Get Started: Building Your Custom Panel in 5 Steps
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Transcript of Get Started: Building Your Custom Panel in 5 Steps
GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL
2 OF 5 // PANEL COMMUNITY “HOW TO” SERIES
PANEL COMMUNITY “HOW TO” SERIESA 5-PART EDUCATIONAL PROGRAM
I. THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW
II. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL
III. ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE
IV. INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE
V. OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT
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Private online communities engage
{customers, employees, partners}
and capture actionable insights
that drive business improvement
I. THE PAYOFFS OF PANEL COMMUNITIES
INNOVATION LOYALTY REVENUE REACH
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4II. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY
Proprietary Panel Economics 101
Five Easy Steps1. Panel Site Development
2. Recruitment Plan
3. Registration & Profiling
4. Incentive Plan
5. Panel Lockouts & Hygiene
Managing Internal Expectations
Summary
5A TYPICAL RESEARCH PROJECT
Task CostSurvey Design V
Cost of Sample W
Field & Tab X
Analysis Y
Reporting Z
Total Project Cost = V + W + X + Y + Z
Cost of sample
6COST OF SAMPLE
Via sample vendor
(all variable costs)
One, inclusive CPI that includes recruitment, participation and incentives
Via proprietary panel
(fixed costs)
Proprietary panel dev’t
Panelist acquisition
Panel Attrition
(variable costs)
Incentive cost
7BREAKEVEN ANALYSIS
Breakeven occurs after 7 projects have been conducted
* Assumes that outside sample costs are $5,000 per project, proprietary paneldevelopment & recruitment costs $30,000 and that incentives per project are $1,000
8ARE YOU READY FOR AN ADVISORY COMMUNITY?
Important Questions to Ask Yourself
Does the demand exist for more customer insight?
Do the touch-points exist to recruit members economically?
Do you have the required skills in-house, ordo you need outside assistance?
Survey design & data analysis
Operational assistance
Community management
9GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY
Proprietary Panel Economics 101
Five Easy Steps1. Panel Site Development
2. Recruitment Plan
3. Registration & Profiling
4. Incentive Plan
5. Panel Lockouts & Hygiene
Managing Internal Expectations
Summary
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1. Number of sites / sub-sites needed
2. Languages
3. Externally facing recruitment site
4. Members only panelist portal
5. Survey templates
6. Email templates
1. PANEL SITE DEVELOPMENT
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1. Free options
Existing panelists
Tell-a-friend campaigns
Customer touchpoints (email databases, invoices, letters, postcards, 1-800#)
2. Paid options
Aggregators
Sample providers
3. Define ‘ways of entry’ & manage performance closely
2. RECRUITMENT PLAN
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1. Registration form (easy & painless)
2. Registration confirmation (double opt-in)
3. Profiling surveys
4. Regular profile data updates
3. REGISTRATION / PROFILING
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1. Individual or aggregate incentives
2. Sweepstakes programs
3. Points-based programsValuation
Thresholds
Redemption options
4. The single biggest motivator is INVOLVEMENT, and having a direct impact on shaping the product/service for the better
4. INCENTIVE PLAN
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1. Participation tracking
2. Frequency considerations (too much / too little)
3. Category lockouts
4. Campaign or wave-based lockouts
5. Panelist retirement
5. PANEL HYGIENE
15GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY
Proprietary Panel Economics 101
Five Easy Steps1. Panel Site Development
2. Recruitment Plan
3. Registration & Profiling
4. Incentive Plan
5. Panel Lockouts & Hygiene
Managing Internal Expectations
Summary
16HOISTED ON YOUR OWN PETARD
Early on, there is a conflict between supply & demand
Too much supply – bored & unhappy members
Too much demand – harassed & unhappy members
Unhappy members become non-responders
Beware of curveball projects – hard on a new community
Start small with one patient, loyal internal client who has a lot of straight fastball research needs
17GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY
Proprietary Panel Economics 101
Five Easy Steps1. Panel Site Development
2. Recruitment Plan
3. Registration & Profiling
4. Incentive Plan
5. Panel Lockouts & Hygiene
Managing Internal Expectations
Summary
18SUMMARY
Proprietary panels provide significant benefits
Don’t go it alone … seriously consider bringing an MR agency along with you if you haven’t the skills internally
Be mindful of the underlying economics
Carefully plan your panel using our 5 easy steps
Start with one panel – expect to quickly expand
Try to balance supply and demand & avoid curveballs
More panels die of neglect than overuse
NEXT PANEL COMMUNITY “HOW TO” SERIESNEXT UP IN THE 5-PART EDUCATIONAL PROGRAM
I. THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW
II. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL
III. ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE
IV. INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE
V. OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT
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[email protected]/Globalpark
Globalpark Inc.299 Broadway, 19th Floor New York, NY 10007United States of AmericaTel.: +1 888 299 9422
[email protected]/Globalpark_News
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LOCATIONS
Globalpark Oesterreich GmbHWassergasse 251030 ViennaAustriaTel.: +43 1715 0289 11
ABOUT USGlobalpark provides panel, community and survey software that enables organizations to manage what matters across the enterprise. By capturing feedback and tracking behavior of customers, employees and partners, they gain insights that drive better business decisions. By identifying and empowering influential advocates, they build reputation and extend reach.Founded in 1999, Globalpark software is German-engineered and globally-tested by leading brands and top market research institutes, including: Continental, Daimler, General Mills, GfK, IDC, Nintendo, SonyBMG, TNS, Warner Music and Wrigley. Globalpark is staffed by renowned research pioneers, with offices across the US, UK, Germany and Austria.
© 2010 – Globalpark AG, Globalpark UK Ltd., Globalpark Inc., Globalpark Oesterreich GmbH
The information contained in this publication is the property of Globalpark AG and its subsidiaries. Passing on and reproduction of this publication or any parts of it is only permitted with the express written approval of Globalpark AG or its subsidiaries.
This publication is issued without any guarantee whatsoever. Information contained herein can be changed without prior notification. In addition Globalpark accepts no guarantee as to the exactness or completeness of the information, text, graphics, links and other items in this publication. This publication is a preliminary version, which is not subject to any valid licence agreement or other agreements with Globalpark.
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