2019 PR Trends Impacting High-Income Clients
17th Apr 2019
Like many PR professionals, we’re always exploring new ways to reach our audience. So it’s fitting that many of our high-income clients work in the PR industry. However, our client base extends beyond individuals and small businesses who are disrupting the public relations sector. To date, Dedicated Defined Benefit Services has sold 4,500 plans and with that we’ve helped clients from diverse occupations ranging from fishermen to doctors to entrepreneurs.
For the past several years, the high-paying public relations industry has continued to shift, especially with the decline of traditional media and the surge in influencer marketing. While PR is evolving, there is one thing remains the same: the importance of building trust with clients, journalists and audiences. PR is not just about sending out press releases and building relationships with journalists. It’s about understanding your audience and industry, managing relationships with influencers who range from traditional media to bloggers to influencers.
Here are some PR trends that we’re seeing for 2019:
Focus on Building Personal Brand
An uncertain economy will affect PR pitching. If the economy stands, influencers will continue to grow. But if the economy plummets, companies will scale back and PR budgets will be affected in the downturn, according to Marx Communications. In the wake of the uncertain economy, Marx Communications advises PR professionals to focus on building their personal brand.
PR agencies will need to become more strategic partners with their clients and think outside of the box. PR professionals need to be idea generators, looking at how to help clients through traditional and non-traditional tactics, says Pan Communications.
Content Creation Still Flourishing
Content creation will continue to grow outside of journalism. As more companies publish their own news and content on their websites, PR professionals must start crafting content that speaks to their client’s audience with the goal of surpassing the reach and influence of more traditional outlets, according to Comm Pro.
A Retirement Planning Game Changer
Despite all the changes in PR, it continues to be a lucrative industry. PR professionals who earn high income are ideal candidates for Defined Benefit or Cash Balance retirement plans because the plan helps them lower taxes. One of the big windfalls for small businesses under the new tax law is the opportunity to take up to a 20 percent deduction of income from pass-through entities.
A California woman, age 62, has a specialty PR firm and is the only employee. Her S corp. will net $200,000 this year, but she only pays herself $60,000 in W-2 income. By putting $40,000 a year into her Defined Benefit plan she potentially will qualify for the 20% Section 199A deduction.
Are you a high earning PR professional who wants to lower your taxes? Get a free online estimate using our Defined Benefit plan calculator to see how much you can save.