Key findings: Public relations services
This public relations services procurement research report offers actionable information on the global spend potential, regional spend dynamics, and pricing models. Insights delivered in this report will help purchasers to identify cost-saving opportunities while procuring public relations services.
End-user industries such as automotive, FMCG, pharmaceuticals, and IT are increasing their focus on quality PR to scale up their competitiveness in the market. To widen the access to a broader customer base and to foster better communication with them, buyers are increasing the adoption of marketing and PR activities with social media platforms. Consequently, this is resulting in an incremental expenditure on digital and social media activity to maintain PR and is accelerating the category spend momentum to a great extent.
For more information on the exact year-over-year spend growth rate, download a free report sample.
Written from the perspective of the buyers and suppliers, this public relations services procurement research report offers comprehensive coverage of the factors that are driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers purchase public relations services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Insights offered in this public relations services procurement research report will help the buyers understand:
- Global spend potential for a period of 2018-2023
- Supplier cost breakup
- US market overview and pricing models
- Supply chain margins and key cost drivers
Analyze the global category spend for public relations services
The FMCG industry accounts for a considerable market share which is also exhibiting a rapid growth in the major regions across the globe. This is supplemented the spend growth rate for public relations services. Several banking and financial institutions are resorting to quality PR to foster confidence among customers while promoting their corporate brand. This is also increasing the category scopes during the forecast period. To access the annual market size data for the global category spend, download a free sample copy.
This market intelligence report on public relations services offers coverage of:
- Regional and global spend opportunities
- Spend dynamics on a global and regional level
- Category spend and spend growth potential
Optimize category spend for public relations services
Partnering with a PR agency necessitates sharing of sensitive data by buyers which might be accessed by the subcontracting firms that do not feature in the buyer’s their preferred partners’ portfolios. This poses the risks of a significant data breach. To avoid such risks, buyers are recommended to lay down clauses about the ownership of subcontracting services to maintain consistent service and control of sensitive data that are shared with subcontracted firms.
This public relations services procurement research report also offers coverage of:
- Cost-saving opportunities
- Supply chain margins
- Technology-facilitated procurement metrics
- Supply market competitiveness and factors influencing buyer power
Assess category spend for the US region
Out of the PR services categories rendered in the US, the lobbying services are exhibiting an impressive growth because of the high demand from pharmaceuticals, BFSI, and oil and gas industries. Utilization the lobbying services is known to facilitate the industries with favorable legislation for their business. The incremental spend done by several end-user industries on PR services to stay ahead in the competition will also continue propelling the spend growth rate in the US.
Additional information offered in this market intelligence report on public relations services will help buyers analyze:
- Category spend in the US
- Supplier cost structure in the US
- Margins of suppliers and category cost drivers
Build strategies for effective supplier selection
Comprehension of the client’s requirements and execute them accordingly is one of the critical selection criteria of PR firms. PR services providers are expected to have sound knowledge on the industry that they are catering to, markets, geographies, and demographics involved to understand the target audience and direct branding efforts accordingly.
This public relations services procurement research report identifies the major costs incurred by suppliers and provides additional information on:
- Key supplier selection criteria
- Service level agreements and US supplier market ecosystem
- Total cost of ownership and category risks
Devise effective category management strategies for public relations services
In this market, category innovations are known to boost the quality of service and consequently help buyers achieve topline growth. Therefore, category managers must engage with service providers that leverage advanced technologies such as sentiment analysis, ANN, and ML to understand the industry trends and devise PR strategies accordingly.
Key insights offered in this market intelligence report on public relations services will help the buyers identify:
- Category risks and strategies to mitigate them
- Major supplier and buyer KPIs
- Threat of new substitutes and availability of new suppliers
Design strategies based on regional spend data
The advent of new-age FinTech companies and tech start-ups will pave the way for a high degree of category adoption in APAC. Current trends imply that APAC will eventually gain the highest market share during the forecast period. South America will witness a marginal increase in their market share because of the rise in investments by leading PR service agencies in Brazil and Argentina. Despite predictions of a decreasing market share in Europe and North America, increasing adoption of AI in PR services for crisis management, monitoring digital media, and predicting industry and media trends to provide customized services will supplement the category spend momentum.
To estimate the regional spend potential, this public relations services procurement research report considers geographies such as:
- North America
- South America
Information on the top public relations services suppliers and major risks faced while procuring public relations services is offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Public Relations (PR) Services - Category Spend Analysis
According to SpendEdge analysts, one of the key growth contributors for the global public relations services market is the increase in the emergence of independent PR agencies and local PR firms, catering to the growing demand for PR services globally.
Public Relations Services – Procurement Best Practices
Buyers must run pilot projects for a few weeks to assess the capabilities of interested suppliers. This also helps buyers assess cost/benefit proposition. A key strategy adopted by procurement managers in this market space is to run pilot projects.
Public Relations Services - Procurement Challenges
A major procurement pain point experienced by the buyers is the sourcing of talent and the adoption of technology. SpendEdge’s procurement specialists predict that the buyers must evaluate the suppliers in terms of service portfolio, adoption of technology, and track record to counter this specific procurement pain point