Thursday, 11 October 2018 - The Public Relations Institute of Australia (PRIA), the peak industry body for communication practitioners, has launched the 2018 industry benchmark study for communication consultancies.
For the first time in the study's 18 years, it is inviting non PRIA member consultancies to participate.
The study is the most detailed of its kind in the industry. For the 2019 study, detailed financial and operational data from participant firms will be collected by research firm YouGov Galaxy. This will be collated and de-identified and presented to participants as an aggregated industry study. Each participant will also receive a confidential individual report, highlighting their consultancy’s performance against industry benchmarks.
The study will include metrics such as size of firm, number of employees, average fees per employee, sources of revenue, expense breakdown, gross and nett profit, salary ranges by job function, fee structures client and staff turnover and other operational elements.
Nicole Webb, National Chair of the PRIA Registered Consultancy Group, which represents consultancy owners and CEOs, said 'This study is an invaluable resource for strategy, planning and management of communication consultancies. It provides deep and practical insights into how our sector is evolving, what best practice firms look like and how well firms are performing in areas like client retention and profitability and identifying leading business models, hiring intentions and business confidence.
"It's one of the few tools which speaks directly to our sector about challenges and opportunities in the market as well as helping firms to identify where they can improve."
This year, non PRIA member agency CEOs and owners will be invited to participate in the study. There is a small fee payable to defray costs.
Nicole Webb said, "It's important that we bring more consultancies into this study, particularly as the definition of what communication consultancies do continues to evolve. The more diverse and rich the data set, the more valuable the study is for the entire communication consulting sector.
Any firms interested in participating in the study should contact the PRIA National Office on 02 9331 3346 or email@example.com