Xavier Prabhu, Founder & Managing Director, PR Hub, discussed the PR industry’s success in India in 2021, as well as the year’s many innovations, the growing maturity and credibility in the influencer marketing area, and much more.
In 2021, the Indian public relations business will see crucial changes and trends.
To begin with, the industry has done exceptionally well this year, particularly in India, and has proven to be exceedingly resilient.
As the virus spread, everyone shifted to a remote work model. Freshers and early employees are at a disadvantage, according to polls across industries, because they are detached from the organization and its ethos.
Furthermore, the value of face-to-face collaboration, impromptu dialogues, and other interactions that occur when different people cluster in an office are being underestimated.
Employee productivity was also good during the first wave of remote working but dropped dramatically in the second wave due to exhaustion and a sense of security that came from knowing one could get away with it. Another disadvantage of remote working is loneliness and a lack of social interaction.
On the media front, the decreasing print market and overall media revenue pose massive challenges, hastening the shift to online and digital, which was already gaining traction.
New learnings and key challenges
The risk appetite has increased, and several business model improvements have been implemented. We’ve expanded our technological spending despite knowing virtually little about it. Beyond the existing revenue lines, we’re building new ones to ensure there’s some buffer in case of vital shifts or headwinds like the pandemic.
We are shifting back to an investment mode and will strengthen leadership/talent at all levels after being cautious in hiring and keeping talent costs under control.
Although training investments will be increased, much of it does not appear to result in any perceptible change or skill acquisition, which is concerning because it becomes artificial and no longer serves as a differentiator or value producer.
The most important lesson learned is that anything can happen, and one must be ready for it. Having a flexible and fluid business model that can adapt fast without causing substantial ramifications or impact is also crucial
2022 Prospects
It will be an all-out aggressive approach, more analogous to the start-up model of failing rapidly and learning quickly. The terrain is constantly shifting, and there are far too many moving elements to keep track of. As we look for new revenue streams, business model innovation will become more pivotal.
The Indian economy expects to perform well in 2022, resulting in some growth across the board, but real growth will be reserved for those who are prepared to face the greater challenge ahead.
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