Public relations (PR) has become a very critical aspect for the effective marketing of an organization. The creation and maintenance of a good public image and reputation is a continuous and challenging process. Every type of industry has a target audience, and it becomes very important to establish a relationship with them, without which there is a danger of failing to communicate their products or services to this demographic. Once established, this relationship is to be kept at a high level, or else the target group will move away from the brand. PR tools such as content creation and marketing, social media management and relationship management are utilized in these scenarios for optimal results.
Marketing activities have assumed great importance for organizations in every industry, in order to spread information about their brand and understand the behavior of the target customers. Consumers have turned to the internet in order to obtain information regarding a product or service, and this is where public relation tools play an important part, by providing articles and videos to provide knowledge to the customers. Brands make use of social media platforms such as Twitter, Facebook and LinkedIn, among others, and it becomes necessary to track the activities on each platform to understand how to manage updates and campaigns. The importance of public relations tools can be gauged from the fact that majority of the companies globally have separate PR, content marketing and social media teams.
The growth of digital media in the past few years has introduced bloggers and influencers to the fold of public relations. Major brands, particularly in consumer and luxury goods space, use the pulling power of influencers on platforms such as Instagram and YouTube, in order to market their products to a wider audience. This factor has created very high demand for the public relations tools market in recent years. Additionally, there has been an exponential rise in the demand for tools based on analytics and aggregation to better understand the current trends and predict the consumer behavior, thus boosting the Public Relations Tools Market growth.
In terms of industry, the public relations tools market has been segmented into BFSI, consumer goods and retail, government and public sector, healthcare, IT & Telecom, and Media and entertainment. The consumer goods and retail segment is expected to account for the largest market share by 2024, on account of the ever-present and ever-increasing requirement to reach and wider audience, and the presence of strong competition in every segment. This has created the necessity for the monitoring and tracking of customers in order to gauge their understanding and opinion, and consequently make improvements to their product. Long-term relationship has also become a critical aspect in other sectors, particularly in healthcare, and IT & telecom, which is expected to generate a substantial revenue for the market.
Based on application, the public relations tools market has been classified broadly into online media and content marketing. The content marketing segment is expected to account for a significant share in the market, with successful implementation of PR tools ensuring that the product or service can be advertised in a unique manner, thus differentiating the company from its competitors. Content marketing includes e-books, videos, webinars and educational articles which can help brands in communicating their value proposition. The online media segment is anticipated to grow at a rapid pace in the coming years, as social media and blogging have become critical aspects in a company’s promotional setup. Overall, both content marketing and online media are expected to co-exist in coming years, to generate optimum ROI for the brand.
With regards to solution, the PR tools market has been segmented into publishing tools; social media monitoring and management; content creation and distribution; data aggregation, monitoring and analysis; and relationship management. Social media monitoring is expected to remain a critical promotional aspect for organizations, with the rapidly increasing presence of social media platforms such as Twitter, Facebook and Instagram, and the acknowledgement of their importance in generating sales and revenue as opposed to just being a communicator of the product or service. This, in combination with content creation and distribution, can become critical in enhancing the brand visibility and popularity.
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Region-wise, the public relations tools market has established itself in North America and Europe, mainly due to the presence of major brands, coupled with the widespread usage of various social media channels among the general population, thus widening the reach for companies. According to eurostat, 53% of enterprises in the European Union made use of at least one type of social media (social network, corporate blog or microblog, multimedia content-sharing sites, or wiki-based knowledge-sharing tools), with social networks being used by more than half of these organizations. Asia Pacific is expected to catch up with these regions quickly, on account of the rapidly growing awareness regarding social media channels, rising internet adoption due to strengthening of the telecom infrastructure, and the steady growth in population.
Recent Trends and Developments
In May 2020, Cision announced the launch of the article-level viewership data feature, made available as part of Cision Impact in the Next Generation Communications Cloud. Article-level data enables communicators to understand which journalists and publications perform best with their target audiences, thus helping them adopt a data-driven, systematic approach to their PR and communication functions. The article-level viewership data provides data-driven outreach, competitive intelligence, industry analysis, content performance and crisis mitigation.
Cision released its 2020 State of the Media Report in April, uncovering the latest trends and challenges facing the media industry, and the optimal manner in which PR professionals and journalists can work together. With the COVID-19 pandemic gripping the globe, the survey took into account the impact of coronavirus on the functioning of the PR industry. key report findings showed that 51% of journalists stated that ensuring 100% accurate content is more important than revenue, exclusivity, or being the first to publish, and more so in the current scenario, where authentic data and information is of utmost importance. Moreover, 41% of the respondents stated that social media algorithms will be the game-changer with regards to the way they work. These findings underline the importance of online media for PR professionals in coming years.
In February 2020, Meltwater announced the addition of podcast monitoring into their product suite, which would enable customers to monitor 25,000 podcasts globally in real-time. The company would be adding over 3,000 new podcasts to the platform every day, from more than a dozen languages. Further, the customers would be able to monitor podcasts for all the keywords that are important to them, while also being able to monitor and analyze them. The rising importance of podcasts will compel market players to adopt similar tactics, thus driving the PR tools market.
COVID-19 Impact: The COVID-19 pandemic has had a significant impact on how brands are providing information to consumers, especially the healthcare sector. The online traffic has seen double-digit growth since the onset of the pandemic, with consumers looking for content regarding preventive measures, as well as using social media platforms to propagate useful and authentic information. The presence of stay-at-home orders has meant that social media is being used uniformly throughout the day, which has sprung PR professionals into action regarding novel campaigns, thus driving the PR tools market. Moreover, these tools are also becoming potent to identify the peak utilization times of various platforms, thus helping brands to organize campaigns more effectively in this period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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