THE new owners of a Newcastle-based survey and marketing firm look set to increase its turnover after seeing a rise in demand from companies looking for greater assurance for their new products.

Longbenton-based Survey and Marketing Services (SMS) was set up 27 years ago by previous owners Judith Scrivener and Joy Maxwell, who recently retired and handed over the business to their children.

New owners Nick Maxwell and Lesley Wright are now confident that the business can grow its £2.5m turnover by 10% each year for the next five years after investing in online information gathering services.

The company works with a wide range of companies, which use its market research services to test the market for up-and-coming products, as well as tailoring their advertising campaigns to specific audiences.

The firm now hopes to add to its 35-strong workforce over the coming months and has also put additional investment into its website, which will feature online marketing discussions featuring industry experts.

Nick Maxwell, director at SMS, said: “The company has always been a big part of our lives, so to be in a position now to build and grow the business further is a huge opportunity and privilege.

“Our market research tools are proving particularly popular among companies that are looking to keep down costs by working with smaller local providers, with some of the national companies proving far more expensive.

“Things like surveys and other means of market research have become all the more important in the current economic climate, as firms do not want to use the little money they do have in developing a product that simply won't sell. Although we have picked up less work from the public sector as a result of the cuts, our expansion into the private sector is helping to maintain our growth.”