There is always a clamour to find new ways to sell products and to tap into market’s that no one is exploring yet. This is one of the most important ways for businesses to grow and develop their brand and a firm that isn’t actively looking into new markets will find that they get left behind. One of the emerging brands in the United Kingdom is “Brand Islam”.
This is a term that has only been used for the past 5 years, but it provides immediate access to a group that can be targeted, accessed and promoted to, much in the way of any other demographic group in Britain. With the 2011 Census figures stating that the Muslim population in the United Kingdom stood at 2.7m, this is a market worth looking into. This figure is just under 5% of the entire UK population, a demographic size that shouldn’t be overlooked by businesses.
As with many demographics groups, there is a lot more benefit to be gained by drilling down into the group. Of the 2.7m people, there are around 100,000 people who have converted to Islam. Of this 100,000 group, it is said that close two thirds were women. There is enough evidence to suggest that Islam is the fastest growing religion in the United Kingdom, making this a market that businesses should be looking to engage with. Not only that, in the global context, the Muslim market is huge, ranking alongside the billions that India and China can call upon.
The size of the market is staggering with a quarter of the population in the world being classed as Muslim. More importantly, there is evidence that suggests that over half of the Muslims in the world are 25 years old or younger. The fact that this demographic is growing and has a young base to develop from makes Brand Islam essential for all businesses. When it comes to the developing economies in the world, in 2011 it was Brazil, Russia, India and China combining to make the BRIC while in 2013 the world looked at the MINT group with Mexico, Indonesia, Nigeria and Turkey, the influence of Muslim people in these country can all be seen. In this way, the Muslim population is as much of a driver as it is a factor to look out for and promote to.
Businesses need to engage in the proper manner
The opportunity for businesses to thrive and prosper with the Muslim community is enticing but clearly it is something that cannot be taken lightly. A business will have to indicate willingness and courtesy to integrate with the Muslim market and to meet the characteristics of the demographic group. As the size and power of the Muslim community grows and develops, so the personality and nature of the community grows and become more visible. This is where parallels have been drawn to the increase in the importance that the African-American community has placed on their own history, heritage and identity. Firms learned to promote to this demographic group by being involved in the community and engaging in a proper fashion. There is no quick fix or immediate solution for long-term success with Brand Islam activities but for firms that are happy to engage seriously, there will be an opportunity to flourish and grow. Given the long-term projections for the growth of the Muslim community around the world, this would be an extremely sensible approach for many businesses and industries to take.
Given the size and scale of the market, there is no doubt that Islam Marketing is going to become an increasingly popular discipline in the years to come. This means that firms, businesses and even individuals will need to show that they offer a professional and private standard that is becoming of the market they are keen to work with. This means that for many people, the old stereotypes of the marketing industry may not sit easily with the Islam Branding opportunities. However, with so much money at stake, it is an opportunity for firms who can show they are able to work with respect and due reference to the culture and beliefs of the Muslim community.