The Power of Customer Panels in Market Research: A Case Study with Swell Market Research
In today’s competitive business landscape, understanding customer needs and preferences is more crucial than ever. One of the most effective ways to achieve this understanding is through the establishment of ongoing customer panels. These panels provide companies with regular insights directly from their customer base, enabling them to make informed decisions that drive business impact. This blog post explores the importance of customer panels in market research, using Swell Market Research's work with a large utility in the western United States as a prime example. We will also discuss how smaller utilities can adopt similar strategies without needing a major budget.
The Importance of Ongoing Customer Panels
Ongoing customer panels serve as a continuous feedback loop between businesses and their customers. Unlike one-off surveys or focus groups, customer panels allow companies to track changes in customer attitudes over time. This approach not only helps in understanding current customer sentiment but also in anticipating future needs and trends.
Key Benefits of Customer Panels:
In-Depth Insights: Regular interactions with panelists can uncover nuanced insights that traditional research methods might miss.
Real-Time Feedback: Companies can test ideas, products, or services and receive immediate feedback, allowing for quick pivots when necessary.
Enhanced Customer Engagement: Involving customers in the decision-making process fosters loyalty and shows that a company values their opinions.
Cost-Effectiveness: While initial setup may require investment, ongoing engagement with a panel is often more cost-effective than constantly conducting separate market research projects.
A Scaled Panel Development and Rollout: Swell Market Research and the Large Utility
Swell Market Research successfully established customer panels for a large utility in the western US region, which greatly enhanced the utility’s understanding of its customer base. By conducting regular discussions and surveys with a diverse group of customers, Swell was able to capture insights on customer satisfaction, service expectations, and emerging trends in energy consumption.
Strategies Employed by Swell:
Segmented Panels: Swell created panels that reflected various customer segments—residential, commercial, and industrial. This segmentation allowed for tailored insights that were relevant to different areas of the business.
Regular Engagement: Swell facilitated quarterly discussions, providing customers with a platform to voice their opinions and share experiences. This regular interaction kept customers engaged and willing to provide feedback.
Actionable Reporting: The insights gathered from these panels were synthesized into actionable reports that the utility could use to inform their business strategy, marketing campaigns, and customer service enhancements.
Legal and Incentivization: Using proprietary Swell legal terms and disclaimers, the utility’s legal team was able to easily customize content to the needs and nuances of their regional requirements and service territory. Swell developed an easy to maintain incentive structure using a points system, payable at the end of 12 months on the panel to incentive customers while reducing the time commitment of ongoing payouts.
Adapting the Strategy for Smaller Utilities
While the success of customer panels for larger organizations is clear, smaller utilities may hesitate to invest in such initiatives due to budget constraints. However, there are cost-effective strategies they can adopt to harness the power of customer panels without the need for extensive financial resources.
Leverage Existing Customer Communication Channels: Smaller utilities often have established lines of communication with their customers, such as newsletters or social media. These channels can be used to gather feedback and create informal panels without significant extra costs.
Utilize Digital Tools: Online survey platforms and discussion forums can facilitate regular customer engagement without the need for in-person meetings, thus reducing overhead costs. Tools like Zoom or Slack can create virtual panels that are flexible and inexpensive.
Focus on Specific Issues: Rather than trying to cover all aspects of customer feedback, smaller utilities can focus their panels on specific topics, such as new service offerings or satisfaction with recent changes. This targeted approach allows for deeper insights without overwhelming resources.
Incentivize Participation: Small utilities can offer modest incentives, such as bill credits or gift cards, to encourage participation in their panels. This can boost engagement and ensure a diverse group of participants.
Collaborate with Other Utilities: Smaller utilities can pool resources by collaborating with one another to create joint customer panels. This approach not only shares costs but also enriches the insights gathered from a larger customer base.
In Summary
Ongoing customer panels are a vital tool in market research, enabling organizations to gain real-time insights into customer needs and preferences. The success of Swell Market Research with a large utility in the western US illustrates the transformative impact of these panels on business strategies and customer engagement. By adapting these strategies to fit their budgets, smaller utilities can also harness the power of customer panels to drive meaningful business impact, ensuring they stay competitive and responsive to their customers’ evolving needs. Investing in customer panels today can yield invaluable returns in customer satisfaction and loyalty tomorrow.
