Report (PR industry) of Viettract FTA

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  • 1. 1
  • 2. Topic: Setting the Right Position for PR in the Changing Business Environment• PR industry overall view (estimate market size, growth, types of PR agency, changes in the past few years) and Determining PR’s evolving role• Determining PR’s evolving role and its future opportunities and Forecasting PR market outlook in Vietnam for the next 10 years• Uncovering how the companies in Vietnam respond to the new PR challenges• Assessing the impacts of the changing business environment (globalisation progress, WTO-participation, global economic crisis, unstable financial market) on the PR function in Vietnam 2
  • 3. PR industry overall view & Determining PR’s evolving roles Forecasting PR market outlook in Vietnam for the next 10 years Uncovering how the companies in Vietnam respond to the new PR challengesAssessing the impacts of the changing business environment 3
  • 4. PR agencies segmentation Professional Used to "guiding" the public for the LOBBYING purpose of better in business Minority Acts as a brand consultant, to collaborate closely with clients right from the STRATEGIC PLANING beginning of brand building Integrated Predictions, warnings and help companies CRISIS MANAGEMENT plan to prevent, mitigate to the maximum risk and deliver the solutions needed to overcome the crisis. Creating overwhelmed effect, using the press as SERIES ARTICLES a useful tool to strengthen and build its own brand for the company. Majority Execution Writing and editing articles which are able to transfer the PR EDITORIAL objectives to target consumers. Contacting media channels such as newspapers, magazines, TVCONTACT MEDIA commercial, radio to book a good time slot and location for PR campaign  Relationship with channels play a very important role 4
  • 5. PR’S evolving role & its client typesClient typesrequired • Its value is to expand the market via Multinational lobbying the government. At the same LOBBYING time, this function is totally depending on the government’s regulations for PR. • PR agencies will be the strategic partners of clients once they will STRATEGIC PLANING be able to create a long term PR plan for client • Although this function Big local will help client to resolve CRISIS MANAGEMENT negative issues, PR’s ethic should be considered. SERIES ARTICLES • These are basis Small local functions EDITORIAL that most of PR agencies in Vietnam CONTACT MEDIA obtain. 5
  • 6. Market values by segments in 2009 Execution • Person who have PR knowledge and experience such as freelancers, copywriters. • Number of agencies: hundreds. 10% Integrated 15 - 20• Media and advertising 30% million agencies who also have USD 60% Professional PR function.• Approximately 100 • Having PR expertise agencies • Less than 10 such PR agencies in Vietnam • Being able to handle strategic PR projects. ( Figure: estimated by FTA) (Source: in-depth interview PR experts) 6
  • 7. Drivers for choosing PR AgencyApart from the basis requirement for a PR agency such as good objectiveunderstanding and creative PR strategy, the fact that the agency should have agood relationship with the press and government is driving the client’s choice. % Good understanding of PR objectives Unique and creative PR strategy Having good relationship with the press and government Highly competent and professional staff High ability to solve problems Punctuality in execution Strategic and crisis controlling ability Ability to manage large-scale PR campaign Responsive to client Flexible working style Prestigious and recommended agency Low price Professional facilities Multi-national agency 7 ( Source: synthesized by FTA Research & Consultant )
  • 8. PR agency aided awarenessPR plays an important role towards marketers since it just follows advertising and event & brandactivation. Venus, Galaxy, Golden Event, Max Communication and Biz Tequila are top PRagencies in terms of marketer’s awareness. Marketing services used in 2009 PR Agencies Aided Awareness 8 (Source: synthesized from FTA syndicated report)
  • 9. Growth of PR industry Reasons for dramatically increasing in 2010 • Overall marketing service market is growing • PR industry was still grown during the economic crisis period. • Customers are more and more understanding about values that PR brings. • High growth rate of media channels (e.g. TV channels, newspapers/magazines, social community network…) • Switching from ATL spending to PR and BTL spending • PR spending is much lower than Advertising while its effectiveness still is recordable.( Figure: estimated by FTA)(Source: in-depth interview experts) 9
  • 10. PR industry overall view & Determining PR’s evolving roles Forecasting PR market outlook in Vietnam for the next 10 years Uncovering how the companies in Vietnam respond to the new PR challengesAssessing the impacts of the changing business environment 10
  • 11. PR Market outlook for the next 10 yearsOnline PR via Social Community Network (PR 2.0)There are many online activities being available in Vietnam. However, it’s just more aboutpromotions and product launching.o Encourage consumers to easily express their opinions, and so marketers are able to understand more insight about what consumers are thinking.o Obviously, there is also a PR method least costly compared to traditional forms of advertising and other marketing activities. Video Online video website was viewed as one of the fastest growing areas in the world media. Sites such as YouTube has been attracting thousands of daily visitors. sharing For the marketing promotion of small businesses, online video is really a hint community particularly attractive because the creation and distribution of the contents of Video & Podcasts are much less expensive than the traditional media advertising. RSS feed The text public information is combined with other multimedia elements like images, video clips, links to blogs, digital tags, and RSS feed search engine. This broadcast mode through advanced communication tools are useful in helping companies to market directly. Blog Not merely for entertainment, blogs also acts as a source of accurate information to capture the new trends in technology and the many hot topics are people interested. Word-of-mouth marketing is the main function of Blog PR. Social While MySpace as a place to be seen regularly by music enthusiasts, then LinkedIn and Facebook are considered a public community network works most prestigious Network network for businessman and general people. Users will be clearly stated background themselves and doing their job, then can connect with other individuals of the same business. Source: in-depth interviews 11
  • 12. PR Market outlook for the next 10 yearsPR environmentThe current situation is that with high growth rate of PR industry, the market has been presenting moreand more professional PR agencies to satisfy the changes of client’s demand. High growth rate • Marketers tend to using PR instead of advertising because competitive price with diversified functions. Thus, budget for PR may increase sustainably. • Perception of clients will change whereby PR’s roles and functions are understood correctly. • Good and stable economic growth rate of Vietnam economy  positive impact on marketing service in general and PR in particular. More professional • Client’s expectation as well as needs will be increasing (e.g. PR Agencies strategic PR agencies, PR involving lobbying), so there will be just professional agencies to be able to satisfy such client’s demands. Changes of • Integrated into global marketing plan client’s demand • More consulting from PR agencies  PR plan should link to brand name, vision, mission of clients • More contracts for maintenance service. 12
  • 13. PR Market outlook for the next 10 yearsPR AssociationMany PR agencies are operating in the market. However, there is no PRAssociation to help these agencies in developing such a PR communitynetworking as well as coming up with a Codes of Conduct for PR industry. • Play-ground for PR agencies, where experience and knowledge exchanged • Impact on Government rules • Come up with PR Code of Conduct • Organize professional workshop, conference for PR industry  training as well as updating upcoming PR techniques  to help development of PR industry in general as well as to develop human resources for PR industry in particular. Source: in-depth interviews 13
  • 14. PR industry overall view & Determining PR’s evolving roles Forecasting PR market outlook in Vietnam for the next 10 years Uncovering how the companies in Vietnam respond to the new PR challengesAssessing the impacts of the changing business environment 14
  • 15. Current challenges and responsesrecommended Since there is no professional PR training in Human Vietnam, PR agencies need to have specific resources plan for training their staff at the beginning, which is a healthy way for developing the industry Although PR Vietnam industry is growing dramatically, its roles have not been recognized Customer and understood correctly. Customers’ perception about PR that PR is just for consequence perception resolving and media contacting  education to customers is needed via direct communication to customers, workshops etc. So far there is yet any official regulations for PR Government industry. PR is understood as advertising regulation  mission for PR Association 15
  • 16. Current challenges and responsesrecommended PR agencies, especially professional companies “Black” PR will be facing this issue since some clients shall PR Ethnic seek for professional agencies to overcome their trouble or crisis  mission of PR Association to educate clients about PR ethnic PR still is the marketing tool, so it would require Changes of such a return on investment  research client’s demand agencies to come up with a method to measure the effectiveness of PR campaign Depending on PR is more an execution service, so such an media effective media channels as well as its time slot companies and location of airing will be playing a very important role  relationship is a must required to act in PR industry
  • 17. An idea to measure PR’s effectivenessThere are some indicators to measure the PR’s effectiveness Who is the target audience? Measure reaching ratio after the PR launching Key message take out from the PR campaign Changes in consumer’s thinking and behaviors towards the company/ brand. … Figure out an index after launching such a PR campaign 17
  • 18. PR industry overall view & Determining PR’s evolving roles Forecasting PR market outlook in Vietnam for the next 10 years Uncovering how the companies in Vietnam respond to the new PR challengesAssessing the impacts of the changing business environment 18
  • 19. The 3 factors impact on PR industry • Vietnam is amongst the most attractive destination in the region for foreign investors Strong economic • WTO, retaining high GDP growth, secured growth political environment etc.  marketing service market will be growing  PR industry grows • Clients would be more demanding in order to be in line with other countries in their marketing Globalization implementation  perception about PR from the progress clients will change • PR industry is being updated upcoming techniques thanks to the interaction between local PR agencies and foreign agencies • Trends of M&A from MNC advertising agencies  to be positioned as full service agency. • Some clients switch into using PR instead of Global Economic Advertising because PR is lower investment while Crisis directly connect to consumers. 19
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