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Frost & Sullivan White Paper Validates the Integrity Of Online Panels
Companies that don't use online panels for global market research will be left behind
Seattle, WA and Palo Alto, CA - January 19, 2006 - Technology has permanently altered the way panel research is conducted around the world, and those who overlook online research will be left behind. These are the findings of a new Frost & Sullivan white paper entitled Panel Integrity in the World of Online Market Research, sponsored by Seattle-based GMI (Global Market Insite, Inc.), a provider of integrated solutions for global market intelligence. The white paper, authored by Jarad Carleton, IT consulting analyst at Frost and Sullivan, explains that firms that use online panels for competitive insight have a greater potential to win market share from slower-moving competitors, especially as the Internet increasingly enables instant access to feedback and time-to-market continues to shrink.
According to industry publication Inside Research, U.S. online research spending grew 22% from 2003 to 2004, and is expected to account for 29% of approximately $3.0 billion to be spent on survey research in 2005 (January 2005.) By 2006, more than 30% of all research spend will be online, surpassing all other data collection methodologies, including the telephone (July 2004.)
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Despite a handful of market research professionals holding out for more traditional means, the majority of global Fortune 2000 companies have unilaterally embraced the fact that online panels provided by established and respected outsourcers deliver superior market results, including quantifiable time and cost savings, as well as more accurate and highly targeted sample.
"Despite the rapid projected growth of online research, traditional off-line research will never become obsolete," explains Jarad Carleton. "Having said that, without the real-time actionable market intelligence that online research provides, business decisions regarding product, service or brand strategy become a guessing game with a 50-percent success rate if performed with traditional market research tools."
"Today's global competitive economy has little compassion for enterprises that cannot remain agile and adaptive," explains Rob W. Monster, founder, president and CEO of GMI. "Knowledge is power, time is money - online panels, whether internal or outsourced, deliver the right market intelligence at the right time in a cost-effective fashion for faster, winning business decisions that drive profits and market leadership."
The white paper highlights the true qualities an online panel must display to be efficient, including:
- truly global in nature
- a rigorous double opt-in process
- regular panelist profile updates
- careful, ongoing panel management
- regular multilingual communications with panelists
- fair rewards and incentives
- the creation of a unique online community
GMI (Global Market Insite, Inc.) is the only company that provides comprehensive integrated solutions for global market intelligence for both market research firms and corporate market research departments at Global 2000 companies. Solutions include Net-MR, a suite of software tools to manage and automate research throughout the project lifecycle, desktop analysis tools, 24/7 service bureau capabilities, and one of the world's largest, highly profiled, double opt-in managed panels, spanning across 200 countries. In addition, GMI offers high-value, real-time enterprise feedback solutions for customer, partner and employee programs. Founded in 1999 with world headquarters in Seattle, Wash., GMI has operations on five continents. For more information on GMI, please visit our web site at www.gmi-mr.com or email us at email@example.com.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, please visit www.frost.com.
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