The latest PR and Comms Growth Tracker that pulses agency CEOs and board directors for their views on what’s driving expansion across the industry, offers up a familiar truth - it’s all about coming up with new ideas to increase client spend and attract more prospects.
Over half (57%) of agency leaders say this is all they care about as we head into 2023. Arguably, the year ahead is fraught with uncertainty, but then again, this is just part of the deal now for any business owner.
Given the current economic uncertainty, which one of these, if any right now, is the top priority for your agency?
Work hard, protect fees
One agency CEO offers up a pragmatic and sound strategy to strap themselves in and ride out whatever lies ahead - "We have developed a four-point plan to see us through the recession: 1. Continue to do bloody good work; 2. Protect fees; 3. Control costs; and 4. Look after each other. At this time we need an integrated response to the challenges ahead.”
Find new business
For others, it’s simply a case of keeping your eyes on the prize, as one managing director asserts - “Some projects coming to a close in the next few months, looking to make sure we have a steady stream of income.”
In the words of German Saa, deputy director at Kyodo PR - “Everyone is in the same situation. There is no need to over-analyse the hardships that are affecting everyone in our industry and we've decided to focus on looking for new sources of revenue and offer new services for the next couple of years.”
The good news is that every new idea agencies come up with to generate growth will spark and feed an industry that thrives on creativity and transformation. So actually, there’s rather a lot to feel positive about.
The PR and Comms Agency Growth Tracker spoke to c300 PR and comms agency CEOs and board directors based in the UK in December 2022.
Written by Imogen Osborne, founder of The Pulse Business
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