Ronn Torossian with PR news stories of the week and his commentary:
First off – In The New York Times this weekend, Paul Buchheit an investor said “We’re in the early days of the Internet. Every other industry will be eaten by tech.” In fact, public relations has completely changed because of the technology revolution – and undoubtedly will continue to change. The key for many successful marketing and public relations companies is knowing which start-ups are the right ones to bank on. For example, one of the largest and most-successful PR firms in the world, Waggener Edstrom was started with Microsoft as their 1st client – and they have continued to grow and succeed with Microsoft. Great client start-up to fuel growth, and we at 5WPR have also bet on many great start-ups.
And – Interesting article in “Above The Law”, a legal trade magazine which asks “Are PR firms still relevant?” While all of us Everything PR know the answer is yes, so too does the lawyer who writes the article concur. Always good to hear – and read – client side perspective.
Then – As trade magazines have recently reported, consulting companies and PR firms are increasingly competing for business. Deloitte one of the “Big Four” has 193,000 employees, over $31 Billion in Revenues – and is now competing for reputation and crisis projects which have traditionally been viewed as PR gigs. As their website notes “risk taking capacity depends not only on financial strength, but also on the quality the ability to capture all potential risk exposures, including non-financial risks.” As it continues “We also look at the way forward for restoring damaged reputations.” Deloitte’s even has “listening posts” which assess data and chatter online in response to social media. Indeed, smart PR firms have to be strategic, focused and considerate of many different factors
And finally – The world renowned-Pew Research Center recently unleashed new research “on how people get, share and create information in the digital age.” Some interesting statistics – and something we all must read as we continue to succeed with the rapidly changing digital world.