NEW YORK: According to an informal independent survey of PR executives conducted by New York-based money management firm M&R Capital, PR professionals are showing surprising signs of business confidence, even as many in the PR industry continue to suffer through recession-like conditions.The survey shows that 77% of respondents said they are more confident in the current business environment than they were last quarter, while 60% said they were planning to add new staff.
Yet that sanguine outlook is in contrast to what the executives reported as the current state of their own businesses.
Although 60% of respondents said their revenues had increased from Q4 2001, 40% said that their firms' revenues were either declining or stagnant in the current quarter. The survey received responses from 40 PR firms.
"There is a 17-percentage-point gap between executives who said their confidence was growing and those experiencing growth in revenues,
said Terry Rooney, director of marketing and communications with M&R Capital.
"I'm guessing this is because firms are feeling less pressure from clients to cut costs, and are perhaps seeing more opportunities for business ahead."