Ongoing demand among businesses for strengthened communication channels with downstream stakeholders has boosted media training and coaching service prices
Los Angeles, California (PRWEB) November 08, 2014
Media training and coaching services have a buyer power score of 3.2 out of 5. This score reflects moderate negotiating strength for buyers. IBISWorld market research analyst, Michelle Hovanetz, says, "Demand for media training and coaching services has remained strong over the past three years because companies have continued to require assistance creating strategic message solutions to either promote or protect their market reputations." Successful media interaction is important for buyers given the potential consequences that a faulty press interview or operational crisis could have on a firm's image (e.g. lost business, weaker investor confidence or potential litigation). This ongoing demand, coupled with strengthening corporate profit levels and a growing number of US businesses, has caused service prices to rise over the past three years, and prices are expected to rise further in the three years to 2017. Although buyers have not benefited from rising service prices, they have not had to face significant price swings thanks to a low level of price volatility.
The media training and coaching services market is heavily fragmented, and many new vendors continue to enter the market due to low startup costs and the increasing utilization of virtual training programs. "Larger holding firms with diverse service lines have also started to provide media training and coaching services to complement their advertising and public relations services," says Hovanetz. Buyers benefit from this competitive environment, which allows them to leverage multiple offers in their favor. In addition, suppliers in this market can obtain moderately strong profit margins for their services, which can open up more opportunities for buyers to potentially negotiate prices down, particularly when purchasing multiple services from a single supplier. Major vendors in the market include Omnicom Group Inc., WPP PLC and FTI Consulting.
Buyers will face a combination of risks and opportunities during the purchasing process. Some market factors that work against buyers include the low number of substitutes, vendor switching costs and moderate service specialization. Nevertheless, buyer negotiation power will benefit from other purchasing factors, such as the low total cost of ownership, little regulatory change and low supply chain risk. For more information, visit IBISWorld’s media training and coaching services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of media training and coaching services. Companies use media training and coaching services to instruct their staff on how to effectively communicate with reporters, journalists and other media professionals. Buyers may choose to engage with media correspondents but also often receive media attention unwillingly. Media training and coaching services teach participants how to convey a positive image, gain stakeholder support and clearly communicate a firm’s goals or practices. These services range from basic, short courses on performance techniques to more intensive training seminars that may cover crisis management or hostile interviewing. This report does not cover media monitoring services.
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