Econ Dev Show Podcast - Economic Development 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.
Sponsored By:
- Sitehunt: Sitehunt is an AI-enhanced platform that helps economic developers build a comprehensive property database, enabling informed decisions and efficient RFI responses to accelerate site selection and project success.
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