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As a PR professional, you will undoubtedly be keeping an eye on business developments in light of the current financial crisis and will certainly be aware of reports indicating that many in our industry are suffering little from the credit crunch and are in some cases benefitting from it. But what is the competitive edge clients are looking for?
Many marketers have recognised how, if executed correctly PR can be one of the most cost-effective channels in the marketing mix but that's not to say however that accountability of their PR spend will be overlooked. It is interesting to watch the ever increasing popularity of internet advertising with industry predictions suggesting that it will soon overtake radio advertising, making it the third most popular marketing medium behind TV and print. Although this trend was evident before the credit crunch, it is likely that its increasing use has been accelerated due to the current economic climate and the desire for accountability. As with all direct and interactive marketing channels, the internet gives the marketer much more control and greater accuracy in predicting and calculating the accountability of and return on spend. With many business feeling the squeeze and every penny having to be justified, it is inevitable with its increased use that PR spend will come under closer financial scrutiny throughout many companies. Growing numbers of PR agencies and consultants have grasped the need for proving worth, accurately planning then illustrating the impact and the outcome of campaigns, tracking them against client objectives. Some agencies are using accountability as the core focus in their competitive strategies giving rise to more clients demanding analytical feedback. |
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It seems apparent that growing numbers of businesses are restructuring marketing budgets to include more concentrated PR activity and are in fact spending less on general marketing via broadcast media.