How do I check a survey firm’s respondent panel quality before buying?
Ask how the panel was built, how members are verified and how often the list is cleaned. Request response rates, drop-out patterns and complaints from past clients. Then run a small test survey of your own and see whether respondents are who the firm says they are.
A panel is the firm’s main asset, so treat it like inventory you need to count. Begin with its origin. Was it recruited directly, bought from another source, or borrowed from a partner who can take it back? A panel the firm does not control is a risk.
Next, ask for quality records. Look at how members are screened, how duplicates and careless responders are removed, and how recently people last took part. A large list of inactive names is worth little to a client who needs answers quickly. Ask what happens when a client reports bad data and whether refunds or reruns have been common.
Test the panel yourself. With the seller’s permission, run a short survey and examine the answers for speeding, repeated patterns and implausible profiles. Talk to a few clients about whether results held up and whether they would hire the firm again. Compare what you learn with the revenue the firm reports, using the financial statements. If something in the panel story does not match the numbers, ask the seller to explain it in writing before you continue. Ask the seller what share of the panel actually responded to the last few studies.
Key takeaways
- Find out who actually controls the panel and where members came from.
- Ask for screening, cleaning and activity records, not only the total list size.
- Run your own small test survey and read the raw answers.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 03Business Development Bank of CanadaGovernmentAfter buying a business, what is the next step?
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