Amidst the continued economic doldrums, Veronis Suhler Stevenson (VSS), a private investment firm announced a study which says that the U.S. Communications Industry spending is on pace to grow 4.1% in 2011 to $1.120 trillion and forecast to expand at a 5.5% compound annual growth rate (CAGR) in the 2010-2015 period, outpacing nominal GDP growth by 90 basis points.
The study further finds that “By the end of 2015, the Communications Industry will be the eighth-fastest-growing and fourth-largest U.S. economic component…”, and while ” Direct Marketing will remain the largest marketing segment in 2011, and Public Relations & Word-of-Mouth Marketing will be the fastest-growing, as the role of PR expands and becomes a more prominent component of integrated marketing campaigns and the increasing popularity of social media fuels WoMM growth.”
As owner of a PR Agency, naturally I am pleased with this news, but as I address in my recent PR book, For Immediate Release, too few people understand the value of Public Relations, and there’s too few PR industry leaders. Book Excerpt: “Public relations is an amazing business that offers people, brands, personalities, politicians, nonprofits, foundations, hospitals—you name it—an incredible chance to leverage their strengths and shape public opinion. Who better than a seasoned and forward thinking PR person to anticipate, analyse, and interpret public opinion and attitudes? PR’s biggest advantage over marketing and advertising is the seemingly independent third-party recognition and endorsement it provides—an incredible asset in a crowded, distracted, and confused world. Understanding this point is critical because the right publicity has profoundly more credibility than ads and marketing campaigns. The public feels that when an objective third party—a television show, magazine writer, newspaper journalist, blogger, social networker, or radio reporter, for example—features a company or person in a positive light, that entity is authentic and important.
Simply put, PR is a field people don’t know enough about. The entire industry needs to do more to educate people about what PR is and what it does. Done well, PR frames debates, shapes opinions, changes minds, averts crises, helps ring the cash register, and motivates individuals and groups to take action. We can, and should, be another voice in the room and in the C-suite, solving business.”
“There’s no effective organisation that advocates on behalf of the PR industry. No group educates large potential clients (big businesses, professional and nonprofit organisations, trade associations, and so on) about the value and importance PR can have on their bottom lines. Doesn’t it make sense for industry leaders and PR’s professional organisations to regularly meet with large Fortune 1000 companies, for example, to educate and enlighten them about the value of PR? It doesn’t happen. This kind of institutional apathy and misdirection has hurt the entire PR industry.”
If you’d like to read the whole book it can be ordered at:
Excellent news for the whole PR industry to learn that the industry will continue to grow and public relations will be the fastest growing communications marketing sector.
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