Is your panel an omnibus panel?
Firstly, what is an omnibus survey?
Omnibus surveys, at first glance, sound very similar to the syndicated approach we deploy at Tracksuit: a group of businesses collating their multiple needs into a single survey to be cost effective.
However, we do not use an Omnibus survey.
Here are the benefits of Tracksuit's survey approach over an Omnibus survey:
Guaranteed Sample Size
An Omnibus survey is deployed to a set number of respondents nationally but no guarantees are given to how many people will qualify for your subsequent questions.
This is typically fine if you have a product which is relevant to a large proportion of a population, but you will be paying the same amount of money per question regardless of how many people it applies to.
Simple & Effective
The major positive of Tracksuit is a simple but effective dashboard, slicing and dicing the data in the typical ways you will need it.
This means you don’t have to have a degree in statistics to see if what you are doing is having an impact. Omnibus surveys will often leave you with vast swathes of data to analyse yourself.
'Always on' tracking
Another advantage of Tracksuit over deploying questions in an Omnibus survey is we are always collecting data, unlike Omnibus Surveys which may be deployed on set dates for one big blast annually, quarterly or possibly monthly.
Better data
The range of questions in Omnibus survey are likely to vary wildly.
Tracksuits respondents are simply asked about brands, making it a much nicer and less jarring experience and in turn a more accurate data collection tool.
Value for money
For the amount of data we collect, Tracksuit is cheaper.
For an omnibus survey, you are typically charged per question per deployment.
Each question is typically $800 – $1,000 NZD each.
If you asked the basic 6 Tracksuit questions once a month for a whole year, you would be spending at least $50K NZD per market and brand!