The new era for market research

03 July 2019 | Business

When we look at market research over time, it can be said that it has always had a special role to play in the marketing or communication function of any organisation or business.

Several industries or even products and services have flourished because of market research.

As the world is moving at a tremendous pace, consumers directly impact the medium or source to be used. Consumers are so overwhelmed with the ever changing digital world that they barely have time to stand still and think about what it is that they want and what it is that they need. In some cases it can even be stated that consumers ‘forget’ that they have a voice.

A new era has come for market research where organisations and businesses have to be even more consumer-centric than ever before, because we live in a competitive world. The business world needs readily available data in order to assist with decision-making in terms of marketing strategies, communication plans and stakeholder engagement.

PwC has recently launched a research solution where the aim is to be agile, but still maintaining a strong focus on quality to test the here and now.

The concept of panel research

Clients are now able to join this research offering and run projects as and when needed. The sample sizes that will be executed is not aimed at gaining high volumes of opinions, but rather at smaller impactful responses with a pre-determined consumer profile that will assist with quick decision making.

What do we as a client get out of this?

• Impactful, smaller sample size projects

• Quick turn-around time

• Real-time results

• Effectively budget for any unplanned priority research by signing up for the panel research solution.

• Cost effective investment for your business

• Engage with customers more frequently using an objective supplier

How will this work?

• PwC will build a database using a rich profile of customers, running-dip stick research projects.

• The database may consist of your company’s customers only or it may include customers of your competitors as well.

• With each project, consumer profiles will be selected and be invited to take part.

• Participants will be incentivised to take part.

• Written invitations and acceptance will be obtained from each participant before included on the panel.

• Year contract solution with subscribers.

• Individual reporting per subscriber.

Remember, before making your next big decision, first ask the panel.

For more information on the concept of panel research, kindly contact Daleen Small at [email protected]