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5 min

6 benefits of a b2b panel provider for your company

We analyse the 6 benefits of a b2b panel provider for your company

GrapeData
Sep 4, 2022
B2B market research

What is a b2b panel provider?

A B2B panel provider is becoming increasingly popular with companies that want to gather data on their customers. The panel acts as a bridge between the company that wants to conduct the research and the survey respondents. A panel provider is especially useful for a company that may not know where to start collecting this data.  Additionally, if you're unsure about the industry that a panel provider can help you with, check out our recent blog post. We dive into four different industries in that a panel provider could run industry surveys. The article can be found here

If you're just starting out in the world of b2b panel providers, here are some reasons why this could be beneficial for your business.

1. Get better-targeted data for your business

A b2b panel provider offers better-targeted data than a general market survey. As such, the quality of your data can be much higher than that produced by traditional surveys. This is because a b2b panel provider is often composed of specific business types and industries that you can select from when conducting your research.

This means that if you're looking to conduct research on IT services or manufacturing machinery, your b2b panel providers will have access to people who work in these fields. They may even have employees from specific companies within these industries; for example, an employee at Daimler AG could be part of the car manufacturing b2b panel provider's database.

When conducting b2b market research, it's important to have access to a panel of people who work in your industry. This ensures that the data you collect will be highly relevant and useful. It also provides a more accurate representation of how consumers feel about your product or service as opposed to using general market surveys.

2. A b2b panel provider gives real-time insights

Data can be used to make better business decisions in those different ways:

  • Data helps you understand your business and customers better.
  • Insights gathered can help you develop new products and services.
  • It aids in boosting the productivity and efficiency of business processes.
  • It assists with talent management, recruitment/hiring, the development of leaders, and succession planning.
  • Data allows for predictive analytics that can predict future events based on historical data analysis (i.e., sales forecasts)

With real-time insights from customer feedback channels like customer experience surveys or customer interviews, companies can gain a better understanding of their current customer base as well as how they might need to evolve their products or services going forward. A b2b panel provider can help your business make data-driven decisions. 

3. See cost reductions through a b2b panel provider 

When your company is working to reduce costs, you can use a b2b panel provider to help you. Panel providers can provide better insight into the needs of your customers, which will result in better products and services. This will allow you to create more effective marketing campaigns that attract the right people at the right time. Additionally, it'll cost less than traditional methods of acquiring customers.

In addition, panel providers offer cost-effective options for customer retention initiatives like loyalty programs or reward points for repeat purchases. You'll find that these initiatives are more likely to succeed. This is because they're tailored specifically to target audiences based on their unique interests and needs rather than relying on broad blanket messaging that may not resonate with everyone equally as well.

Panel providers can also help you with your search engine optimization efforts by providing information about how to target the right keywords and phrases. This will allow you to attract more respondents who are actively looking for your research project rather than relying on random people who happen to stumble upon your survey by chance.

4. Enhanced product development quality

A panel provider can provide you with a large pool of respondents in a short period of time. This allows you to conduct surveys more frequently. This, in turn, means you can gather data on your product and quickly make adjustments as necessary. Another benefit is that panel providers have access to a wide range of demographics, so your study results will be accurate for everyone in the target audience for your products or services.

Another advantage of using a panel provider is that it can help you manage your own customer base. You’ll have access to information about your customers, such as their demographics, buying habits, and preferences. This data can help you better target your products and services and create more effective marketing campaigns.

For more information on product development, check out Qualtric's blog here

5. More effective marketing campaigns

The right b2b panel provider can help you create a better audience for your marketing campaigns. B2B marketers have already seen the benefits of using panels in their marketing campaigns. A panel is a group of people who are selected to be part of a survey or study because they are known to be similar in some way to the target market. This means that when you market through a panel provider, you'll have access to people who are more likely than average to buy what you're selling. Additionally, if you can find out which parts of your marketing campaign worked best with different segments within this population, then it's easier for future campaigns to be more effective overall!

A panel provider can help you create a better audience for your marketing. B2B marketers have already seen the benefits of using panels in their marketing campaigns. If you'd like more information, drop us a line at sales@grape-data.com to see how we can help you.

6. Brand loyalty and advocacy programs

  • Brand loyalty and advocacy programs are a great way to build an organic marketing campaign for your brand. These programs offer the ability for customers to refer their friends and colleagues. Thus, you can expand your reach without spending extra money on advertising.
  • One of the most important benefits of using a b2b panel provider is that you can launch these types of initiatives with minimal effort on your end. You simply need to create an account with the panel provider, select which type of survey you want to run, customize it according to specific details about your business and industry, then launch it! The rest is handled by the experts in the panel provider who will handle all aspects related to collecting responses from participants. Additionally, they will ensure to keep things compliant with all applicable laws.

The right panel provider can bring a lot of benefits to your business

The right panel provider can bring a lot of benefits to your business. They help you get better data, faster. They help you get better insights, faster. And they help you reduce costs. There are a lot of different types of panel providers out there, so it's important that you choose one that best fits what your business needs and wants from their data and insight solutions. Panel providers are the backbone of any survey or research project. They help you get the data you need to make better business decisions. And if you're looking for a panel provider, there are a few things that you should keep in mind when making your decision.

If you're curious to learn more about the benefits of data-driven decision-making for business, check out HBS's article here.

Conclusion

If you’re wondering what kind of panel provider might be right for your business, we can help. Contact us today to learn more about our services and offerings!