- The PR business has been going through big changes as clients demand more proof of performance.
- It's also been in demand as CEOs seek help communicating in turbulent times.
- Here's a primer on the industry for people looking to grow their PR business or break into it.
Below are resources to guide people looking to learn about the industry, grow their existing PR businesses, or break into the field.
Hiring, pay trendsThe PR industry employed around 270,000 people in the US as of 2019, according to the Bureau of Labor Statistics. It employs people who work in-house at brands as well as agencies of all sizes. PR industry salaries revealed: How much top firms like Teneo, BCW, and FTI pay employees, from consultants to managing directors Here's a rundown of new perks and benefits public relations firms are offering, from big bonuses to extra vacation days What it takes to get high-paying jobs at strategic consulting firms like Finsbury and Kekst CNC, from handling tricky questions to nailing writing tests
The industry is attracting new investment
Private equity is pouring money into the PR industry, drawn to its high recurring revenues, diversified businesses, and cash flow.A new Enero exec who's hunting for PR acquisitions revealed what she's looking for as it tries to grab share from holding companies like WPP and Omnicom 9 public relations companies are challenging the status quo and taking on giants like Edelman and BCW 10 public relations firms that experts say are plum acquisition targets
Some areas of PR have thrived in the downturn
CEOs of some of the biggest firms like Edelman, BCW, and
Firms see opportunity in advertising and consulting
A lucrative but less understood niche is strategic communications, which involves crisis, litigation, financial, and other high-stakes public relations and comprises firms like Finsbury, Kekst CNC, and Gladstone Place Partners.Firms are also gearing up to take market share from advertising and management consulting companies, arguing that they can help clients deal with crises and promote brands to people who may not be receptive to traditional ads. Public relations heavyweight Edelman has quietly built a 600-person creative team and says it's becoming a 'serious alternative' to ad agencies, winning clients like Ikea and Tazo The 18 power players at PR giant Weber Shandwick who are racing to give Edelman a run for its money Meet 18 top PR pros that companies like SoFi and Talkspace are turning to in the SPAC IPO craze These are the top 15 financial public relations pros CEOs call when their companies are on fire
How technology is changing PRPublic relations pros are facing increased pressure to prove the value of their services to clients.
These pressures have given rise to a $4.5 billion communications software industry that helps PR pros do things like monitor news coverage and social
Some PR firms like Edelman and MSL have responded by developing their own tools to monitor news and track the impact of PR for clients like Procter & Gamble and Cadillac.Read more: The top 27 software companies serving the public relations industry Companies are under fire for climate change. PR firm APCO Worldwide just partnered with a data startup to help them control the reputation risk. Public relations giant Edelman is poaching execs from WPP, Google, and others to build a data analytics powerhouse