The Marketing Group PLC (NASDAQ OMX:TMG) is to launch a global corporate rebrand while changing its name to RYVL.
The marketing network said the rebrand marked the completion of a restructuring programme under chief executive Adam Graham, who was appointed to the company board in November 2016.
The firm added that all 15 of its agencies, including brands such as Channelzero, Ranieri and TRUTH, have been rebranded to include RYVL alongside their respective names.
The group will adopt RYVL as the operating name with immediate effect while shareholder approval will be sought to change the name of the company at an Extraordinary General Meeting to be scheduled at a later date.
The company added that future acquisitions would increasingly target technology-centric businesses that offer higher value services to end clients while it would seek to scale the business through a matrix organisational structure with regional and discipline leads reporting to the chief executive.
Adam Graham, TMG’s chief executive, said: “Clients are looking for a unified experience and we’re breaking down all the silos and creating a new group model without the fiefdoms, politics and layers of suffocating bureaucracy that have caused the well-documented problems of today’s big ad networks.”
Upcoming blockchain-enabled data marketplace
A rebrand isn’t the only new thing coming out of TMG, as it plans to launch a blockchain-enabled marketplace that will enable consumers to take back control of their personal data.
There is an adage relating to the internet that says if you are not paying for the product, you are the product, which basically means the owners of many of the sites you visit are selling your personal data.
The TRUTH Data Cloud, launched by TMG’s TRUTH subsidiary, will let users choose to sell their personal data to brands, agencies and publishers and directly benefit from its use in personalised advertising, in the form of discounts and offers on goods and services or as currency.
Beyond building an efficient advertising ecosystem, the aim is to create a global marketplace for the efficient buying and selling of advertising data.
The new service is fully compliant with the General Data Protection Regulations that came into force in the European Union on May 25.
“The TRUTH Data Cloud will openly reward consumers for transparent, permission-based use of their personal data, unlike the recent Facebook data scandal and the pervasive nature of digital advertising - unwittingly powered by consumers’ personal data,” TMG said.
In return for access to their personal data, consumers will receive TRUTH Tokens, which represent consumer data held securely within the blockchain-enabled TRUTH Data Cloud.
TRUTH tokens can be exchanged for discounts on goods and services or exchanged for their preferred currency.
For the geeks out there, the TRUTH Data Cloud will have open application programme interfaces (APIs) and software development kits (SDKs) to encourage third-party applications to integrate with the marketplace.
This will create huge potential for the platform’s uses, such as influencer marketing, loyalty programmes and customer relationship marketing, The Marketing Group said.
StylePoints, a digital loyalty scheme operator, has already signed up for the platform, as has Narratrs, a platform that enables people with large followings on social media sites to get paid for plugging products.
“Now is the time to address how we use big data in the advertising industry. Personal data is being used without consumer permissions. Brands’ advertising spend is being wasted and consumers are receiving too much irrelevant content,” Graham said.
“With the TRUTH Data Cloud, we want to give consumers the power to control their own data and give advertisers and publishers the reassurance they are using that data with consumers’ explicit consent,” he added.