Why Your Business Should Understand Market Research Services
Even if you have an attractive product, service, or campaign, without real customer data, your business is like a blind soldier on the battlefield.
There are currently over 3.2 million SMEs in Thailand, accounting for 99.5% of all businesses and contributing about 35% of GDP (SCB EIC)
What many businesses still lack is Customer Insight
.
Data that helps them deeply understand their customers and build precise strategies.
- Qualtrics reports that 70% of failed ROI campaigns have one thing in common: they didn’t conduct market research before launch.
So, How Do You Get Started With Market Research?
Here are 5 practical steps that are easy to understand and suitable for any business.
5 Essential Steps of Market Research
A systematic research plan helps you obtain real, usable insights.
Below are five steps you can apply to any business:
1. Define Research Objectives
For example, test new product ideas or study consumer behavior.
2. Design the Research Methodology
- Decide betwee Qualitative (e.g., in-depth interviews) or Quantitative (e.g., surveys or polls)
- Define your target group (e.g., women aged 25–45 in Bangkok).
3. Collect Data From Your Target Audience
- Online: Google Forms, LINE OA
- Offline: Interviews, phone calls, in-store surveys
4. Analyze the Data
- Use basic statistics such as averages and percentages,
- Connect insights to your business strategy.
5. Summarize Findings and Present a Strategic Plan
- Present your findings through reports or dashboards that can be practically applied.
According to Business Sweden, the average response rate for Thai businesses is 60%, while the global benchmark is 73%.
Want to Do Your Own Research? Here's What You Need
Compare: Primary vs Secondary Data
| Data Type | Description | Example Tools |
|---|---|---|
| Primary Data | Collected directly from your target group | Google Forms (Free), Typeform ($25/mo), Focus Group (฿7,000–20,000) |
| Secondary Data | Existing data sources | Reports from OSMEP, Euromonitor (฿9,000–35,000) |
Basic Checklist Before You Begin
If you're planning to conduct market research by yourself, here's what you'll need:
- Time: Typically 4–6 weeks if you aim to collect at least 385 survey responses
- Team: At least
- 1 Research Lead
- 1 Data Analyst
- Budget Estimate:
For an online survey panel with ≤500 samples,
expect to spend around ฿5,000–15,000
Survey Design Tips for Beginners
✅ Standard Survey Structure:
- Screening – to filter the right audience
- Core Questions – behavior, preferences, and needs
- Demographic – gender, age, occupation, income
✅ The “3 Don’ts” of Good Survey Design
- Don’t make it too long – keep it under 12 minutes to maintain engagement
- Don’t lead the answer – avoid biased questions like “Do you love this great promotion?”
- Don’t use complex terms – avoid technical jargon like KPI, segmentation, etc.
✅ Common Question Formats
- NPS (Net Promoter Score): “How likely are you to recommend this product to others? (0–10)”
- Kano Model: “This feature is: must-have / nice-to-have / unnecessary”
- Avoid “Double-barrelled” such as “Are you satisfied with the price and quality?”
How to Collect Customer Data Accurately
Popular Channels in Thailand
- Online: LINE OA → used by over 90% of Thai internet users
- Offline: In-store QR codes, phone interviews (CATI)
Ways to Improve Response Rate
- Offer incentives like 5–10% discount coupons
- Send surveys immediately after a service experience to increase accuracy
When Should You Hire a Market Research Firm?
Although you can start your own research if you have time and resources, there are situations where hiring professionals is more cost-effective and less risky.
Situations That Call for a Market Research Agency:
- You’re targeting a niche or hard-to-reach audience (e.g., executives, B2B)
- You require advanced statistical techniques like conjoint analysis or segmentation
- You’re working with tight deadlines (< 6 weeks)
- You lack internal data or research teams
Compare: DIY Research vs. Hiring a Market Research Firm
Still deciding whether to do it yourself or hire a team? This table may help you make a clear decision:
| Criteria | DIY Research | Hire a Research Firm |
|---|---|---|
| Cost | ฿5,000–20,000 | ฿40,000–1,600,000 |
| Speed | Depends on your team | Fast, with tools and experts ready |
| Insight Depth | Limited by experience | Advanced insights + industry benchmarks |
| Best For | SMEs, startups | Urgent projects or scaling businesses |
Even though agency fees may seem high, in reality, budgets can be adjusted based on project scope and complexity.
M Spectra Affordable, Flexible & Trusted “Market Research Services”
At M Spectra, we understand that every business is different. That’s why we offer free initial consultations—with no obligation. Whether you’re an SME, startup, or growing enterprise, we’ll help design the right research plan that fits your goals, audience, and budget.
