Unveiling the Secret Recipe: How M&S Nailed the Perfect Formula for Success

Introduction

For decades, Marks & Spencer (M&S) has been a familiar presence on the high street. However, over the past 15 years, the company has faced both success and challenges. Anna Braithwaite, the marketing director of M&S, recently spoke at the Marketing Week’s Festival of Marketing, shedding light on the brand’s journey towards stability and growth. In this article, we will explore how M&S has successfully navigated its way back to success by focusing on style, value, and quality.

Losing Our Way

According to Braithwaite, M&S had lost its way in terms of brand perception, product quality, and value. The brand realized that style was its biggest barrier to growth. Without winning in the womenswear or style department, M&S knew it wouldn’t succeed in anything else. Recognizing this, the company embarked on a journey to transition its entire approach through the lens of style.

Reframing Perception

To reshape how the public perceives M&S’s style, the brand recently partnered with actress Sienna Miller to be the face of its latest campaign. By associating itself with a renowned style icon, M&S aims to shift public perception and position itself as a stylish and fashionable brand. Braithwaite believes that once this reframing is achieved, M&S will have a significant opportunity to drive consideration across more categories. As a result, the company has increased its marketing efforts and extended the duration of its campaigns to remain at the forefront of consumers’ minds.

Protecting the Magic

M&S’s enduring presence on the high street has allowed it to establish a unique legacy. The brand aims to protect this “magic” while modernizing other aspects of the business. M&S’s chief executive, Stuart Machin, emphasizes the need to preserve the brand’s essence while updating and improving other areas.

Embracing Personalization

M&S recognizes the power of personalization in enhancing the customer experience. The brand recently acquired a company called Thread, which recommends clothes based on individual shape and size. This integration of personalization technology has resulted in a three-fold increase in conversions. M&S leverages its Sparks card first-party data in collaboration with Google and Meta data to ensure highly targeted advertising across digital campaigns. By utilizing data-driven insights, M&S ensures that its marketing spend is effective and efficient.

The Power of Collaboration

M&S has chosen to carry other clothing brands within its stores, a decision that has sparked internal discussions. However, the brand has identified two strategic reasons for doing so. First, it fills gaps in the market by providing products that M&S doesn’t have in its own brand portfolio, such as Mamas & Papas baby products. Second, carrying other brands in specific categories strengthens existing offerings. For example, M&S’s own-brand activewear range benefits from the addition of non-competitive sports shoe brands. This approach encourages consumers to explore the entire category, resulting in increased sales.

Uniting Food and Fashion

While M&S food and fashion operate as separate entities, the brand recognizes the need to align them in the future. M&S is envious of the journey the food side has undertaken and acknowledges the importance of catching up. However, the brand maintains a unified approach to issues like sustainability and seasonal events such as Christmas.

The Importance of Value

Value is at the core of M&S’s appeal. The brand takes pride in selling products at the right price, emphasizing its commitment to quality and affordability. M&S’s marketing efforts, such as the ‘Remarksable’ range, highlight the value it offers across its product range. Although M&S may not always sell the cheapest products, it aims to provide the best quality within a specific price range.

Conclusion

Marks & Spencer’s journey back to success has been driven by a relentless focus on style, value, and quality. By reframing its style perception, embracing personalization, collaborating with other brands, and aligning different departments, M&S has found its sweet spot in the market. The brand’s commitment to value, trust, and legacy ensures that M&S remains a prominent player on the high street. As M&S continues to evolve and adapt, it remains dedicated to offering stylish and high-quality products that resonate with customers.