How ad agencies are planning to return to the office

Hi and welcome to Insider Advertising for April 8. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

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Here’s how major ad agencies like WPP and Omnicom are planning a return to the office

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Sadoun Cannes.JPG

Publicis is signing on to The Trade Desk’s alternative to cookie-based ad targeting

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David Bentley, CEO of Porter Novelli
David Bentley, CEO of Porter Novelli

Porter Novelli’s CEO lays out his plan to revive the PR firm after office closures and years of decline

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More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

Everything to know about the public relations industry, from pay and hiring to growth areas

Huawei China
Huawei, facing criticism over its expansion plans, hired Ruder Finn to handle its US PR.

  • PR firms are investing in data and analytics and expanding into areas like advertising and ecommerce.
  • They’re also taking advantage of booming areas like financial communications and diversity, equity, and inclusion.
  • Insider compiled this guide to how the field is changing for people looking to grow their PR business or break into it.
  • Visit Business Insider’s homepage for more stories.

The public relations industry is going through big changes as PR firms invest more in data and analytics to prove the value of their services to clients and fend off competition.

They’re also expanding into hot new areas like creative, digital, and ecommerce services.

Some have begun rehiring and restoring pay cuts after making cutbacks in the pandemic and taking advantage of booming areas like financial communications and diversity, equity, and inclusion, creating lucrative if high-pressure jobs.

Business Insider has been tracking all these trends at some of the largest PR firms including Edelman, Weber Shandwick, and Sard Verbinnen, and rounded up our coverage, including the hot practice areas that are boosting firms’ revenue, how to get hired, and compensation.

Below are resources to guide people looking to learn about the industry, grow their existing PR businesses, or break into the field.

Hiring, pay trends

The PR industry employed around 270,000 people in the US as of 2019, according to the Bureau of Labor Statistics. It employs people who work in-house at brands as well as agencies of all sizes.

PR firms have cut hundreds of jobs in the downturn, but the field remains high-paying and intensely competitive. Recruiters still see growing opportunities in pharma, tech, healthcare communications.

PR salaries can vary widely. A VP at privately-held consulting and PR firm Teneo can earn $205,000, while the same role at Publicis’ MSL brings in a base salary of $165,000.

Read more: PR industry salaries revealed: How much top firms like Teneo, BCW, and FTI pay employees, from consultants to managing directors

How to get a job at PR giant Edelman and what to expect if you land an interview, according to the company’s recruiters

Meet 12 top public relations recruiters to know right now

What it takes to get high-paying jobs at strategic consulting firms like Finsbury and Kekst CNC, from handling tricky questions to nailing writing tests

Some areas are thriving in the downturn

While the industry took a hit in the downturn, CEOs of some of the biggest firms like Edelman, BCW, and FleishmanHillard see their businesses benefitting as new pitches pick up and companies seek help with crisis situations and communicating to the public and their workforces about office reopening and diversity and inclusion issues.

PR itself has come under scrutiny along with other industries for falling short when it comes to diversity leading some to pledge to hire more people of color, among other steps.

Read more: A PR trade group representing firms including Weber Shandwick and FleishmanHillard is embroiled in disagreements over whether firms should have to reveal how diverse their workforce is and pledge to hiring people of color

The world’s two largest PR firms, Edelman and Weber Shandwick, pledged to hire more people of color in senior positions

The Black Lives Matter movement has been an unavoidable subject for the C-suite – and PR giants are reaping the benefits

Internal communications business is booming for PR firms like Edelman, Prosek, and Kekst CNC as CEOs scramble to reassure remote workforces and plan for a return to the office

Insiders at Omnicom agency GMMB say the workplace is rife with ‘systemic’ racism, where people of color are tokenized and treated like ‘the help’

Firms are gearing up to take share from other industries

Some firms are also gearing up to take market share from advertising and management consulting companies, arguing that they can help clients deal with crises and promote brands while people may not be receptive to traditional advertising.

Among the most aggressive in this area is Edelman, which has built a 600-person staff of creatives including adland vets like Leo Burnett’s Judy John and McCann’s Lee Maicon to expand into advertising services.

Read more: Public relations heavyweight Edelman has quietly built a 600-person creative team and says it’s becoming a ‘serious alternative’ to ad agencies, winning clients like Ikea and Tazo

CEOs of PR firms like Edelman and BCW reveal why they’re focused on winning business from advertising and consulting companies coming out of the pandemic.

Strategic communications is a growth area

A lucrative but less understood niche is strategic communications, which involves crisis, litigation, financial, and other high-stakes public relations. It comprises firms like Finsbury, Kekst CNC, and Gladstone Place Partners, which have worked on crises like WeWork’s and blockbuster mergers like Disney-Fox.

These firms seek people who thrive under pressure and use the interview process to test job candidates’ intellectual curiosity, commitment to their job, and if they’re good culture fits.

Read more: Meet 18 top PR pros that companies like SoFi and Talkspace are turning to in the SPAC IPO craze

PR firm Bevel hired a Goldman Sachs alum to cash in on the SPAC craze and win market share from financial communications heavyweights

Meet PR exec Jennifer Prosek, who built a $60 million business spinning for clients like Goldman Sachs and The Carlyle Group, and now faces her biggest challenge yet

These are the top 15 financial public relations pros CEOs call when their companies are on fire

PR firms like Joele Frank and Sard Verbinnen are seeing a windfall from bankruptcy cases but some risk being sued by former clients – here’s how agencies can protect themselves

PR giants like Edelman and Sard Verbinnen are seeing a surge in demand as companies seek to minimize damage from the coronavirus pandemic

How technology is changing PR

Public relations pros are facing increased pressure to prove the value of their services to clients.

These pressures have given rise to a $4.5 billion communications software industry that helps PR pros do things like monitor news coverage and social media, provide accurate measurements, and identify influencers and journalists.

Some PR firms like Edelman and MSL have responded by developing their own tools to monitor news and track the impact of PR for clients like Procter & Gamble and Cadillac.

Read more: The top 27 software companies serving the public relations industry

PR agencies are beefing up their data services to keep consulting firms like Deloitte and Accenture from eating their lunch

PR giant MSL breaks down how it’s using tech tools to prove its work drives results for clients like P&G and Cadillac

Cision and Meltwater, the two largest PR software companies, are planning a merger, and the DoJ has explored whether it would hurt competition

A year after PR giant Edelman struck a ‘first of its kind’ partnership with Cision, the deal is no longer exclusive

Companies are under fire for climate change. PR firm APCO Worldwide just partnered with a data startup to help them control the reputation risk.

Public relations giant Edelman is poaching execs from WPP, Google, and others to build a data analytics powerhouse

Omnicom is boosting its data arm with a new tool to convince skeptics that PR can drive business results

Healthcare marketing giant W2O just snapped up two more companies as it seeks to take on consultancies like Accenture and Cognizant

Read the original article on Business Insider

How Amazon’s next CEO could change advertising

Hi and welcome to this weekly edition of Insider Advertising, where we track the big stories in media and advertising. I’m Lucia Moses, deputy editor here.

Remember you can sign up to get this newsletter daily here

This week:

Andy Jassy
Andy Jassy, who leads Amazon Web Services, will replace Jeff Bezos as Amazon CEO and leaves an opening for a cloud new leader.

What Amazon’s incoming CEO can do for advertising

News that Amazon’s incoming CEO is Andy Jassy is raising advertisers’ hopes that he’ll help solve some of their longstanding gripes about the company, Lauren Johnson reported.

Advertisers have long wanted more data to see if their ads grow awareness and lead to sales, and they’re speculating that he’ll bring together disparate parts of the company and bring more measurement to ads.

They point to his leadership of another growth business, AWS, and its cloud products that could help improve the accuracy of ads.

Read more: Andy Jassy will be Amazon’s next CEO. Here’s how advertisers think his AWS experience could boost its ad business.
 


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Ad agencies’ existential crisis

People are changing viewing habits while avoiding ads more than ever. Advertisers are seeking fewer big, multi-year contracts, while getting their message out is becoming more complicated than ever. Many are abandoning agencies altogether, figuring they can do the work better internally.

One way agencies have been responding is mimicking the consulting and companies that are encroaching on their business.

Last week, Lindsay Rittenhouse checked in on how Ogilvy’s new CEO is taking a page from consulting to revive the WPP-owned agency.

Main also wants to triple the PR business, a sector that’s been a bright spot during the pandemic.

Main seems like he has as good a shot as anyone at turning around an agency, having built Deloitte Digital into a big business. But with big contracts being a thing of the past, its comeback could be more a plodding one than a roaring one.

As one exec put it: “I fully think Andy has the will and ambition. The main thing we’re struggling with right now is the work; it’s project by project.”

Go deeper: Ogilvy’s new chief Andy Main is leading a massive turnaround at the storied ad agency, but some insiders are wary of the new direction


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Franchise mania

The coronavirus pandemic has not only accelerated legacy media’s push into streaming but influenced the kind of entertainment Disney, WarnerMedia, Netflix, and others are leaning into, namely, big franchises, Travis Clark reports.

  • The most notable example is Disney Plus’ “Star Wars” series, “The Mandalorian.”
  • Netflix and Amazon are building up their franchise content, too. Netflix has new teams dedicated to event/spectacle and franchise TV shows and also has its sights on video-game IP.
  • Disney has plans for 10 “Star Wars” and 10 Marvel TV shows exclusive to Disney Plus, and WarnerMedia is planning DC movie spinoffs. 

That’s good news for franchise fans, but those craving the next feature film may have to be patient.

Read more: The cross-platform future of Hollywood franchises is starting to take shape, as movie studios jump into streaming and Netflix builds content based on comics, games, and more


Other stories we’re reading:

Thanks for reading, and see you next week.

– Lucia

Read the original article on Business Insider

Business Insider’s 20 biggest advertising and media stories of the year

Hi! Welcome to the Insider Advertising daily for December 31. I’m Lauren Johnson, a senior advertising reporter at Business Insider. Subscribe here to get this newsletter in your inbox every weekday. Send me feedback or tips at ljohnson@businessinsider.com

For today’s newsletter, the last of the year, we’re recapping the year’s biggest stories. The pandemic and financial crisis shook up the advertising and media industries, which is reflected in our top stories that span ad agencies, brands, media companies, and the influencer industry.

Our advertising and media team has grown significantly this past year to produce this journalism. To read the below stories, learn about our subscription offers here.

Read the 20 stories that subscribers couldn’t get enough of this year.


Red Bull CEO

Gary Vaynerchuk
Gary Vaynerchuk speaks on board the Norwegian Escape during day 3 of the Summit at Sea cruise on Friday, Nov. 11, 2016 in Miami.

The Skimm co-founders
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Cheddar
Billy Horschel speaks with Cheddar hosts Kristen Scholer and Jon Steinberg at the New York Stock Exchange during a preview media tour for THE NORTHERN TRUST on August 22, 2017 in New York City, New York.

Jennifer Hyman
Jennifer Hyman is on the left.

Sherry Smith, CEO of Triad Retail
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GMMB founding partner Jim Margolis at a press conference in 2006

Quibi Jeffrey Katzenberg
Jeffrey Katzenberg.

Jason Kilar WarnerMedia CEO
Jason Kilar.

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8 hot adtech acquisition targets to watch

Hi! Welcome to the Insider Advertising daily for December 21. I’m Lauren Johnson, a senior advertising reporter at Business Insider. Subscribe here to get this newsletter in your inbox every weekday. Send me feedback or tips at LJohnson@businessinsider.com.

Today’s news: The adtech companies that are hot acquisition targets, WPP slashes office space, and WarnerMedia’s executive turnover.


NEW YORK, NY - SEPTEMBER 26: Acxiom's Scott Howe speaks onstage at the The Programmatic Evolution panel on the Times Center Stage during 2016 Advertising Week New York on September 26, 2016 in New York City..
Acxiom CEO Scott Howe

8 companies that experts say could be acquired as digital advertising firms grow hot again

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WPP is ditching several New York offices as the advertising giant looks to slash its real estate costs by 20% worldwide

Read the full story here.


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Gal Gadot as Wonder Woman in “Wonder Woman 1984.”

WarnerMedia has lost at least 35 top execs since Jason Kilar became CEO and began a massive reorg focused on streaming. Here are all the leaders who have exited.

Read the full story here.


More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@businessinsider.com and subscribe to this daily email here.

Read the original article on Business Insider