It’s not a pretty picture for the PR industry. Among a wide swath of firms, growth is down and profitability is flat. Adding insult to injury, PR firm owners are failing to boost their billing rates in order to compensate for increases in salaries and other expenses. Whether it’s the large holding companies or smaller…
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Tag: Michael Belfer
The Dramatically Changing PR Economy
The financial onus on PR agency owners is growing like a weed. In an increasingly post-digital age, PR agency owners and C-suite executives face a dramatically changing business environment. These days the biggest challenges for agency owners and C-suite execs include whether to “build or buy,” and how to reinforce their firms financially. Those were…
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The Cost of Monetizing Social Media
Social media options are spreading like wildfire and so are the opportunities in the space. But small-to mid-size PR firms continue to struggle with how to make money from social channels, with the margins minimal for most shops. What is more, integrating social media with other marketing channels remains a difficult if not nettlesome challenge….
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How to Strengthen Your Budgeting Efforts
As digital media and social platforms move to the core of marketing communications, budgeting among creative services agencies is getting increasingly tricky. Agency owners and managers tend to budget annually and then put the budget on the shelf until the following year. But to get a better hold on which dollars are performing better on…
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