advantage of the region’s reputation for being a great market study barometer, RMS recruits and moderates for focus groups, community forums and town meetings.