While Wall Street seems to be on the road to recovery, the public relations agencies appear to be ready to join the party. Having come through one of the worst recessions in modern history which witnessed the shutdown of many media outlets (quite a few favored by public relations agencies throughout the world, it is safe to say), this might be wishful thinking… Maybe not…
Certainly the economic climate has had an impact. Client budgets have declined and, as a result, a number of public relations agencies have shut their doors, merged out or scaled back their operations. However, with problems come opportunities… companies and marketers still have customers to reach, products and services still need to get launched or sold, people still run for elected office… You get the idea, life goes on… perhaps a bit smarter if not cheaper as clients are asking their public relations agencies to do the same amount of work or more for less money.
Another factor is trust… Does anybody trust anything or anybody these days? Witness the financial marketplace and the current events unfolding courtesy of the Occupy Wall Street movement. Heartening to public relations agencies the world over is the fact that public relations practitioners understand how to build and sustain beneficial and trustful relationships by engaging constituents in meaningful dialogue.
There are a number of recent studies that seem to bear out the cause for optimism that seems to be gripping the worldwide community of Public Relations Agencies (and probably a lot of other places as well)… These studies reveal that PR tops other communication disciplines, such as advertising and journalism.