Good News Ahead for PR Firms

A couple of weeks ago, the Council of Public Relations Firms announced its members’ fourth consecutive year of double-digit revenue growth.

“It demonstrates that public relations as a discipline is no longer a ‘nice-to-have’ but rather a ‘must-have’ for clients of all kinds,” according to Kathy Cripps, president of the Council. “This is particularly evident in consumer products/services, healthcare and technology [PR].”

Looking ahead to 2008, 84% of public relations firms are projecting top line growth, at an average overall rate of 10%. These numbers track closely with projections of 10.3% compound growth through 2011, made last fall by Veronis Suhler Stevenson. What’s more, according to the U.S. Department of Labor’s Bureau of Labor Statistics, employment of public relations specialists is expected to grow by 18% from 2006 to 2016 … faster than average for all occupations.

However you cut the numbers, our future is a promising one.

Branding the Professional Services Firm

Uh-oh. Real GDP is not expected to “grow much, if at all, over the first half of 2008 and could even contract slightly,” Fed Chairman Ben S. Bernanke recently told Congress's Joint Economic Committee.

You can’t afford to let short-term economic conditions compromise long-term goals … especially if you operate in the professional services space — e.g., as an accountancy, law, wealth management and personal finance advisory firm. Look at tough economic pressures as a growth opportunity and consider the following seven brand-building strategies for your organization.

1. Concentrate on core values. Understand who you are and what you offer and communicate simply and directly.
2. Make a commitment to investment. Establish an adequate budget. Consider retaining an outside specialist firm to execute.
3. Prioritize your constituencies. You can’t reach everybody. Hone in on your most important constituencies.
4. Focus on your clients’ needs. Forget features; promote benefits.
5. Take a holistic approach. Integrate your marketing, advertising, customer service and product development teams.
6. Think inside out. Your employees are the vanguard of your branding efforts. Enlist their support.
7. Follow through. Don’t falter. You can’t afford to lose ground!

The bottom line? Using PR to preserve and protect your brand can mean growth for your bottom line … even in the most challenging of economic times.