Brexit looms but the PR Industry carries on regardless
As Brexit gloom continues, you’d be forgiven for thinking that prospects for business aren’t looking too rosy.
But even as Jacob Rees Mogg launches a scathing personal attack on the governor of the Bank of England over his less-than-optimistic no deal predictions, and the Johnson brothers rift widens, there is some good news on the horizon for industry. Or at least the PR industry.
The International Communications Consultancy Organisation (ICCO) launched its World PR Report this week, revealing that agency heads in every global region predict increased profitability this year compared with last year, and are broadly optimistic about the state of the global PR industry.
While PR people being optimistic is hardly surprising, the findings are backed by some solid credentials and convincing evidence. Now in its fifth year, the ICCO report regularly takes the temperature of the industry in terms of growth and investment, as well as looking ahead at some of the common challenges.
For example, on a scale of 1-10, the global average for optimism is 7.7 with the most optimism in Africa and Asia. What is surprising is that optimism in the UK is actually slightly higher than it is in Western Europe or North America, despite Brexit worries.
With optimism and predictions for growth across the board it seems that the PR community is taking the current economic instability in its stride. So, what does the industry see as the key challenges looking ahead?
Here the story is quite familiar. Lack of funding and perceived short-termism from clients top the list, along with lack of understanding of PR and increased competition from other marketing disciplines. And of course, the perennial issue of talent retention is a major concern for many.
The good news is that there is evidence the industry is already taking steps to tackle these ongoing issues. For example, measurement is being taken more seriously and the dreaded ‘advertising value equivalent’ (AVE) seems to be finally on the wane. Measurement lies at the heart of many of the challenges highlighted. Proving the value of PR is increasingly important in growing and keeping clients, and increased sophistication in measurement techniques can only help with this.
In the words of ICCO chief executive Francis Ingham “All around the world, PR is growing in size and in influence. Our time in the sun is now – and in the years to come.”
We couldn’t agree more.