5 Mile Marketing
5 miles might be as far as you need to focus if you are a local business owner looking to grow. Recent studies have shown that 80% of consumers spend their disposable income within a five-mile radius of their home. The research also discovered that in metro areas—like NYC, the radius shrunk to 1 mile!
Think about your own spending habits. You probably have a local dry cleaner, grocery store, gym, gas station and favorite restaurants—all close to home within the 5 mile marker.
So what does that mean for local businesses? It means you need to tap into your local market more deeply. Your next customer is probably shopping at the business next door or around the corner. So, reach out to other owners and try a promotion together. If you are in a shopping plaza, organize a sidewalk sale, or donate your services for a local nonprofit event. These ideas are ways to access your local market through other businesses, while sharing your access with others. In the end, everyone gets discovered by more local consumers. A win-win.