Banking and Finance Sector Boosts PR Income in 2016
Despite the harsh financial realities occasioned by the current economic recession which has made many organizations to cut down on their marketing budgets and public relations spent, the reputation management industry in Nigeria remained vibrant and active in 2016 due majorly to the patronage of the banking and finance sector. This is contained in the 2016 Nigeria PR report released recently by BHM Research & Intelligence.
The survey conducted in the year under review, revealed that the banking and finance sector did a lot of reputation management activities to launder their corporate image and promote their innovative products and services and these engaged many PR agencies in spite of the recession. A chunk of the PR work in the period under review also came from non-governmental organizations (NGOs) and the alcoholic beverages sector that had campaigns or new initiatives to promote.
“PR executives indicate that Banking and Finance proved to be the predominant income source for the PR industry in 2016, closely followed by NGOs and the Beer and Alcohol sectors. However, FMCGs, telecommunication companies and government (public sector) are ranked high in terms of remuneration.
“It is expected that there will be an increase in engagement from the construction/engineering, transportation and education sectors in the coming years as interest in PR services is gradually expanding in these areas”, the report read.
The banking and finance sector remains viable considering the profits reported by most banks in the first quarter of 2017. Also, the naming of Nigerian banks in Top 500 Global Brands by Financial Times and Brand Finance , London, United Kingdom have further emphasized that Nigerian banks have a good reputation management team.
According to a release issued by The Banker Magazine of the Financial Times and Brand Finance, with $301 million brand value, First Bank ranked 357, Guaranty Trust Bank ranked 395 with a brand value of $258 million, Zenith Bank ranked 414 with a brand value of $247 million, Access Bank ranked 476 with a brand value of $182 million and the United Bank for Africa with a brand value of $172 million ranked 487 in the world.
On revenue base of PR agencies, the Nigeria PR Report revealed that revenue levels peak slightly last year compared to 2015. “This year’s survey noted that a larger percentage of agencies in the country (33.87%) earned less than N5 million in 2015 while a quarter of respondents in 2016 (25.4%) made N150 million”.
“This inconsistency in annual revenue results makes it difficult to validate the actual income of PR agencies in Nigeria; however, both 2015 and 2016 results on annual revenue note the possibility that there were more individuals dealing as agencies in the industry in the previous year”.
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