According to the 2016 public relations market report, one of the primary drivers in the market is increased innovative tactics. The PR firms that are growing at a faster rate than the growth rate of the global PR market owe their growth to the increased use of innovative strategies. These firms understand the needs of their clients and have doubled down on innovative strategies such as reputation management, strategic integration, analytics, and social enterprise and have increased investments in a deep study of various industry sectors and practices. By implementing innovative tactics, they strive to become a complete communication entity. Some of the prominent innovations used by them include TrueIQ, a social analytics tool and content command center, and the Authenticity Gap, which provides true insights on reputation and brand image.
Key players in the global public relations market: DJE, IPG, Omnicom, Publicis, and WPP. Other prominent vendors in the market are: APCO, Coyne PR, Bell Pottinger, Dentsu, FTI Consulting, Havas, Hopscotch Group, Huntsworth, KREAB, Mikhailov & Partners, MMWPR, Prain Global, Ruder Finn, W2O, and WE.
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The analysts forecast global public relations market to grow at a CAGR of 6.77% during the period 2016-2020. PR is a reputation management tool deployed by organizations to enhance their credibility. It helps organizations understand and influence opinions and behavior of the target audience to establish or maintain their goodwill in the market. It has numerous benefits, with the power to reach mass audience being the predominant advantage. Newspapers and TV are the leading forms of mediums for PR. Another major factor that fosters market growth is cost-effectiveness of PR campaigns. Compared with advertising, PR is considered an extremely cost-effective marketing tool, which is used to increase the credibility of a company.
The report covers the present scenario and the growth prospects of the global public relations market for 2016-2020. To calculate the market size, the report presents the vendor landscape of the top five advertising spenders in the market and lists other prominent market vendors.
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The report, Global Public Relations Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Further, the report states that one major challenge in the market is rapidly declining print medium. The demand for print media is declining due to high adoption of the digital medium. Classified ads, which were considered as one of the major sources of revenue in the print medium, could not compete with craigslist. Craigslist is a free service that provided a new model for classified ads using the digital medium. Due to this, major print vendors such as Time and New York Times significantly cut down on their budgets on the print segment in 2008. The advent of e-papers and e-magazines has also affected the sales of newspapers and magazines adversely. With print being the leading segment, contributing 50% to the global PR market, the declining sales of newspapers and magazines pose a significant challenge to the market, considering digital media does not create the same credibility as print media.
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