Insights What’s Ahead for PR in 2025

"She knows there's no success like failure and that failure's no success at all."

- Bob Dylan

No, that's not a line from the new blockbuster Bob Dylan biopic, A Complete Unknown, but rather how we would characterize the "state of PR" in 2024. Domestic and geopolitical uncertainty, technological disruption and layoffs were hallmarks of the past year in our industry. Despite the headwinds, however, DLPR had a successful year, and we're optimistic about what's to come.

Revenues were up once again in '24. We brought on many new and interesting accounts and expanded relationships with our blue-chip clients. In a year when the industry's largest agency and many others cut back, we hired, promoted and maintained our personnel retention rate nearly 100 percent.

While many of us anticipated volatility and political disruption, as the dust settles, we believe there will be a smooth transition of power in the U.S.; the capital markets and M&A environment generally look strong (even if there will be a correction), and clients are ready to do business.

We can't ignore the transformative potential of AI, but we see it as more than a job killer. If anything, we learned that senior-level counsel and thoughtful campaign management are in high demand. While AI might write a decent first draft of a news release, someone needs to ask for the release to be written, and it must be edited by a professional running a strategic, comprehensive campaign.

We also realize, in speaking with clients and prospects, that diversifying our service offerings further and faster will be more important than ever. Expect to hear more from us on this in the year ahead (and at the end of this letter).

That's the broad agency perspective, and now on to some more specific predictions about our practice areas from our team leaders:

• Alternative asset managers will need to communicate to new audiences: "Competition in asset management is intensifying, requiring both small and large managers to continue to distinguish themselves with strong performance, innovative strategies, and brand identities that showcase their intellectual capital. As many high-net-worth investors look to mimic institutional asset allocations, they demand access to alternative strategies. For smaller managers, reaching this segment will require substantial effort to boost visibility and communicate effectively with a broader, less specialized audience consuming financial information across diverse channels. Managers who fail to connect with this audience may still find success in traditional institutional channels, though these are becoming increasingly competitive." - Zach Kouwe and Shree Dhond, Executive Vice Presidents
  
• Retail asset and wealth management will undergo foundational shifts; those left must be able to articulate their benefits to the next generation:"Asset managers serving intermediary and retail investors will need to effectively communicate that their organizations are nimble and responsive to investor needs. This includes demonstrating expertise in specific wrappers and strategies, as well as showcasing the ability to evolve with the changing demands of investors.

  In wealth management, the Great Wealth Transfer is coinciding with an unprecedented level of advisors retiring. This presents a timely opportunity for wealth managers to demonstrate, through thoughtful marketing and communications, that they have clearly mastered considerations for both generational wealth transfer and advisor succession planning. Meanwhile, private equity has been snapping up wealth advisory firms, leaving very few large and mid-sized firms "private and independent." Further consolidation is likely, with many smaller firms merging or closing, and a new crop of advisory shops emerging to cater to the next generation. Established firms can thrive, if they effectively communicate a compelling and relatable vision of independence and a focus on meeting the needs of that next generation." - Stephanie Dressler, Executive Vice President

Want to dive deeper? Check out our broader 2025 outlookfor the asset and wealth management communications landscape.

• Alternative media will become even more important to clients' broadcast strategy: "The power and importance of securing broadcast and implementing video and other multimedia assets into a PR campaign to demonstrate a client's credibility remain unmatched. In 2025, these are must-haves.

  We've entered the era of the multi-faceted approach to broadcast PR. Beyond the widely requested CNBC, Bloomberg TV, Fox Business and Yahoo! Finance networks, companies and executives should embrace opportunities with alternate streaming services, online shows, pod/vodcasts and potentially TikTok and other social media platforms. We are increasingly advising clients to consider supplementing their earned broadcast media with internal short video/audio content that will increase engagement and maintain steady firm awareness. Going forward, a broadcast interview can't just be a one-time event; a strategic messaging and repurposing plan can support maximum impact for positive exposure, firm awareness, and most importantly, potential business opportunities. Lastly, we are encouraging clients to strengthen their 'bench' of spokespeople-having multiple voices appear at different times on different forums leads to more opportunities and a more cohesive and engaged team." - Zach Leibowitz, Executive Vice President, and Judy Speicher, Senior Vice President

• Thought leadership will continue to evolve: "Not long ago, the term 'thought leadership' was synonymous with long-form written content developed on behalf of an executive. While still nebulous, the definition has broadened significantly and will only continue to do so. In 2025, this concept will evolve to include a range of executive and company touchpoints: overall web presence, in-person events, traditional and social media, employee and community engagement, and more. In every medium, saying something differentiated and true to the individual and/or brand is key." - Josh Gerth and Jade Faugno-Maria, Senior Vice Presidents
• The media landscape is evolving, but the core principles of media relations remain: "It's been a rough time for the media, with 2023's estimated 8,000 journalism job cuts in the U.S., UK and Canada followed by at least 1,000 more at major news outlets in 2024. While it's still a field that attracts the best and brightest talent, a sense of increasing politicization of the news has left many fatigued and looking elsewhere. Industry estimates suggest there are now an estimated half-dozen PR people pitching every reporter, a statistic that underscores the challenges facing professionals in the field-and their client.

  While 'independent' journalists, like bloggers, podcasters and social media influencers, hold more sway than ever, and some news organizations are already turning to generative AI for content, we remain confident in a robust appetite for balanced and well-written stories to parse how market factors and policymakers influence business, consumers and investors. After all, robots will never feel the drive for an exclusive, or the thirst for a Pulitzer Prize.That's why relationship-building with members of the media-DLPR's stock in trade-is more essential than ever. Our team of former journalists and producers speak the same language and understand the pressures and deadlines of the craft. These contacts will be even more valuable to our clients in 2025." - Adam Dickter, Vice President

• Despite the evolution of "print" media, some truisms remain: "If you act and think like a journalist, it will definitely increase your chances of success.

  Reporters are being asked to do a lot more with less, so PR practitioners are at once more important than ever but also, potentially, yet another obstacle to overcome. To be the former and not the latter, we must put ourselves in the reporter's shoes.Time is-and will continue to be-at a premium. A smart, punchy "headline" in the subject line of your email can be the difference between an opened email that leads to coverage or one that goes straight to the trash folder. Given reporters' time constraints, relationship-building is also more important than ever. Journalists who know you and the value you bring to the table are more likely to see you as an asset, and that inevitably accrues to the benefit of everyone, especially your clients." - Sarah Lazarus and Jeff Siegel, Senior Vice Presidents

• Client service and relationship management are more critical than ever: "With certainty, upcoming market and regulatory changes will have a significant impact on our clients across the board, including in the wealth and asset management, professional services, and crypto spaces. Again, while the AI hype is real, a personalized, custom approach to servicing client needs, goals and priorities helps ensure consistency and credibility during any volatile times. Whether it's jumping on breaking news to highlight spokespeople's relevant expertise or planning for (un)expected events, we will continue to ensure clients know that we're just a phone call, text, Zoom or Teams session away." - Shaina Lamb, Senior Vice President

• Corporate reputations will face new challenges: "If 2024 was defined by the near certainty that companies could face challenges due to factors such as aggressive regulatory enforcement (SEC, DOJ, etc.), activist shareholders and continuing inflationary pressures, 2025 will be characterized by the uncertainty of a shifting economic and regulatory environment. Long-held assumptions about policy decisions (from global trade to ESG and DEI issues, to name a few) will be under increased scrutiny. In response, the C-suite and communicators will need to anticipate and plan for a range of situations, ensure that their messages are clear and compelling, and be prepared to engage audiences across the full spectrum of reputation management tactics, tools and channels." - Ed Nebb, Senior Managing Director
• Integrated communications is the way forward:"Gone are the days of siloed tactics-a media interview here, a piece of content there, a LinkedIn post when we're feeling social.

  Instead, in the complex world of financial services, developing a strategy with the client's end goal in mind is more important than ever. It's not just about "getting publicity"-it's understanding what a client hopes to accomplish from a business perspective, developing a compelling narrative that highlights their leadership positioning or key differentiators, and implementing a focused, integrated plan that reaches targeted audiences through the most effective formats.In the year ahead, we plan to offer our clients more services to address their increasingly complex needs. While earned media (especially top-tier), message development, content development, senior-level counsel, social media, and the pursuit of industry awards will remain at our core, we are actively looking to add a new suite of services: SEO and reputation management, digital marketing, short-form video production and broader international outreach.

  Lastly, we see another area of focus: succession planning. As we often hear, the years ahead will see a wave of CEO and C-suite retirements. We spent last year working on a key Fortune 500 corporate transition and are planning for more. The right messaging and communications strategy is a key underpinning for any successful transition."
  - Richard Dukas, CEO, and Seth Linden, President