Research shows high levels of loyalty and commitment within $2 trillion annual market
As recovery from the Great Recession continues to flat-line in most economic sectors, retailers know that building brand loyalty and forging deep customer relationships must be a priority in today’s competitive consumer marketplace. However, what they likely don’t know is that there’s a newly identified and largely untapped segment of the Christian market that spends $2 trillion annually and displays high loyalty and commitment to brands compatible with their deeply held values.
Known as Faith Driven Consumers, this group of 41 million is actively seeking to do business with retailers who are biblically friendly. And more than just do business with these companies, they are willing to commit significant percentages of their discretionary spending with faith-compatible brands.
In fact, recent research shows that 81 percent of Faith Driven Consumers are willing to spend fully half of their budget with faith-compatible retailers – significantly more than the 55 percent of the broader, non-faith-driven Christian consumer market.
Drilling deeper, the data show that nearly two-thirds – 65 percent – of these Faith Driven Consumers are willing to spend at least 75 percent of their budget with biblically friendly brands, while an impressive 24 percent would be willing to spend their entire budget with retailers who share their values and worldview.
Numbers like these speak to a loyalty and commitment on the part of Faith Driven Consumers to values-compatible retailers that is not only rare, but priceless. Yet many retailers have failed to effectively engage not only the broader Christian market but specifically the highly passionate and lucrative Faith Driven Consumer subset.
Perhaps this is due to uncertainty about how to engage this niche market or concerns about potential reaction by other consumer groups in doing so. However, in an age when consumers have the ability to switch brands in seconds, customer loyalty and brand commitment becomes the holy grail of marketing for retailers.
Given the importance of winning consumer loyalty, how can your retail brand afford NOT to pursue the loyal and steadfast, 41-million-member, Faith Driven Consumer market?
Are you ready for them? So long as your brand is willing to acknowledge Faith Driven Consumers in your retail marketing and operations, they are eagerly waiting for you.