PR is Changing

PR is changing. But how?

Was talking to a friend about this last week and it got me thinking about writing down the key trends.

So here's how PR is changing in my view:

1. PR Software Market Insights

- The PR software space is small, with fewer than 100 key players globally.

- The biggest PR firm, Edelman, recently crossed a billion in revenue, indicating the market's potential.

- The major software companies in the space are all run by private equity firms and are struggling to keep up with how AI and Automation are changing what PR means.

2. Challenges in PR Workflows

- Many PR professionals face challenges with outdated software and manual processes. That coupled with a steep decline in journalists and media outlets.

- The shift towards AI tools like ChatGPT has impacted traditional PR services, leading to reduced demand for certain tasks.

- Clients often expect immediate results from high-profile media placements without understanding the gradual process required.

3. Client Relationships and Education

- Building relationships with media and influencers is crucial for PR success.

- Clients often need education on the PR process, including the importance of starting with smaller media outlets before targeting larger ones.

- Word of mouth remains a powerful marketing tool, and PR can amplify this effect.

4. Opportunities for Product Innovation

- There is a significant opportunity to create better reporting tools for PR teams, as current solutions are often manual and inefficient.

- A need exists for affordable media databases, as current options are expensive and not user-friendly.

- The potential for AI-driven tools to streamline influencer marketing and media relations is being explored, but there are concerns about client comfort with automation.

5. Industry Dynamics and Competition

- The PR industry is dominated by a few large firms that are not innovating but rather focusing on maintaining cash flow.

- New entrants face aggressive competition from established companies, which may resort to legal action to protect their market share.

- The conversation highlighted the importance of human accountability in PR, as clients often seek reassurance and responsibility from their agencies.

6. Future Directions

- It's clear there's a need for PR professionals to adapt to changing technologies while maintaining essential human elements in their work.

- There is a recognition that the PR landscape will continue to evolve, with a focus on building tools that enhance user experience and efficiency.

What do you think? Do you like where PR is headed? What are the major challenges in your opinion?

Let me know in the comments.