PUBLIC RELATIONS: PR AGENCY & INDUSTRY GROWTH
Just today, someone sent me a research report from Veronis Suhler Stevenson, a private equity firm which claims PR spending in America grew by more than 4% in 2008 and nearly 3% in 2009 to reach $3.7 billion. Additionally, it projects that Public Relations spending will surpass $8 billion by 2013.
Despite those numbers, I always find that people are amazed to learn how small the PR industry actually is, and how few PR firms exist. I’d venture to say there are less than 100 PR firms in the US who employ more than 20 people – Astounding? Also, fewer than 25 independent PR agencies employ more than 50, which still shocks me (but also of course excites me as our future remains very bright).
Services like word-of-mouth marketing, driven by increased use of blogger outreach and social media marketing, are amongst the factors fueling the demand for PR services. Yet, despite these numbers, few people know what Public Relations is, or the value it provides. PR allows companies to grow their reputation, awareness and boost their bottom line… and it is so much cheaper than other marketing options. How many out there still don’t know what Public Relations truly is?
As always, I welcome your thoughts and feedback at Ronn@5wpr.com. The numbers regarding PR spending continues to excite me – The future is bright.