Compared to the United States, Nigeria’s PR industry is still evolving. It has a long way to go before it can achieve as much clout and significance as its sister industry in the developed world but early signs are showing that the industry is on the right track.
According to the Nigeria PR Report 2016, there PR industry has experienced great improvements in 2016 and there are signs for even more positives. If you haven’t yet read the report, you really should. But first, here are 13 quick insights we gleaned from the report:
- Talent was and still is the industry’s single biggest challenge.
- Low barriers to entry ensure that most PR agencies often leapfrog the seed/early stage of a startup’s life cycle to attain almost instant growth.
- A quarter of the survey’s respondents in 2016 (25.4%) made N150 million.
- The PR industry is divided into two main parts in terms of spend – the small-timers and the big shots. The small-timers are usually a “one-man agency” while the big shots are medium to big agencies who have been on the scene for long.
- Project-based jobs surpass retainership arrangements.
- 54.72%, more than half of PR agencies surveyed, manage less than 10 active clients.
- Banking and Finance are the predominant income source for the PR industry in 2016. They provide 17.02% of work in the industry.
- Digital/social media marketing is the most offered service. More than 80% of respondents confirmed this.
- The level of integration between Nigerian PR agencies and their peers abroad remains low, with only 28.85% of agencies identifying international affiliations.
- More than 50% of respondents reveal notable increase in profit margins over the last 12 months.
- 53.26% of respondent believes the profit margins within Nigeria’s PR industry has grown over the last three years.
- Creativity will remain a front-burner on the industry’s agenda.
- Content Creation is critical to PR practice in Nigeria.
Want to see more actionable insights? Download the full report, visit www.nigeriaprreport.com