Industry Analysis & Industry Trends
The economic downturn did not affect the Public Relations Services industry as severely as traditional advertising. While marketing budgets tend to be one of the first items targeted in cost-cutting efforts, public relations (PR) services are often seen as more focused and therefore better value for money than media advertising. As a result, spending on PR tends to be less volatile and holds up slightly better when budgets are cut. Additionally, some aspects of PR, such as communication with stakeholders, can be crucial in a downturn to allay fears and manage crises. This, along with a longer term trend towards more below-the-line marketing methods, is expected to result in industry revenue growing at a stronger rate than that of the Advertising Services industry... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Public Relations Services industry is in a mature life cycle stage. Over the ten years through 2017-18, industry gross product is expected to grow at an annualised 2.1%, close to par with annualised GDP growth of 2.4% during this period. Public relations firms are capitalising on the trend of organisations outsourcing non-core services, including communications. Outsourcing has become popular because it allows organisations to focus resources on the most profitable or productive aspects of their activities.
Fragmentation of the media and the increasing use of the internet to access media on-demand and without advertisements is making audiences, particularly in younger generations, more difficult to reach... purchase to read more