Marks & Spencer Financial Services has appointed Naked as its media strategy agency to develop the financial services brand and has shortlisted agencies for media buying on the account.
The move marks the division’s first dedicated spend on brand development and no budget has been disclosed. However, it’s annual spend on product marketing is &£6 m.
Creative work will be handled by M&S roster agency Creative Leap.
The media buying agency will be announced within the next few weeks.
Traditionally the company has focused on marketing individual financial products through its creative and media agencies – Rainey Kelly Campbell Roalfe/Y&R, Walker Media and MediaVest Manchester. The incumbents’ work will not be affected and product work will run parallel to brand development.
M&S plans to expand its financial services department within branches as part of a refurbishment programme.
It is looking at 100 of its branches and assessing how many would benefit from a financial services department.
The company offers pensions, loans, unit trusts, life assurance and private medical insurance through the division. However, its brand presence has been relatively low-profile. Only 15 stores have financial services departments, with most of the products sold to the company’s 6 million storecard holders.