PR spending to fuel consulting firm’s revenue boost
THE COMPANY 124 Communication Consulting has high hopes for public and private spending on public relations to help boost its revenue by 20 per cent this year.
"We aim to win some big projects from the Commerce Ministry this year," chairman Nimitz Modrakee said yesterday.
He expects the government to spend a large budget on PR for its planned infrastructure mega-projects in line with a series of stimulus packages throughout this year.
Public spending on PR is targeted at 30 per cent of the firm’s revenue in 2016, increasing from 20 per cent last year, with private clients contributing the rest.
The consulting company is also focusing on private clients, particularly in financial and banking services, manufacturing, food and beverages and public affairs.
Recognising the emergence of digital media, the 30-year-old PR firm now offers social-media-based communications services to expand its sources of revenue and respond to new assignments from existing clients.
The company will not be able to raise its retainers from 16 existing clients as a result of intense competition from international PR consulting chains and local players.
However, 10 new clients are expected to bring more revenue.
To expand opportunities to make more money, the company also offers training on crisis management to existing clients. Last year, it conducted about six of those programmes.
This year, both public and private sectors will continue to launch PR campaigns despite the sluggish economy and severe drought in rural areas, so the PR industry is expected to enjoy at least 15-per-cent growth, Nimitz said.
