Powering Local Spending

We can’t wait for IN THE GAME, April 1-4 in Grand Junction. And we know you’re excited too. This is not only a chance to network, but to learn best practices and the tools being utilized by communities around Colorado to increase their economic vitality. 

 

We asked the folks leading the IN THE GAME sessions to tell us a little bit about their session. Today, we are highlighting Powering Local Spending – Exploring Community Reward Program. 

 

Wednesday, April 1 

12:30 to 2 pm, 

Dine Around Lunches 

Sophia Zheng, Open Rewards 

 

Would your community like to turn everyday transactions into economic development wins? This lunch session explores how your town can incentivize local spending at scale through discussions of real-world case studies. 

 

“This initiative is grounded in the goal of giving communities great agency in shaping their local economies,” says Sophie Zheng. “Through community rewards programs, cities and downtown organizations can direct consumer spending towards priority areas, support small business, and implement timely, data-informed interventions that drive measurable economic impact.”

 

At the center of this unique method is the ability to have an influence over consumer spending patterns in real time. Perhaps the goal is to support downtown businesses during construction, revitalize a specific and targeted area, increase spending during slower periods, or coordinate with community events and initiatives.  

 

Zheng wants participants to leave with a feeling of empowerment, that they have more ability than ever to actively shape their local economies. 

 

Open Rewards partners with cities, downtowns and local businesses meaning that there is now a collective platform that might have otherwise been out of reach. This really is an “all boats rise” type of scenario, which Zheng describes and a “true wine-win-win.” 

 

Zheng stresses that communities do not need a big budget in order to participate in this, and they have seen cities using this program constantly driving 24x ROI in economic impact (meaning every dollar invested into the program creates $24 of revenue for local business.

 

Interested in a real-life Colorado example? Helping Local Business Through Construction – City of Englewood’s Countermeasure that Reversed the Slump

 

Thank you to Sophia Zheng for providing this information on this session. 

Written by Heidi Kerr-Schlaefer, HeidiTown Consulting, LLC