Month: March 2022

Marketing Techniques to Watch for in Thailand

Thailand’s spending on internet media is projected to reach THB 27 Bn in 2022, accounting for 32 percent of total media spending, while the share of television spending is likely to decline below 50 per cent for the first time. Thailand’s 2022 media spending will outperform 2021, supported by the reopening and state stimulus schemes.

Innovations and technology have played a major part in Thailand’s recent economic growth. Businesses in most sectors in Thailand are facing immense challenges in adapting to the latest developments, which would continue to impact business across industries over the coming years. Companies would have to invest significantly in a variety of marketing technologies to stay afloat. Investment opportunities in Thailand for IT solutions providers and marketing firms are thus on the upswing.

Thai marketers are evolving constantly with the world around them. If 2021 was about recovering from an extraordinary shock, 2022 is all about responding, and thriving in the post-pandemic world. With so many advertising options and marketing channels out there, it could get overwhelming. Using every option might not be the best approach, rather making the most out of each option is the way to go. In this article, we will explore trends for helping marketers in Thailand.

Amplifying Customer Service with Artificial Intelligence

Artificial intelligence in marketing uses both online as well as offline customer data together with concepts like machine learning, social intelligence and natural language processing to gauge the audiences’ future actions. This enables businesses to target the audiences with the appropriate message through the relevant marketing medium at the right time to turn the prospects into business opportunities.

Specific areas where businesses use AI and machine learning for solving marketing problems and improving processes include:

Brands are implementing and optimizing AI and machine learning within the customer experience for empowering and elevating customer service from cost centres to revenue drivers. Engineers and web developers aren’t the only ones employing AI and machine learning tools. Marketing consulting firms in Thailand, too, are increasingly utilizing these technologies in their marketing efforts.

Voice Search Optimization

A growing contingent of internet users are using voice assistants for web search. For adapting to this rising trend, more and more marketers are optimizing their content for voice search. For leveraging the increase in voice searches, content is being created that answers people’s questions.

For staying up-to-date with this marketing trend, marketers can try searching for the most asked questions around their industry through keyword research tools like Google Keyword Planner. Lastly, most of the searches are done via mobile devices, marketers should ensure that their websites are mobile-friendly with fast loading speed to enhance their SEO ranking.

Voice search offers very profitable and interesting business opportunities in Thailand for businesses with a brick-and-mortar location or local presence, especially for those who are first movers and able to capitalize on this marketing trend.

Virtual Reality and Augmented Reality

One of the marketing trends that won’t just be evident in the year 2022 but for coming years is Virtual Reality and Augmented Reality. We will begin to see these innovative technologies used for promoting products and services, forever transforming marketing.

Virtual Reality and Augmented Reality are often also considered 360-degree marketing. Several real estate giants in Thailand have already started experimenting with virtual reality applications to allow potential customers experience their condominium units before they’re even constructed. More and more businesses in Thailand are experimenting with this type of marketing for improving the buyer’s awareness and increasing purchasing decisions.

Influencer marketing

2022 will be the year for the creators. Over the past year, the Thai influencer economy has grown considerably and is likely to continue to do so. In Thailand, influencer marketing spending has grown amid the pandemic, with 30% year-over-year growth to THB 2 Bn in 2020. During the outbreak:

Most of the Thai followers are buyers of influencer-endorsed products. As per a recent survey in Thailand, consumers noted that they mostly notice a new product when being endorsed by an influencer and at times are even convinced to purchase the said product.

Ways a business in Thailand can keep up with influencer marketing:

Inclusive marketing

An inclusive marketing strategy isn’t just about displaying diverse images on your social media pages or websites. Inclusive marketing isn’t a gimmick or a sales trick. A marketer must see how the world has shifted and recognized that being inclusive and respectful to local as well as foreign values is the new norm.

Consumers look for brands that practise what they preach and brands that are aligned with all values. If you’re starting a company in Thailand and looking for loyalty from your customers and lasting respect from them, you have to be an authentic brand. Let all groups or individuals recognize themselves in the marketing efforts of your brand and let them know that they can connect with your business. A truly inclusive brand walk the walk at each level. It means developing an inclusive culture and teams, building deep levels of customer intimacy with the various diverse customers that you serve.

Inclusive Marketing Tips for a Thai Business

The Role of Marketing Firms in Thailand

There are plenty of world-class marketing consulting firms in Thailand with the resources and expertise required to thrive in a competitive global market. And it’s isn’t just the Thai businesses that benefit from outsourcing to Thai marketing firms. Although the rates of Thai marketing agencies are comparatively lower than those in the western world, the quality of service is on par and even outdoes that of Western firms.

Marketing firms help you in identifying, reaching and connecting with your target audiences with the help of creative storytelling across digital platforms driving up your revenues and subsequently your profits.

Finally

It’s easy to get sidetracked by shiny innovative digital objects. Marketers adore new trends and want to stay at the leading edge of technologies. However, the truth is that most of the business growth still originates from foundational marketing tools. Don’t forget your foundation. Often, optimizing the base marketing execution would offer a better return on investment than experimenting with every new tool in the market.

As technology advances every second, a lot is changing quickly. Marketing is dynamic and quite volatile when it comes to changes. How to be on top of this?
The answer lies in adaptability. Keep up with the latest marketing trends and news. Comprehend what’s going to happen down the road and implement your marketing strategies towards it, and be fast!

The post Marketing Techniques to Watch for in Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

How lucrative is it to invest in the Real Estate business in Thailand

References
https://www.ddproperty.com/en/property-guides/Thailand-Property-Market-Outlook-2022-57944

https://www.thaipbsworld.com/gradual-recovery-expected-for-residential-market/#:~:text=After%20experiencing%20its%20worst%20year,100%25%20of%20total%20home%20value.

How lucrative is it to invest in the Real Estate business of Thailand?

In 2021, the Thai real estate market showed sluggish growth due to various factors, including the pandemic that has knowingly impacted most industries. While it’s true that buyers have postponed, delayed, or even cancelled their property searches and buying processes, with the reopening of the Thai economy, home buyers have started to seize the opportunity of buying undervalued properties.

Looking at 2022, the Thai real estate market is projected to recover. It is particularly true for condominiums, which doesn’t show signs of oversupply and remain attractive for both local and foreign buyers.

Thailand House Price Index (HPI)

The above graph shows the house price index or percentage changes in house prices over 10 years in Thailand using the latest data available. Despite Thailand’s economic woes, the real estate market is picking up and is expected to do well. Both, domestic and foreign buyers, are still willing to spend to buy properties in Thailand.

Buyers, sellers, and renters from globally are becoming a part of the country’s real estate sector whether they are working as one of the many foreign retirees or ex-pats living here.

House prices in Thailand have been declining for couple of years now due to the slow economic growth, high household debt, and strict new loan-to-value (LTV) requirements demanding higher deposits. Pandemic has also directly impacted the Thai consumers purchasing power, which led to stagnant property prices in Thailand.

Can foreigners buy a Property in Thailand?

In Thailand, foreigners can only own a condominium in their own name. Foreigners could take ownership of a condo by buying a condo unit with a freehold title or by entering into a long lease agreement. Foreigners can attain the freehold ownership of the condo unit within the quota set for foreign ownership of a condominium.

As per Thai law, foreigners could own up to 49 per cent of the condominium project’s total saleable area. The remainder of 51 per cent could be acquired under the leasehold ownership. Leasehold ownership provides the right of possession and use of the unit for a defined time period and is fully transferable. The lease period is a maximum of 30 years which can be renewed further for 30 years. In most cases, condominiums developers offer a 90 years ownership period (30 years + 30 years + 30years).

For foreigners, investing in properties in Thailand would often get more bang for their bucks compared to their home countries. Rental properties in the city of Bangkok are high in demand from tourists and long-term residents. And, the south of Thailand also offers some great opportunities in the rental income space as most travellers wish to stay in luxurious residences along the coast.

Is this the Best Time to Invest in Properties in Thailand?

Now is the best time to invest in properties in Thailand at below pre-pandemic prices and wait for prices to rise as the Thai economy reopens for business. It would start taking effect once international travel normalizes with the reopening of international borders and particularly when the US and China become confident with their international travel again. Once it happens investors would be sitting pretty with an appreciated property asset that continues to appreciate. It will also offer the opportunity to benefit from a growing tourism sector through stable holiday rental income.

Real estate investment in Thailand has always been a safer play while stocks, commodity and bonds trading could be volatile. Thailand’s property market has traditionally retained its value well in spite of various crises over the decades.

The pandemic has transformed the way we work and live. The advent of remote working is an opportunity for start-up businesses in Thailand offering professionals with rental homes and villas to recalibrate their work-life balance. Being able to work away from crowded cities has become appealing for urban-dwellers and gives a good opportunity for starting a business in Thailand in this sector.

Future investment

Purchasing property in Thailand as an investment is a good choice as the country has seen a stable increase in real estate prices as demand in Thailand continues to stay on the stronger side. Thailand remains unswerving in its development, with modern networks of roads and connections to main commercial and industrial centres. Thailand also offers amenities that rival that of expats’ home countries.

With modern medical facilities, business facilities, accommodations, and fast internet connectivity, living in Thailand certainly have its perks. Exclusive locations also drive the property prices, offers great investment opportunities in Thailand it’s real estate sector.

One other way to maximize your return on investment, including buying and leasing out your property in Thailand. It’s a faster way to earn profits from your investment. Most of the investors take this route as the possible rental yields are approx. 5% making foreign investment in Thailand a great opportunity. As it’s only an average and a ballpark figure, rental yields could be higher in exclusive locations.

Investors in Thailand’s real estate sector would surely find a route to see a great return on their investments. From buying a deluxe condo in the heart of Bangkok city to renting out the property in the South, the property market in Thailand is definitely hot. Even with the pandemic wrecking parts of the Thai economy, the real estate market in Thailand is expected to make a comeback as early as later this year. And, the current pandemic makes it an optimal time for buying properties along the coasts which are at an all-time low, the future would surely yield great returns for investors who invest now.

Why Buy Property in Thailand?

A large number of ex-pats buy property in Thailand which is comparatively high than any other Asian country. There are numerous reasons why Thailand is among the most popular real estate destination for investors worldwide.

Business-Friendly Environment – Thailand has rich natural resources along with a comprehensive IT network across the country. Additionally, Thailand offers modern transport and communication facilities and a skilled workforce. All of these offer business opportunities in Thailand, and these services and infrastructures are one of the prime reasons why investors and entrepreneurs flock to Thailand.

Heaven for Digital Nomads – The city of Phuket in Thailand ranks at the top of the list for digital nomads as they work and can live there while enjoying a quality life at a comparatively low expense. The prices of properties in Phuket have hit rock bottom offering opportunities to open a small business in Thailand in the real estate sector.

Growing Economy – The country has made remarkable strides in expanding its economic freedom, subsequently moving shifting from a low-income country to an upper-income country. Experts also believe that by early 2023, Thailand’s real estate sector is expected to reach pre-pandemic levels. This projection is sooner than thought previously, with the easing of home loan regulations and the reopening speeding up the country’s recovery.

Strategic location – Thailand’s Eastern Economic Corridor (EEC) is all set to become the gateway to Asia due to its strategic location, bringing together investment, trade and transportation.

Finding and Choosing your Property in Thailand

Since Thailand’s real estate sector isn’t highly regulated, it’s recommended that you take the help of a consulting agency. This way you can find the help you in navigating the local Thai regulations.

Also, for a business, it’s advisable to avail business consulting services as it could be a hectic system to arrange the deeds of ownership, and purchasing a home in Thailand without local help could be problematic. A specialist agent or a real estate business consultant will also offer helpful advice as well as insight into the local Thai market and will help you even with the local Thai language. There would be a fee to pay for their services, but they’ll help you in avoiding costly mistakes.

The post How lucrative is it to invest in the Real Estate business in Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

How Thailand is ramping up its Technological Landscape

Technology and innovations have been playing a crucial role in Thailand’s recent economic growth. Today, all kinds of businesses are facing enormous challenges in adapting to technological advancements, which would continue to impact every sector over the coming years. A business in Thailand would have to invest significantly in various technologies for the purpose of remaining afloat. Therefore, opportunities in Thailand for IT solutions providers are on the upswing.

Managing an economy today, as big as the Thai economy isn’t easy. But managing the economy for tomorrow? That’s a real test. It’s one which the Thai government is tackling head-on, with several new policies designed to future-proof its industry and workforce, particularly in the automotive, robotics, and agriculture sectors.

These measures, collectively known as Thailand 4.0, are designed for incentivizing FDIs and nurturing innovation in the domestic industries. The aim is to foster a Thai ecosystem that encourages emerging technology, creativity and innovation. The efforts range from Thailand’s present areas of strength—like electronics and automotive industries—to nextgeneration industries like robotics and healthcare.

5G ready

Thailand was one of the early-adopting countries of the 5G technology. Thailand’s 4.0 economic initiative augurs well the digital aspiration which the country has. When it comes to enterprises and industries, Thailand is among the key industrial hubs with numerous potential businesses seeking modernisation of their operations with the help of 5G technology. Thailand needs a programmable, efficient and secure and 5G network which brings opportunities for businesses in this sector for both overseas and domestic.

Thailand’s Focus on HealthTech

Thailand’s rising emphasis on digitalization for promoting and integrating the use of modern technology in its healthcare sector would have a progressive and significant impact. Under Thailand 4.0 scheme, the Thai government has launched several healthcare applications like H4U – a health profile app), Smart Health ID – a cloud service for patient administration and telehealth and telemedicine apps in the last couple of years.

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Contact Startup in Thailand for a business consultation on how to start a technology business in Thailand.

Thailand offers a favourable environment for investment and business opportunities in Thailand particularly in digital health. The government of Thailand is also using 5G technology and AI (Artificial Intelligence) for combatting the current pandemic. It is helping doctors accurately and quickly diagnose the stages of illness. Thailand is demonstrating success in offering better health services by improving its HealthTech industry. Nevertheless, Thailand still has much to cover in its HealthTech sector to be at par with other neighbouring countries like Singapore and Malaysia.

Thailand’s move towards robotics

Thailand’s brave moves in the automotive sector is demonstrating a blueprint for success in various sectors. Thailand’s robotics industry, certain of its growth prospects and how intertwined automation is with auto production, incentives are being offered for attracting robotics firms. The Thai government is offering incentives in the field of robotics with the objective of overseas as well as domestic investors setting up business in Thailand and building jobs in manufacturing, designing and servicing these new tools.

Manufacturing Adopting IoT

Thailand’s economy, which has been traditionally dependent on agricultural exports, has reinvented itself in the past few decades. To drive the Thai industry forward and preserve its competitiveness, Thailand is looking to move from age-old assembly lines with staff carrying out repetitive tasks to the implementation of smart machines and automation.

Smart manufacturing employs data analytics for improving the performance of the overall manufacturing process and helps develop connected solutions to automate manufacturing operations. For instance, plant managers can access the production data instantly through their mobile phones or access the inventory available with just a push of a button.

Broad Applications of Blockchain

Keeping with Thailand 4.0’s stress on using digital technologies for spurring the country’s economic growth and development, the government of Thailand is exploring the feasibility of blockchain technology for creating value-added services for its mainstream industries. Blockchain technology has thrived not just in the cryptocurrency space but in numerous traditional industries in Thailand.

In 2017, Thailand Post started using blockchain technology for its warehousing, shipping, sorting, and delivery processes for enhancing its operational efficiency. In 2019, Thailand’s Ministry of Commerce started exploring blockchain technology in the areas of agriculture, trade finance and copyright for boosting Thailand’s credibility concerning intellectual property. During that time, Thailand’s Ministry of Finance also started exploring the use of blockchain for tracking tax payments and detecting tax fraud.

Thailand has developed as one of the most interesting and cryptocurrency countries in Asia. As of today, blockchain is increasingly used in food safety, real estate, asset management and intellectual property. Several market players are also exploring the possibilities of employing blockchain technology in managing problems across industries – from manufacturing and healthcare to finance and retailing. Some of the local Thai companies have confidence that blockchain technology would play a crucial part in their business and priority in their planning.

Data Protection and Cybersecurity

As the digital economy of Thailand grows, cybercrimes and privacy rights have turned out to be major concerns. The country currently offers legal protection for specific types of personal data in areas under the Financial Institution Business Act and National Health Act. However, such restricted protection isn’t adequate when personal data is spread via several channels, platforms and devices.

In early 2019, Thailand approved a Cybersecurity Bill and a Personal Data Protection Bill. The Bills are designed to directly govern the use, collection, storage, and processing of personal data. The bills are intended to implement legal safeguards for ensuring national security in cyberspace and protecting the privacy of personal data.

Fuelled by the rising demand for data protection requirements, awareness about data privacy is increasing in Thailand. Consumers are avoiding companies they don’t trust with their data. So, there is a huge demand for service providers in this sector as Thai businesses are facing the huge challenge of protecting their customer information from corruption, theft and unauthorised access.

Thailand’s digital transformation is intensely altering every facet of how businesses in Thailand operate and contest. With the rise of data which enterprises produce, store and manipulate, continues to grow, securing data is becoming a big business in Thailand. Data security services work in tandem with cyber security and network security services for keeping companies safe from attackers and preparing them to effectively respond if any incident occurs. From data protection, backups and recovery to data reuse, there are ample opportunities for cybersecurity businesses in Thailand as organisations want to keep their data secure and available for their operations, products and services.

AgriTech and FoodTech

In 2017, Thailand’s Board of Investment received 215 applications for projects associated with agriculture and agricultural products, worth over $1.9 billion. This illustrates how crucial agriculture is for Thailand. Most of the projects has been greenlighted by the Thai government and would steer the sector towards AgriTech and FoodTech. One of the key components of AgriTech is smart farming, a farming framework driven by technology that uses innovations like GPS, data analytics and automation through robotics for increasing the quality and yield of agricultural products. Over time, this blend of BOI incentives, entrepreneurial initiative and innovative technology, can help Thailand in shaping the future
of the country’s agriculture. Contact Startup in Thailand for setting up a BOI company

Finally
Today, digital disruption has become a major force across industries globally. Hence, the majority of global executives acknowledge that their industries would be disrupted to a transformative extent. In Thailand, it’s interesting to discover how Thai companies implement and develop digital transformation in today’s era of digital disruption. Thailand continues to make great strides towards digitalisation. With a robust industrial policy favouring digitalisation, the country is on the cusp of becoming a digital behemoth through its 4.0 digital revolution.


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Interesting Reads
Post Covid Thailand Economy
Thailand Digital Scenario
Understand the IT industry in Thailand

The post How Thailand is ramping up its Technological Landscape appeared first on StartUp in Thailand.

Source: Asian Correspondent