178: Reinventing Shop Local Initiatives with Sophia Zheng

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Econ Dev Show Podcast - Economic Development

Dane Carlson

198 episodes

6 days ago

Dane Carlson explores the strategies, ideas, and insights that are driving economic development forward into the future. You'll hear new insights from passionate ED's about their successes and struggles, and you'll learn from attraction and retention experts about how to apply actionable strategies inside your EDO. We'll help take your organization, your community, and your career to the next level.

All content for Econ Dev Show Podcast - Economic Development is the property of Dane Carlson and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

178: Reinventing Shop Local Initiatives with Sophia Zheng

Econ Dev Show Podcast - Economic Development

25 minutes 16 seconds

4 months ago

178: Reinventing Shop Local Initiatives with Sophia Zheng

In this episode of the Econ Dev Show, Dane Carlson interviews Sophia Zheng, Founder and CEO of Bludot Technologies, a startup initially incubated through a unique collaboration with a city’s economic development department.

Sophia explains how Bludot’s innovative platform helps more than 150 communities across the U.S. and Canada retain and expand local businesses through advanced data analytics and digital incentives. She dives into the successful Open Rewards program, a community-wide shop-local initiative, and explores how technologies like AI could further enhance business retention and expansion strategies. Sophia also highlights Bludot’s achievements, including recognition in Govtech 100 and AWS GovtechStart, as well as USDA NIFA grants for supporting rural economic development.

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Ten Actionable Takeaways for Economic Developers

Consider launching digital reward programs to incentivize local spending.
Centralize your local business data for effective business retention strategies.
Leverage consumer data to tailor shop-local campaigns to specific areas or seasons.
Minimize barriers for businesses to participate in city-sponsored programs.
Regularly evaluate and track consumer behaviors to measure the impact of your initiatives.
Use qualitative consumer feedback to validate program effectiveness.
Collaborate with local chambers, business districts, and main streets for increased program reach.
Explore targeted incentives to revitalize specific economic zones.
Integrate technology-driven solutions to streamline business support and retention processes.
Continuously innovate engagement tactics to keep consumers excited and actively shopping locally.

Special Guest: Sophia Zheng.