Advantages Of Consumer Panels:
(1) Supply useful information: Consumer panel gives valuable information to researchers about the research activity undertaken. The information is supplied regularly and continuously. Periodical changes in buyer behaviour can be monitored through such panels. The information collected enables researchers to forecast future behaviour of consumers with reasonable accuracy.
(2) Longer interviews are possible: Longer interviews can be held with panel members and more detailed information can be collected from them.
(3) Reliable data available: The data collected through diaries is more accurate and reliable. It is recorded by the respondents and the possibility of errors of lapses of memory are reduced considerably. Panel research is useful for noting behavioural changes of consumers.
(4) Economical method: Consumer panel is an economical method for collecting continuous information and data. Data on the same subject are collected periodically. This facilitates suitable changes in the marketing policies of the firm.
(5) Positive response from panel members: The response from the panel members is always better as they voluntarily agree to participate in the survey work and offer necessary co-operation.
(6) Facilitates introduction of remedial measures: Consumer panels are useful for product development, product modification, selection of best channel of distribution and introduction of suitable packaging which will be attractive and agreeable to consumers.
(7) Continuous supply of information: Consumer panel provides information in a continuous manner. The information is collected from the same group of persons. This gives idea about gradual changes in the behaviour of consumers The conclusions drawn through consumer panels are also accurate and dependable.
(8) Real motives are visible: Consumer panel is useful for finding out the real motives behind the actions of consumers. Consumer behaviour can be studied more accurately through consumer panels.
(9) Facilitates product testing: Consumer panels are used to judge different products at one time. Members are asked to state which products they like most and why. This facilitates product testing.
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