Marks and Spencer is celebrating 125 years of trading.
Quite an achievement for any business. This is not just an ordinary anniversary .. as they say in the TV ad – but an extra special anniversary in this year of retail problems. What can a business owner learn?
Marks and Spencer 2009 Penny Bazaar as reported in the Daily Mail
1. Celebrate your anniversaries. Whether it is one year or 125 years make a noise about it. 125 years is a long time to be in business, and definitely a cause for celebration. M and S used the history of the “Penny Bazaar” to re-create part of their history, sell goods at 1 penny, and attract a lot of attention.
Even one year of trading is an achievement. The statistics from Britain and the US are alarming – most businesses fail. Sometimes 9 out of 10 will fail, but 4 out of 5 is common by the fifth year. If your business is anything over 1 year old – celebrate!
2. Products + salesmanship. Michael Marks introduced products from Poland to the North East of England. He offered exotic toys, which had probably never been seen before. He sounds like the classic entrepreneur: risk taker, resourceful and probably very charismatic. All entrepreneurs have to get buy-in not only for products and services but also for their ideas. it is salesmanship.
3. Know what your customers are thinking. One of the best principles of direct marketing is – as Robert Collier put it – to get into the conversation in the customer’s head. When those early buyers read the sign on one of Mark’s stalls which said: ” Don’t ask the price, it’s a penny” they must have become more willing to hand over the coin. It disqualified any customer who couldn’t read (and probably wouldn’t have a penny of disposable income), and made them feel their thoughts had been read.
4. Ask for what you want. Michael Marks was no slouch and expanded his business with market stalls and by selling products from Dewhurst’s a local supplier into the villages around Hartlepool. He approached Dewhurst to see if he would be interested in a partnership. Mr Dewhurst turned him down.
But, as in business networking events, if you ask for what you want clearly somebody will know somebody who is the right person. In this instance Mr Dewhurst recommended Thomas Spencer, his cashier. Thomas Spencer did see an opportunity for his money to grow, and probably for his talent to be applied. He invested £300 for half the business, took over the warehousing, and the company expanded rapidly.
5. Growing a business is different from starting a business. So the company belonged to them both and Marks had to share his venture. He ran the market stalls and Spencer ran the back office. They brought different – equally important – skills to the business which was bigger than either of them. Spencer was probably an expert with the quill pen and the ledger, and valued order and process, Marks saw opportunity everywhere, and had a million new ideas every day.
Marks developed the company to the stage where entrepreneurial skills and flair could be boosted by sound management. Once it made that transition, Marks and Spencer reached critical mass and the early success laid the foundation for the 125 year anniversary.
Anniversaries make news. They create a good answer to the question “Why should I know about this” and the media and your target market will be interested. They are a chance to promote products and services simply by virtue of the anniversary. It couldn’t be simpler!
Some of the better known retailers celebrating this year include:
Selfridges – 100 years in business in March
Primark – 40 years in business – their tale of growth and acquisition makes interesting reading.
Cargo -20 years
It is not only retailers who gain from the focus of an anniversary, but any organisation that has a link with a famous individal or cause. It is an opportunity for books, ebooks, events, festivals etc, and a re-publication of old material made newsworthy by the anniversary.
Charles Darwin – author of Origin of Species. 150 years since publication, 200 since his birth. The Natural History Museum and English Heritage were leaders in the focus on Darwin.
Isambard Kingdom Brunel – the great engineer. 150 years since his death. The anniversary has created opportunities for organisations as diverse as First Great Western trains to Brunel University .
Hampton Court – royal palace owned by Henry VIII. 500 years since Henry came to the throne. an opportunity for festivals, conferences and special events. ..not only for the Palace, but for any associated organisations.
Hitchhiker’s Guide to the Galaxy Douglas Adams’ famous book is 30 years’ old and published by PanMacMillan who are promoting a special anniversary edition.
Island Records. The breathtakingly successful British recording studio with a stellar lineup from Bob Marley, Cat Stevens, and Amy Winehouse to Keane. 50 years old.
Look around for noteworthy events in your market even if your own history doesn’t warrant an anniversary. Ride on the coat-tails. Plan your anniversary in good time. It is a golden opportunity to connect and to promote.
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