It’s time for PRs to put their money where their value is

In the fiercely competitive world of PR, budgets are tight and clients demand tangible value, meaning communications professionals must adapt and evolve. Gone are the days of relying solely on manual processes and gut instincts. The 2022 IPA Bellwether report reveals a persistent decline in PR expenditure, with budgets down 0.6% in the opening quarter of 2022. The trend has since continued and raises concerns about where the industry is heading. 

The lingering impact of Covid-19, and now the cost-of-living crisis coupled with inflation, means the current economic climate has cast a shadow of uncertainty for teams. New business wins have become increasingly elusive and clients are no longer content with mere promises of success. Clients want undeniable proof that their investments will yield substantial returns, and that is where the challenge for agencies lies. 

Service providers to trusted advisors 

Amidst budget constraints and heightened scrutiny, it is simply not enough to complete a campaign and be done with it. PRs must align their strategies with overarching client business objectives. This involves engaging in open and transparent communication with the client to identify their priorities, target markets, and desired outcomes. By constantly referring back to the objectives that matter the most to the client throughout the activity, PRs can ensure they achieve valuable outcomes. 

However, success isn’t just a volume game. PRs can measure how the sentiment of a steady drumbeat of coverage changes over time, benchmark conversations against their competitors, or conduct social listening to understand brand perception. Teams can use this insight to deliver strategic guidance, which elevates PRs from service providers to trusted advisors. 

Putting the metric in econometrics

The urge to attribute a single input to an outcome ignores that people rarely make decisions because of one article or advert. A build-up of exposure to marketing, conversations, social posts and experiences likely will influence those decisions. When measuring impact, attribution is no longer effective in building a brand, growing a customer base and generating awareness. 

Enter econometrics. An approach that applies economics and statistics to unveil the impact of PR efforts on the bottom line. Econometrics measures past activity, whether that’s trends on a micro or macro level, to provide an in-depth understanding of what influenced the results of a campaign. From the channels that resonate with audiences and the best time of the year to pitch, to the most powerful message – econometrics quantifies what matters, so campaigns have the greatest impact. 

The result? PRs can understand what caused commercial and cultural impact and how to create more effective campaigns in the future. 

Data delivers

The allure of data is undeniable, but not all measurements are created equal. PRs must look beyond vanity metrics like volume of coverage, likes on a post or followers on a platform. For example, use data to research who is steering conversations online, the thought leaders, the supporters and the anarchists. This information will help build a complete picture of sentiment and allow PRs to paint vivid stories of the audiences that matter most. 

Partnering with other units within a client’s business can also help gauge the broader impact of communications. Cross-department collaboration provides valuable insights into how effectively PR campaigns capture and keeps the target audience's attention. 

It's a challenge to resist the temptation to count everything when it comes to data. Measurement is less about generating big numbers and more about finding meaning in the information to improve performance. By using the most valuable internal and external data available, PRs can maximise their chances of hitting the bullseye with every campaign.

Artificial intelligence (AI) in PR is also becoming popular as the industry recognises its immense potential to enhance how teams work. AI helps PRs analyse vast amounts of data, meaning no more manual counting of thousands of social media mentions of a breaking news story or crisis. AI is empowering PRs with a valuable tool: their time, enabling them to be more agile and proactive rather than reactive.

Redefining PR's role in the era of change

The winds of change blow fiercely through the PR world, and professionals must adapt to thrive. Embracing AI technology, leveraging the power of data and statistics, and econometrics become the pillars on which PR professionals can build their success. In this era of economic uncertainty, PRs must not only put their money where its value is but demonstrate it boldly and convincingly.

As expectations grow, PR professionals have a unique opportunity to redefine their roles and exceed client expectations. They can bring actionable insights and recommendations that empower clients to make informed, strategic decisions. 

The time has come for PRs to seize this opportunity and emerge as the trailblazers of communication and creative excellence.

Jodie Sparey is sales manager at CARMA.