ICCO, the organisation representing 2,000 PR agencies in 31 countries around the world, today released its latest State of The Market Pulse Check™ findings.
Highlights: Continued growth; the need to retain talent; the rise of digital media; and challenges securing the right fees.
Following the biannual ICCO Board Meeting in Vienna April 2015, board members were asked to complete the ICCO State of The Market Pulse Check™ to gain valuable insight into current developments of our industry.
PR agencies reported continued growth in their local markets, with digital highlighted as the leading driver of expansion, and the main opportunity in the future (55%). Content generation was identified as the second most important factor (36%).
ICCO board members acknowledged talent retention as a key need in order to retain such growth (59%), and consultancies are beginning to acknowledge the importance of developing skills for the future (27%).
While reporting a mix of challenges, the ability to secure adequate fees for the work undertaken was the most frequently mentioned (32%), followed by general economic conditions (23%).
Commenting, ICCO Chief Executive Francis Ingham said:
“PR remains a global success story, with agencies in every part of the world reporting expansion. Digital is driving that growth strongly –agency heads who are investing in their agency’s digital skills can seize the moment and build their businesses.
What is highly encouraging is that agencies recognise the need to invest in the skills of their people. Our industry recognises that staff retention is key to client retention; and that people remain with their employers when their employers are investing in them –a neat and very virtuous circle.
The abiding challenge facing the industry remains as it ever has been –convincing clients to pay an appropriate amount for the excellent advice given to them by their agencies. That’s an area where there is still much to do.”
The ICCO ‘State of the Market’ Pulse Check was carried out in May 2015 by Question and Retain, the online Pulse Check™ company.
The International Communications Consultancy Organisation (ICCO) is the voice of public relations consultancies around the world. The ICCO membership comprises national trade associations in 31 countries across the globe in Europe, Africa, Asia, the Americas and Australasia. Collectively, these associations represent over 2,000 PR firms.
Contact Binta Kristin Hammerich, ICCO Global General Manager