UK PR INDUSTRY IN TIE BREAKER OVER HOW MUCH ORGANIC GROWTH IS DRIVING THE CONSULTANCY BUSINESS FORWARD
London May 8th 2015, Question and Retain, the online Pulse Check™ company, announced the results of its first PR Consultancy Growth Barometer today showing how PR Consultancies are locked in a tie breaker over the impact organic growth has on driving the business forward.
37% of Consultancy heads claim that organic growth is the key growth engine for their business while another 37% state it only represents half of their actual new business target. The remaining 26% of those pulse checked said organic growth represented less than half of their new business target.
These results beg the question of what the ‘secret sauce’ is behind organic growth with one Consultancy Board member observing, “New services and geographic expansion provide great opportunity for revenue growth across the business.”
Other insights came from those who confirmed half of their new business derive from organic growth. One Board Director noted that the new business process remains flawed on many levels by claiming that “External business too often is a lottery – semi serious clients, poor briefs, multiple Consultancies pitching (with) no consistent criteria for winning.” His view was complemented by another Director who opined, “Organic growth is the strongest evidence that you’re good at what you do.”
Those remaining Consultancy heads who erred on the side of caution, asserting that organic growth comprises less than half of their new business target, observed,“The recent economic climate changed all companies and how they approach marketing and PR….recently we have seen a slow but definite return to full service with one company. It will continue if the election results are the right ones.”
Annabel Dunstan, Co-Founder at Question and Retain (Q&R) commented, “The numbers are clear. Organic growth cannot be overlooked by any discerning PR Consultancy head as a fast track for growth. The key is how you unlock these opportunities across the client portfolio in a timely manner. Too often, the moments of capitalising on the team’s hard work are lost by the day to day distractions of Consultancy life. The more value Consultancies place on organic growth and nurturing its impact on the P and L, the richer and wiser they will be.”
Q&R’s Pulse Check™ was conducted between 30th April – 6th May 2015 and sampled over 200 PR Consultancy heads of the UK’s leading PR Consultancies.