Original Source: Marketing Week- https://www.marketingweek.com/ritson-marks-spencer-brand-year/
Original Author: Mark Ritson
Foundational History:
Establishment: Founded by Michael Marks in the late 19th century as a penny bazaar, emphasizing straightforward value.
Key Partnership: In 1894, Marks partnered with Tom Spencer, enhancing the business's financial and cultural reach.
Continuing Legacy: Michael’s son, Simon Marks, expanded M&S into a major British retailer, upholding its core values of quality and value.
Core Principles: M&S was built on offering good quality products at affordable prices, setting a standard for its long-term success.
Detailed Insights:
Revitalizing Leadership: Chairman Archie Norman, CEO Stuart Machin, and marketers Sharry Cramond and Anna Braithwaite led M&S’s turnaround, restoring its brand strength with a strategic focus on quality, value, and innovative campaigns.
Positioning First: M&S revamped its brand identity by digging deep into its archives and customer data to reestablish its founding principles of quality and value.
Advertising Half-Life: Recognizing the lasting impact of successful past ads, M&S reintroduced its iconic 'food pornography' campaigns, updating them with a contemporary twist.
Constant Brand Revitalization: Without altering its core brand values, M&S has successfully evolved its offerings to meet modern expectations of quality and value.
The Power of ESOV: M&S strategically increased its advertising spend to gain an excess share of voice, crucial for growing sales and brand visibility.
The Power of EESOV: By investing in high-quality, effective advertising, M&S has maximized the impact of its advertising spend.
Diverse Media Mix: M&S employs a varied media strategy that includes traditional and digital platforms, ensuring broad and impactful reach.
In-house Creative: Bringing much of its creative work in-house, M&S has increased control over its branding and messaging, aligning it closely with company values.
Always On: Adopting an always-on advertising philosophy, M&S ensures continuous engagement with consumers, boosting brand recall and affinity.
The Most Important ‘P’—Product: M&S marketers are deeply involved in product development, ensuring that every product aligns with the brand’s core values of quality and value.
What Next?: The company’s leaders plan to maintain their successful strategy, focusing on incremental improvements and stability rather than major changes.
Conclusion:
Marks & Spencer’s strategic approach to brand management—balancing traditional values with innovative marketing tactics—has secured its position as a leader in the retail sector. This strategy has not only revived its brand but also positioned it for future growth and success, demonstrating the effectiveness of a well-rounded and sustained marketing strategy.
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