The scope of the PR (public relations) industry is no longer limited to just celebrity image management or improving the reputation of government institutions. Consumers today are seeking products that have a ‘clean image’, which can account for why the PR industry is growing at a fast pace. Though popular opinion about PR is that it is quite similar to advertisement, the fact is that, in spite of having similar goals, PR has more to do with the following:
- Analyzing, anticipating as well as interpreting popular issues, attitudes and opinions regarding an organization.
- Taking into account the public opinion and social responsibility, and counselling management accordingly when it comes to policy making.
- Planning, implementing and managing resources in such a way as to bring about positive change in the public eye.
PR agencies not only communicate the mandate of an organization in a positive manner, they also work diligently to develop a good relationship between the company’s workforce and its stakeholders. These stakeholders can be anyone – partners, investors, shareholders, clients, prospective clients, or even the public in general. PR services can be broadly divided into corporate communication, event management, internal as well as external relations, and crisis management. Due to PR’s immense applicability, in 2015 the global PR market stood at approximately $14 million. According to analysts at Technavio, the market will grow at a CAGR of 8% by 2020.
A cursory analysis of the PR industry will demonstrate how it has evolved from a traditional, dogmatic work process to one that takes full advantage of the technological advancements that have emerged over the past few years. One major change that has occurred, which is sure to continue, is the manner in which PR firms are engaging with their target audience. With the help of strategic communication and visual tools, as well as the amplification of content in an innovative and creative manner, PR firms are not only increasing the visibility of brands but are also building solid relationships with their customers.
The Internet and smartphones have influenced the function of nearly all industries, and the PR industry is no exception. In order to enhance customer engagement and reach a wider audience, PR firms have ultimately gone digital. Social media platforms and content that is search engine optimized (SEO) are being aggressively used to create awareness about products and services, attract more customers, and beat out the competition. There has also been a trend towards customization of PR solutions for better image and crisis management.
As competition will only continue to increase in the coming years, and with the better bargaining power of buyers, the global PR industry is poised to witness a great deal of innovation. The industry is surely changing and the next 5 years will witness the emergence of ‘influencers’ and independent PR firms to meet the specific requirements of each organization.
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