'Indian agencies are at the cusp of hypergrowth'
Manisha Chaudhary, Founder-Director, Value 360 Communications, discusses the company's growth, changes in the PR industry and more
“We started our entrepreneurial journey at the peak of global economic slowdown which taught us to see opportunities in the time of adversities”, said Manisha Chaudhary, Founder-Director, Value 360 Communications. Continuing e4m’s ‘Rising India’ series, today we talk about India’s first PR company with a focussed approach for early-stage business, Value 360 Communications.
The firm was started in 2007 with the vision of building a high-growth, resolute, practical, and measurable integrated communications programme in a sector-agnostic organization. Its journey followed a similar path as the evolution of the start-up ecosystem in India.
Their initial work on several internet companies such as Snapdeal.com, Olx.in and goibibo.com gave it much-needed attention. In the last decade, Value 360 Communication was one of the common agencies for many new-age brands that were created between 2007 and 2019 – Paytm, Droom, Urbanclap and Practo, among many others.
Headquartered in New Delhi, Value 360 Communications is among the Top 10 PR companies in India with principal offices in Mumbai, Bangalore, Chandigarh, Lucknow and Kolkata.
Over the years, the PR firm has grown at a robust pace, both in terms of client base and revenues. Value 360 Communications currently services 150+ clients and has registered a revenue growth of 30 per cent over the last decade.
With a 70% client retention ratio, the firm constantly changes its approach in line with the latest trends and developments in the brand communication space. Value 360 Communications aims to keep innovating and evolving to deliver with the help of its huge team comprising 200+ professionals.
In an interaction with exchange4media, Manisha Chaudhary, Founder-Director, Value 360 Communications, spoke about the rise of the firm, key driving factors, changes in the industry over the past 3 decades, staying away from acquisitions and mergers, expansion strategy, and more.
How has the PR landscape changed in the last 3 decades for Independent and Indigenous PR firms?
In the last 3 decades, we saw a significant transformation in the communications space. The ecosystem has evolved tremendously with social media, digital marketing, and big data entering its ambit. Factors like the 24/7 news cycle, data-driven decisions, and changing consumer perceptions have transformed the way agencies operate. For indigenous and independent PR firms, this has meant rapid innovation in line with the industry’s changing dynamics. The convergence of technology and communication has had the most profound impact on the industry, and agencies that have adopted these new technologies are thriving in the market.
Innovation is the key; how is the industry evolving? How are PR agencies coping with it?
There has been a paradigm shift in the way PR agencies operate. On the back of new technologies, agencies are evolving into end-to-end communication firms that look at every aspect of communication. Today, there are multiple outlets through which brands can connect and build relationships with their target audiences. With this, the industry has become more multidimensional than ever before.
The ambit of communications has expanded exponentially, and it will only continue to grow. We will see agencies become communication hubs with technology at the core. The transformation is already underway.
In the last decades, we have witnessed major acquisitions and mergers between Indian and global agencies. How hard is it to stay independent and expand?
Mergers and acquisitions are an intrinsic part of a market that is going through growth and consolidation. However, we are in a position where we are confident that we will remain independent and grow into a multidisciplinary group of several unique independent organizations which will specialize in different practices within the larger communications umbrella.
What is your view on the next 10 years of India as a global leader and an emerging market? How do you see the growth and engagement for the agencies?
As mentioned above, Indian agencies are at the cusp of hypergrowth which will be unlocked by technological adoption and geographical expansion. Going forward, agencies will not need to be acquired to build scale. We live in times when companies can bank on innovation and disruption to achieve Unicorn status in 7-10 years. Industry players in the communication space are also chasing this dream now.
While traditional PR was based on buying relationships, the way forward will be based on creating conversations around brands and scaling based on meaningful relationships. PR agencies will have to rethink their strategies and open a new dimension of tech-led, holistic communication services for their clients. We are building different communication ventures, democratizing the communication process, giving more visibility to different stakeholders of the industry, and rapidly expanding the scale at which we operate. This multidimensional growth will invariably be the future of the entire industry.
Some of the agencies have expanded and have offices globally. Do you see Indian agencies going abroad and acquiring local agencies?
There is a very real and lucrative opportunity for young and nimble companies to create their own growth roadmap by expanding across the globe. However, going global must be a very strategic move. It boils down to understanding what you offer to the broader market. At Value 360 Communications, we are extremely confident in our value proposition and will probably take the next step by the next year.
Where do you see value 360 in the coming 5 years?
As mentioned above, I see Value360 evolving into a full-service communication firm that will be at the cross-section of all aspects of communication with technology at its core.
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