In what is believed to be a world’s first for a PR agency, Brazil has entered into a joint venture (JV) with its long-standing client, ChangeGroup, the global currency exchange company. In this groundbreaking deal, both parties will be equally responsible for the operations of an online money exchange venture.
The 50/50 JV involves the running of ChangeGroup’s online travel money offering in the UK: www.changegroup.co.uk. As part of the agreement, ChangeGroup will provide the online platform, logistics and fulfilment, while Brazil will provide all PR, social media and digital marketing to drive customer traffic and encourage loyalty.
Brazil’s work will also incorporate SEO, PPC, partnerships and sponsorships. Social media will also play a key role in the promotion of the online only offering.
Paul Crombie, General Manager at ChangeGroup, said, “The relationship we have build with Brazil over the years has gone beyond a traditional client-agency agreement. Working together, we have the ability to drive business in different ways whilst working to mutually agreed targets which will benefit both parties.”
Following ChangeGroup’s 20 year success story, the foreign exchange company continues to expand internationally through its bureau network. Currently, ChangeGroup operates in 11 countries and 23 cities across Europe, North America and Asia Pacific and has approximately 600 staff servicing 130 branches which service more than 3 million customers per year. The new agreement between client and agency will look to replicate the growth seen by the bureau division of the foreign exchange business.
Joshua Van Raalte, CEO of Brazil, said, “This is a unique opportunity to put our money where our mouth is. We have joint control of the destiny of a great and growing business, where we are intrinsically involved in the operations of a business.”
“Business models are rapidly changing, and agencies need to move with the times too. More and more of our clients are asking for shared risk models, where remuneration is directly correlated to success or failure. We see this as the ultimate test in our ability to directly influence a business far more than the traditional PR remit,” Van Raalte continued.