In case you missed it The Holmes Report reported in April that public relations industry growth held steady at about 5%. Here’s an excerpt from their story on this followed by two warm PR trends I see driving demand.
“The research reveals that the Top 250 PR firms reported fee income of around $12.3bn in 2018, compared to $11.7bn for last year’s Top 250 ranking. That growth was underpinned by a rebound from the world’s Top 10 PR firms, which improved their toplines by 4.9% on a constant currency basis, compared to +3.3% in 2017, led by strong performances from BlueFocus (up 10.8% in constant currency terms), Brunswick (+7.7%), Ogilvy (+9.6%), FleishmanHillard (+6%) and Weber Shandwick (+5%).” (The Holmes Report, April 29, 2019)
That’s steady growth. But not remarkable.
Taking the what-is-happening-in-PR conversation further, here are two warm PR developments driving this growth. I’ll explain: either CMOs are hiring agencies and consultants to run campaigns focusing on these things, or the agency folks are recommending them to clients. I say “warm” not “hot” because these trends have been percolating for a while now.
Two warm PR trends right now:
- THE RISE OF THE MICRO-INFLUENCER: PR professionals and their marketing counterparts are more aware of and paying more quality attention to those social media folks who have tens of thousands of followers. Companies like Tom’s of Maine and Banana Republic have especially been paying attention to this new frontier of marketing according to PR Daily. I like this definition from PR Daily:
Micro-influencers have more followers than most people—typically in the 1,000 to 100,000 range—but fewer than celebrities and established luminaries in fashion, entertainment or sports. They tend to have a very engaged, loyal fanbase in niche B2B or consumer categories, and they are affordable even for small organizations. Superstars might have more reach, but they have less time to engage with fans. -(PR Daily, The Rise of Micro-Influencer Marketing, 2017)
- GENDER EQUALITY AS A KEY FOCUS: With the Me Too movement being so prominent in most of our business lives — every day and sometimes hourly it seems — it’s not surprising that communications campaigns focus on treating women with respect. There are many aspects to this: paying them what men make, hiring more women and putting more on an executive board.
Here’s an example: Intel constantly mentions its focus on the importance of hiring more women. I see press articles quoting them saying this, for example, “Intel’s New Diversity Chief On the Secrets to Hiring and Retaining,” (San Jose Mercury News, Nov. 29, 2018) and friends have told me that Intel hiring managers have told them this.
In fact one male friend told me, “I talked to Intel about working there but the hiring guy said, unless you are a female, forget it. You won’t get hired.” Well that’s a little extreme and I’m not sure those were the words verbatim but as a women I’m generally okay with the idea. By the way, my friend got a job with an Intel competitor.
I do hope Intel actually did hire more women. I haven’t looked up their actual progress in that respect. I did read that they made huge progress in gender pay equality.
As an aside and while keeping with the theme of respecting women, oddly the PR industry still has a long way to go in pay equality. A 2016 PRWeek survey says that a male executive makes $125,000 while a female makes $45,000 less at $80,000. To quote Austin Powers, “Crikey!”
Oh and if it’s a PR pro in the Silicon Valley or San Francisco Bay Area, expect all of those numbers to be a lot higher. Everything costs more here and usually people get paid accordingly. To me $80,000 is more of a junior PR person’s salary. Managers and directors in the Bay Area should be paid over $120,000. Nonprofit publicists make a lot less of course; some work pro bono.
There are many other PR industry developments that go along with this steady growth reported by the fine folks at The Holmes Report. I will be writing about those in coming weeks.
The Holmes Report on the growth of the PR industry story, April 2019, is here.
PRWeek 2016 salary survey is here.
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