Friday, November 14, 2008

Getting ready for '09

Queen Elizabeth described 1992 as her "annus horribilis". Put politely it had been a miserable year for the royals. For many in the financial world 2008 has been their annus horribilis. The collapse of major banks and the credit crunch have driven the world into a recession that is likely to last through most if not all of 2009. This leaves the PR industry with a challenge as it prepares for 2009. At this point most agencies I've talked to have seen little real impact on their current budgets. What is less clear is what will happen in '09. In the next few weeks, clients with calendar financial years will be setting new budgets. Some will inevitably cut their spend, while others will look at ways of consolidating what they do spend with fewer agencies in a bid to gain some economies of scale. Indeed I think this will be a tough period for the small independent agency that derives more than 30% of its revenues from larger companies. In tough times there is a flight to the apparent safety of a larger agency and ironically a belief that the large agency can save them money by offering a more holistic set of services. I say ironically because smaller agencies typically have lower cost structures and big agencies don't typically do a good job of integrating, so these savings are often mythical.

What I would urge agencies to do, if they haven't already, is to provide their clients with reasons why PR budgets should be protected during a downturn. If you simply scour the web you will find work such as that done by P&G to measure PR against other disciplines. This work clearly shows the value of PR and why there is a strong link between the sales and brand value of a business AND the PR the company does. I guess my point here is that if we don't proactively arm our clients with data that really does show why PR should continue to be a priority for businesses facing a downturn then we shouldn't complain when the budget gets axed.

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