A rapidly emerging and powerful minority market segment of 46 million consumers has been identified and is ready to commit to compatible retail brands.
Segmentation of the market by differentiable groups is common. Whether those groups are based on gender, race, or other factors, retailers are focusing their efforts on forming affinity with these groups. Some retailers find it inherently easier than others to form strong relationships with particular groups based on their culture, business practices, or other factors.
A market segment known as Faith Driven Consumers is eager to commit to compatible retail partners. Are you ready for them?
Their traits, preferences and needs are clearly distinguishable from the larger Christian population and from other groups as well. In fact, many traits Faith Driven Consumers hold are opposite of the general Christian population. This group is diverse by ethnic, gender, and geographical factors but is connected by the importance of, and commitment to their faith.
At 46 million people, it represents 15 percent of the US population, a number on par with the Hispanic market, but with larger spending power.
Many retailers have failed to target Christians because they see them as a national majority. Whatever you may have previously believed, the data proves Christian consumers are not a homogenous majority, but a diverse collection of differentiated groups.
Think about this. There is a rapidly emerging market segment actively looking for retail partners who get them. This differentiated segment of the Christian community decidedly lives out their faith, even in their shopping. They are eager to switch to brands compatible with their faith.
They represent market share gains to those able to connect.
Their personal convictions drive them and they are actively looking for better options to help “practice what they preach.”
So what can a corporation do to reach them?
- Directly reach out to them where they are with language that resonates
- Create an in store experience which is compatible with their beliefs
- Use your philanthropic efforts to support causes that are important to them or avoid those in conflict with their beliefs
Retailers willing to acknowledge Faith Driven Consumers in their marketing and operations will benefit greatly and significantly enhance their ability to connect to this powerful and rapidly emerging segment.