Navigating Market Research in Southeast Asia w/ Nick Bernhardt

In this episode of Made it in Thailand, I sit down with Nick Bernhardt, founder of a market research and business intelligence company in Thailand. Nick opens up about his 12-year journey in Thailand, the challenges and triumphs of learning the Thai language, and the unexpected path that led him to start his own business. We delve into the nuances of Thai market research, the intricacies of establishing a company under the Treaty of Amity, and the economic shifts in the region.

• https://khayanresearch.com/
• https://www.fccthai.com/

Building effective market research strategies in Southeast Asia requires cultural insight, flexibility, and data-driven approaches to navigate economic shifts, regulatory hurdles, and diverse consumer behaviors. Here are five key insights from our conversation with Nick Bernhardt of Khayan Research, each tackling common challenges for businesses expanding in this region.

• Prioritize On-Ground Due Diligence for Reliable Insights: Nick emphasizes visiting registered addresses and conducting field checks to uncover discrepancies, like fake offices in due diligence for acquisitions. Many overlook this, relying on online data, leading to flawed investments. In my consulting work since 2012, I’ve seen Southeast Asia’s opaque markets reward hands-on verification; combine digital tools with local freelancers for cost-effective, accurate intelligence in places like Thailand or Indonesia.
• Adapt to Economic Shifts by Monitoring FDI and Debt Trends: Post-COVID, Southeast Asia has seen a $2.5 billion FDI drop, with narratives shifting from manufacturing dominance to upskilling needs amid high household debt (over 90% in Thailand). Businesses ignore macro changes, risking misalignment. From advising firms here, track surveys on income (median under 20,000 THB) and expenses to pivot; focus on resilient sectors like tourism recovery for sustainable growth in volatile economies.
• Leverage Freelancers and Core Teams for Scalable Operations: Nick uses a core Thai team supplemented by freelancers in Indonesia and the Philippines to handle projects efficiently without fixed costs. Expanding firms overcommit to full-time staff, inflating expenses. In my experience, this hybrid model suits SEA’s diverse markets; build an Excel-tracked freelancer network for quick scaling, ensuring cultural fit in multilingual environments.
• Utilize Treaty of Amity for Easier U.S.-Owned Business Setup: As an American, Nick formed his company under this treaty for 100% ownership, bypassing 51% Thai partner requirements despite bureaucratic hurdles. Entrepreneurs fear red tape, delaying launches. I’ve worked with BOI setups that streamline permits; opt for self-handling or affordable lawyers (under 100,000 THB) to navigate documentation, unlocking opportunities in restricted sectors.
• Incorporate Qualitative Data to Bridge Cultural Gaps: Insights like high debt for phones/cars or multigenerational households reveal consumer realities beyond surveys. Western approaches miss nuances, leading to misjudged demand. From my years in Thailand, blend quantitative stats with anecdotes; use tools like representative sampling to inform strategies, adapting to shifts like remote work visas for digital nomads.

Nick’s emphasis on boots-on-the-ground due diligence is something every business expanding into Southeast Asia needs to take seriously. You cannot rely on online databases, LinkedIn profiles, or official registries to tell you the full story. I’ve seen companies waste millions on acquisitions or partnerships because they trusted paperwork without verifying the reality. In Thailand, Indonesia, and the Philippines, it’s shockingly common to find fake offices, inflated revenues, or “partners” who don’t actually control what they claim to. Nick’s approach of physically visiting registered addresses and doing field checks is the only way to protect yourself. If that sounds paranoid, you haven’t operated in SEA long enough.

The economic shift he’s tracking is critical context for anyone doing business here. The post-COVID FDI drop and the narrative shift from “manufacturing hub” to “we need to upskill our workforce” tells you that the easy wins are gone. Thailand’s household debt over 90% of GDP is insane and directly impacts consumer spending power. When the median monthly income is under 20,000 baht (around $550 USD), you’re not selling premium products to the masses. You need to understand who actually has disposable income, what they’re willing to spend on, and how debt loads constrain choices. Businesses that ignore these macro realities end up targeting the wrong segments or pricing themselves out of the market.

Nick’s freelancer model is smart and scalable. In a region as diverse as Southeast Asia, maintaining full-time teams in every country is expensive and unnecessary for most businesses. A core team in your primary market supplemented by vetted freelancers across the region gives you flexibility and local expertise without the fixed overhead. The key, as Nick does, is building and managing that network carefully. You need systems to track who’s reliable, who has the right cultural and language skills, and who can deliver quality on deadline. An Excel tracker might sound low-tech, but if it works, it works. The goal is efficient scaling, not impressive org charts.

The Treaty of Amity advantage for American business owners is massively underutilized. Most U.S. expats I meet have no idea this treaty exists or that it allows 100% foreign ownership in many sectors where other foreigners are capped at 49%. Yes, there’s bureaucracy. Yes, you’ll deal with frustrating documentation requirements. But the payoff is full control of your business without needing to trust a Thai majority partner. For the right business, that’s worth the hassle. And as Nick points out, you can handle it yourself or hire a lawyer for reasonable fees. Don’t let fear of red tape stop you from exploring this option if you’re American and serious about building in Thailand.

Finally, Nick’s point about qualitative data bridging cultural gaps is something Western businesses consistently get wrong. You can run surveys and crunch numbers all day, but if you don’t understand why Thais take on debt to buy the latest phone, or how multigenerational households change purchasing decisions, your strategy will miss the mark. Quantitative data tells you what’s happening. Qualitative insight tells you why. You need both. Spend time talking to people, observing behaviors, and understanding the cultural context behind the statistics. That’s what separates businesses that succeed in SEA from those that burn cash trying to impose Western playbooks on fundamentally different markets.