Get Started: Building Your Custom Panel in 5 Steps

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Webinar given on 9-30-09. Part 2 of the Manage What Matters: Proprietary Panels webinar series

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Get Started: Building Your Custom Panel in 5 Steps

  1. 1. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL<br />2 of 5 // PANEL COMMUNITY “HOW TO” SERIES<br />
  2. 2. PANEL COMMUNITY “HOW TO” SERIESA 5-PART EDUCATIONAL PROGRAM<br />THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW<br />GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL<br />ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE<br />INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE<br />OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT<br />2<br />
  3. 3. I. THE PAYOFFS OF PANEL COMMUNITIES<br />Private online communities engage {customers, employees, partners} and capture actionable insights that drive business improvement<br />REACH <br />REVENUE<br /> LOYALTY<br />INNOVATION<br />3<br />
  4. 4. 4<br />II. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY<br />Proprietary Panel Economics 101<br />Five Easy Steps<br />Panel Site Development<br />Recruitment Plan<br />Registration & Profiling<br />Incentive Plan<br />Panel Lockouts & Hygiene<br />Managing Internal Expectations<br />Summary<br />
  5. 5. 5<br />A TYPICAL RESEARCH PROJECT<br />Total Project Cost = V + W + X + Y + Z<br />Cost of sample<br />
  6. 6. 6<br />COST OF SAMPLE<br />Via sample vendor<br />(all variable costs)<br />Via proprietary panel<br />(fixed costs)<br />One, inclusive CPI that includes recruitment, participation and incentives<br />Proprietary panel dev’t<br />Panelist acquisition<br />Panel Attrition<br />(variable costs)<br />Incentive cost<br />
  7. 7. 7<br />BREAKEVEN ANALYSIS<br />Breakeven occurs after 7 projects have been conducted<br />* Assumes that outside sample costs are $5,000 per project, proprietary paneldevelopment & recruitment costs $30,000 and that incentives per project are $1,000 <br />
  8. 8. 8<br />ARE YOU READY FOR AN ADVISORY COMMUNITY?<br />Important Questions to Ask Yourself<br />Does the demand exist for more customer insight? <br />Do the touch-points exist to recruit members economically?<br />Do you have the required skills in-house, ordo you need outside assistance? <br />Survey design & data analysis<br />Operational assistance<br />Community management<br />
  9. 9. 9<br />GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY<br />Proprietary Panel Economics 101<br />Five Easy Steps<br />Panel Site Development<br />Recruitment Plan<br />Registration & Profiling<br />Incentive Plan<br />Panel Lockouts & Hygiene<br />Managing Internal Expectations<br />Summary<br />
  10. 10. 10<br />1. PANEL SITE DEVELOPMENT<br />Number of sites / sub-sites needed<br />Languages<br /> Externally facing recruitment site<br /> Members only panelist portal<br /> Survey templates<br /> Email templates<br />
  11. 11. 11<br />2. RECRUITMENT PLAN<br />Free options<br />Existing panelists<br />Tell-a-friend campaigns<br />Customer touchpoints (email databases, invoices, letters, postcards, 1-800#)<br />Paid options<br />Aggregators<br />Sample providers<br />Define ‘ways of entry’ & manage performance closely<br />
  12. 12. 12<br />3. REGISTRATION / PROFILING<br /> Registration form (easy & painless)<br /> Registration confirmation (double opt-in)<br /> Profiling surveys<br /> Regular profile data updates<br />
  13. 13. 13<br />4. INCENTIVE PLAN<br /> Individual or aggregate incentives<br /> Sweepstakes programs<br /> Points-based programs<br />Valuation<br />Thresholds<br />Redemption options<br />The single biggest motivator is INVOLVEMENT, and having a direct impact on shaping the product/service for the better<br />
  14. 14. 14<br />5. PANEL HYGIENE<br />Participation tracking<br />Frequency considerations (too much / too little)<br />Category lockouts<br />Campaign or wave-based lockouts<br />Panelist retirement<br />
  15. 15. 15<br />GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY<br />Proprietary Panel Economics 101<br />Five Easy Steps<br />Panel Site Development<br />Recruitment Plan<br />Registration & Profiling<br />Incentive Plan<br />Panel Lockouts & Hygiene<br />Managing Internal Expectations<br />Summary<br />
  16. 16. 16<br />HOISTED ON YOUR OWN PETARD<br />Early on, there is a conflict between supply & demand<br />Too much supply – bored & unhappy members<br />Too much demand – harassed & unhappy members<br />Unhappy members become non-responders<br />Beware of curveball projects – hard on a new community<br />Start small with one patient, loyal internal client who has a lot of straight fastball research needs<br />
  17. 17. 17<br />GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY<br />Proprietary Panel Economics 101<br />Five Easy Steps<br />Panel Site Development<br />Recruitment Plan<br />Registration & Profiling<br />Incentive Plan<br />Panel Lockouts & Hygiene<br />Managing Internal Expectations<br />Summary<br />
  18. 18. 18<br />SUMMARY<br />Proprietary panels provide significant benefits<br />Don’t go it alone … seriously consider bringing an MR agency along with you if you haven’t the skills internally<br />Be mindful of the underlying economics<br />Carefully plan your panel using our 5 easy steps<br />Start with one panel – expect to quickly expand<br />Try to balance supply and demand & avoid curveballs<br />More panels die of neglect than overuse<br />
  19. 19. NEXT PANEL COMMUNITY “HOW TO” SERIESNEXT UP IN THE 5-PART EDUCATIONAL PROGRAM<br />THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW<br />GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL<br />ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE<br />INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE<br />OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT<br />19<br />
  20. 20. Globalpark providespanel, community and surveysoftwarethatenablesorganizations to manage whatmattersacrosstheenterprise. Bycapturingfeedback and trackingbehavior of customers, employees and partners, theygaininsightsthatdrivebetterbusinessdecisions. Byidentifying and empoweringinfluentialadvocates, theybuildreputation and extendreach.<br />Founded in 1999, Globalpark softwareisGerman-engineered and globally-testedbyleadingbrands and topmarketresearchinstitutes, including: Continental, Daimler, General Mills, GfK, IDC, Nintendo, SonyBMG, TNS, Warner Music and Wrigley. Globalpark isstaffedbyrenownedresearchpioneers, withofficesacrossthe US, UK, Germany and Austria.<br />ABOUT US<br />Globalpark AG<br />Kalscheurener Str. 19a<br />50354 Cologne/Huerth<br />Germany(Headquarters)<br />Tel.: +49 2233 7933 6<br />info@globalpark.de<br />www.globalpark.de<br />twitter/Globalpark<br />Globalpark Inc.<br />299 Broadway, 19th Floor<br />New York, NY 10007<br />United States of America<br />Tel.: +1 888 299 9422<br />info@globalpark.com<br />www.globalpark.com<br />twitter/Globalpark_News<br />LOCATIONS<br />Globalpark UK Ltd.<br />5 Archie Street <br />London SE1 3JT<br />Great Britain<br />Tel.: +44 207 403 3900<br />info@globalpark.co.uk<br />www.globalpark.co.uk<br />GlobalparkOesterreichGmbH<br />Wassergasse 25<br />1030 Vienna<br />Austria<br />Tel.: +43 1715 0289 11<br />info@globalpark.at<br />www.globalpark.at<br />
  21. 21. © 2010 – Globalpark AG, Globalpark UK Ltd., Globalpark Inc., Globalpark Oesterreich GmbH<br />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. <br />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. <br />The software products offered by Globalpark AG, its subsidiaries and/or its distributors may contain software components of other software manufacturers. All products may show country-specific differences. <br />Globalpark, Enterprise Feedback Suite, EFS, EFS Survey, EFS Panel, EFS Employee and EFS Leadership, other Globalpark products and services mentioned in the text and their corresponding logos are trademarks and can be registered trademarks of Globalpark AG and/or its subsidiaries in Germany and other countries worldwide. All other names of products and services are trademarks of their respective companies.<br />

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