Itâ€™s been aÂ great year for the British PR industry, according to figures filed byÂ PRWeek UKâ€™s Top 150 PR ConsultanciesÂ survey. For the first time, income earned by these agencies surpassed the Â£1bn mark, at the same time as we witnessed our own milestone entrance as new kids on the block.
The industry saw growth of over 10% on 2013, with most agencies on the increase, and very few agencies seeing consolidation. It was a great year for the British PR industry, according to figures filed byÂ PRWeek UKâ€™s Top 150 PR ConsultanciesÂ survey.Â
Smaller agencies are growing faster (well done 130thÂ placed @Dynamo with its growth of 87 per cent), obviously from a smaller base, but as the article points out, with new approaches and skillsets, smaller agencies like us hope to give the larger agencies cause for keeping an eye out in the years to come.
As well as for the industry, I believe itâ€™s also the Golden Age of PR from a client point of view. PR agencies are now offering much more for less; with expectations of multi-channel integration (particularly for SMBs) and optimisation, clients are getting a lot more bangs per buck.
AtÂ The CommsCoÂ we embrace this evolution towards integration, with the vagaries of proving value much reduced. PR is now about tangibles â€“ web traffic, actions such as content downloads, and popularity of content â€“ and we report to SMB clients frequently via MQLs and impact on web activity. Coverage books are now a thing of the past, though a targeted thought leadership profile is still a highly coveted prize.
In addition, the importance of PR is now recognised at board level since the advent of social media, and knowing how to use and manage platforms effectively is key at a corporate level. While most businesses recognise the importance of these platforms, many are still unable to capitalise on them due to time/personnel restraints. Managing these platforms to both interact with, and listen to customers, has become a vital aspect of working in PR, and is a much sought after feature of the industry. PRs need personality and responsibility in equal measure, some might say, at last.
It seems, then, that day is dawning on a new golden age for PR. Far from being relegated to irrelevance as business needs and new technologies continue to grow and change, PR is evolving to meet the challenges being faced by modern businesses, and will form an indispensable feature of the marketing landscape for many years to come.