For many growing businesses, investing in market research is something that can sometimes sit on the 'important but not urgent' list.
Leaders know the value of understanding their customers better, testing new ideas before launch or exploring new markets with confidence but when budgets are under pressure, research can often be delayed or in some cases, attempted by internal teams.
That is why the latest phase of the NBSL Support Fund could prove to be a valuable opportunity for businesses North of the Tyne.
The fund offers eligible businesses the chance to access up to 50% funding towards external support projects, helping organisations invest in expertise that can strengthen performance, sharpen strategy and support long-term growth. For companies considering market research, customer insight projects or strategic planning, it presents an opportunity to move forward with less financial risk.
At a time when businesses are navigating economic uncertainty, changing customer expectations and increasing competition, having access to reliable insight has never been more important. Market research is no longer simply a ‘nice to have’ activity for larger organisations, increasingly, it is becoming an essential tool for SMEs looking to make informed decisions and build resilience.
As a registered provider with NBSL, MMC Research works with organisations to deliver tailored insight projects that align with the objectives of the fund while creating meaningful commercial value. That could include voice of customer research, product testing, market analysis, competitor benchmarking, stakeholder engagement or strategic insight projects designed to support business growth plans.
Funding for eligible projects range between £3,000 and £8,000, with up to half of the project cost covered. The support is available to small and medium-sized enterprises with fewer than 250 employees that are based in Newcastle, North Tyneside or Northumberland.
Research can take many forms depending on a company’s objectives. It may involve understanding how existing customers perceive a brand, testing demand for a new product or service, analysing competitor activity, or identifying opportunities within new sectors or regions. It can also help businesses uncover barriers to growth that may not be immediately obvious internally.
Too often, strategic decisions are based on assumptions, anecdotal feedback or instinct alone. While experience and intuition absolutely have their place, businesses that combine them with evidence-based insight are often in a much stronger position to make confident decisions.
Launching a new service without understanding market demand can be expensive. Expanding into a new sector without clarity on customer needs can create unnecessary risk. Equally, failing to recognise changing expectations within an existing customer base can leave businesses vulnerable to competitors.
It provides organisations with a clearer understanding of what customers value, how markets are evolving and where the greatest opportunities for growth exist. In practical terms, that can lead to stronger marketing strategies, more targeted business development, improved customer retention and smarter investment decisions.
For businesses North of the Tyne, the timing of this funding opportunity is particularly significant. While the region continues to see innovation and entrepreneurial growth across sectors including manufacturing, technology, professional services and green energy, growth often depends on the ability to adapt quickly and make strategic decisions with confidence.
For businesses already considering investing in research or strategic planning over the next 12 months, now may be the ideal time to act.
In a competitive and rapidly changing market, clarity can be one of the most valuable assets a business possesses. MMC Research provides that clarity and with funding support available, it may now be more accessible than many organisations realise.
For more information on MMC Research’s services, head across to their website at mmc.agency