Public relations firms are increasingly being hired to do work that is integral to the client's core business, which is being driven in part by technology and its impact on the evolving communications needs of the client organizations
NEW YORK (PRWEB) October 30, 2007
More than three-quarters of public relations firms in the survey reported revenues ahead of last year's 3Q numbers. Additionally, nearly half (48%) of participating firms claim that bottom lines will likely best their original 2007 forecasts; 27% of participating firms expect revenues to come in below their initial forecast.
The most frequently cited reasons firms gave for the up tick in revenues included:
-- More new business and RFPs (request for proposal) than anticipated (59%)
-- Client budget increases (55%)
-- Started a new division/practice that's driving growth (16%)
"Public relations firms are increasingly being hired to do work that is integral to the client's core business, which is being driven in part by technology and its impact on the evolving communications needs of the client organizations," said Kathy Cripps, president of the Council of Public Relations Firms. "The current communications environment is optimal for the use of public relations; for the firms delivering value for their clients it continues to be a rewarding time."
Looking ahead to 2008, firms are optimistic that clients will be looking to them for assistance on many fronts.
When asked, "Based on discussions you have had with clients and prospects, do you expect public relations budgets to be higher/lower/same in 2008?" 43% responded that they expect budgets to increase; only 3% anticipate a decrease in budgets; the rest anticipate budgets to stay the same.
Other findings from the survey included:
-- More than half (53%) of survey participants author a blog
-- A majority (57%) of firms have or follow best practices related to working with bloggers
A total of 60 firms participated in the Council's 3Q 2007 survey. The respondents were primarily public relations firm principals, all belonging to the Council of Public Relations Firms.
The Council of Public Relations Firms is comprised of America's leading public relations firms. Its membership represents the premier global, mid-size, regional and specialty agencies across every discipline and practice area. The Council's mission is to increase awareness of the value of public relations firms in corporate strategy, business performance and social education, serving as an authoritative source of industry information and to develop standards for the public relations industry. For more information about the Council of Public Relations Firms, call 1-877-PRFIRMS or visit http://www.prfirms.org.