Things are looking up for the PR industry, according to two recent studies conducted by the Council of PR Firms (New York). The Big Picture results showed that revenues
increased during the first half of 2004 compared with the same period in 2003 while the vast majority of firms believe they will continue to have steady growth this year.
"Believe" is such a subjective term though, and recall that this time last year PR industry execs ware talking gangbusters when the reality ended up being slightly less prosperous
than they anticipated. The Council, which has approximately 93 PR firm members, released two separate surveys:
- The Council's Annual Business Practices Benchmarking Survey, which surveyed a total of 81 firms, found that 89% of firms expect revenue to rise in 2004 while in 2003 only
44% projected growth for the year; respondents saw a 13% increase in revenues compared with the prior-year period in the first quarter of 2004. - The Council's quarterly "Quick Survey" for the second business quarter, which polled 50 Council members, found that three-quarters of all participating firms saw an increase
in revenue for the first six months of 2004 compared with the same period in 2003. In addition, 83% of firms have seen an increase in new business activity while almost two-thirds
are converting more new business opportunities compared with last year. In 2003, only 39% of firms reported a more successful conversion rate versus 2002...Contact: Matt Shaw,
Council of PR Firms, 877.773.4767.