Market Research in Ko Phi Phi, Thailand
Ko Phi Phi is a popular destination in Thailand, attracting at least 1.4 million tourists every year. This archipelago sits between Phuket Island and the Straits of Malacca. It mainly consists of two islands, which are Ko Phi Phi Don and Ko Phi Phi Leh.
Ko Phi Phi Don is the only inhabited island. Most of the inhabitants are Muslims, but the archipelago still has a rich mixed culture with the presence of Chinese, Thai, and Burmese migrants on the island.
Unfortunately, it faced problems due to unsustainable tourist visitations throughout the years. The government conducted interventions to regulate the effects of tourist visitations, including a tourist ban that ended in 2021 and limiting the number of visitors per day. Now, it is open to the public with new developments and better conservation protocols.
The Ton Sai Village is the heart of the Ko Phi Phi archipelago. It houses great restaurants, bars, stores, and resorts located along Ton Sai bay.
Another popular neighborhood is Hat Yao for its pure white sand and crystal clear water. It is usually crowded with people as it is 30 minutes walking distance from Ton Sai Village.
Why is Ko Phi Phi, Thailand important economically?
Although Ko Phi Phi is a tiny island located in the south of Thailand, it can annually produce 150 to 200 million Baht (4.5 to 6 million US dollars) on fees alone. It also provides business for entrepreneurs and boat owners in the area.
This explosion of tourist visits started after Ko Phi Phi was featured in the film The Beach, starring Leonardo Di Caprio. With it, more investors started building their businesses in the area, catering to tourists and increasing revenue for the island and taxes for the government.
Ko Phi Phi’s primary industry is tourism.
Since Ko Phi Phi Leh is unhabitable, it profits from tourist and conservation fees. While Ko Phi Phi Don earns more with the existence of resorts, restaurants, bars, and shops located all around the island.
Another key industry in Ko Phi Phi is transportation. As it is an archipelago, Ko Phi Phi requires boats to transfer people from one place to another. Local boatman benefits the most from these transactions.
Fishing is another industry mainly dominated by local fisherfolks. However, it is also a popular recreational activity for visitors. Other recreational activities in the archipelago are scuba diving, snorkeling, and hiking.
Why businesses need market research there
Since Ko Phi Phi is a small archipelago with limited industries, finding and understanding the appropriate business niche is one of the right moves to start. Market research will help investors discover what kinds of businesses they should explore and whether there is a market for them.
Since there are already pre-existing businesses in the archipelago, it is also critical to learn about the competition. At the same time, government interventions and regulations can influence the flow of tourists and business operations.
In addition, market research will help investors’ businesses find a sustainable way to exist in an already tight market. And, it will guide them to withstand and understand any problems that they may encounter.
Key success factors in doing business there
- Business owners should ensure consistent, high-quality service and products to guarantee good reviews. It allows upcoming visitors to consider availing their business among the competition.
- They must be able to distinguish their businesses from others. They can create a brand that is unique or personal to only them.
- As tourist visits continue to grow, entrepreneurs should consider supplying the unmet demand by the other existing businesses.
- Most islands in Ko Phi Phi are protected marine reserves, which makes business owners to be cautious of existing regulations. It is to avoid violating any rules that can penalize or cancel business operations.
- Entrepreneurs should partner with the locals as they can serve as excellent referrals and a reliable source for understanding the island’s culture, ecology, and diversity.
About market research in Ko Phi Phi, Thailand
Ko Phi Phi, Thailand is an excellent destination spot, known to attract millions of visitors and tourists every year. Any investor would be interested in setting up their business in one of its islands.
If you are one of these investors, let us prepare comprehensive market research for you to determine whether your business idea will work on Ko Phi Phi. We will conduct Quantitative, Qualitative, and Strategic Research to break down all the information and data for you to get started.
We also offer Surveys, Group Interviews, and Focus Groups for more specific business needs. Contact us now today!