Public Relations Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal when procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team get the optimum rate.

Service providers situated in various nations may charge varying charges for their services for a variety of reasons, including local marketing conditions, currency exchange rates, and cost of living. For instance, because of the higher cost of living and fluctuating currency exchange rates, a service provider based out of North America is probably going to charge more in comparison to one based out in India. Companies that are open to collaborating on PR projects with distant teams could save money. In 2023, the average cost per hour for different regions stood as below:

a)       U.S.: USD 99 to USD 148

b)      U.K. USD 149 to USD 198

c)       India: USD 24 to USD 48

d)      Australia: USD 99 to USD 148

To gain a comprehensive understanding of other aspects of rate benchmarking, please subscribe to our services and get access to the complete report.

Labor cost is one of the key components of the total cost incurred while offering a product or service. Therefore, an organization must decide whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, public relations specialists working with WPP plc and Publicis Groupe S.A. receive a 10% - 15% higher base salary compared to the salary received by a public relations specialist working with Coyne Public Relations, LLC and Weber Shandwick. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the public relations market over the last two years:

In June 2024, WPP plc announced the merger of its two biggest communications firms, Hill & Knowlton and BCW, to become ‘Burson’, in honor of the late Harold Burson, a trailblazer and founding member of contemporary public relations and strategic communications. The new brand ‘Burson’ will witness the operational presence in over 42 nations across the globe, with over 5,900 employees.

In December 2023, Daniel J. Edelman Holdings, Inc. announced the acquisition of Landmark Public Affairs. With the purchase of Landmark, Edelman is better positioned to offer its clients more services while leveraging Landmark’s assets in Asia, the US, and Europe. This acquisition advances Edelman’s objective of becoming one of the world's most reputable consulting organizations.

In October 2023, WPP plc announced the merger of two of its brands – VMLY&R and Wunderman Thompson. The combined entity is known as VML. VML possesses the resources necessary to assist clients with innovative brand growth strategies and transformation projects. These resources come from collaborations with top technology companies, best-in-class data operations, and technological platforms.