- [01:14] Colu has done some really smart things in previous years that are incredibly applicable during this pandemic to help boost economic recovery and keep cities thriving.
- [03:34] Colu works with cities in the U.S. and abroad, by rewarding resident behaviors that meet the strategic goals of each city.
- [04:41] They have worked with many different researchers and experts to create their processes including Dan Ariely.
- [07:00] Right now cities mostly need help supporting their small businesses.
- [08:45] Each city has its own unique challenges and behaviors they want to promote.
- [10:05] They share about the Jerusalem Boulevard Project.
- [12:11] They used their platform in Tel Aviv to support the local businesses. They used their mobile app to tell the residents the story of small businesses.
- [14:18] The business owners in that area experienced a growth of more than 700% in the first 45 days of the initiative.
- [15:16] In the next 45 days (even though they no longer had any incentives) the residents continued to visit the area because of the story and the emotional connection that was established.
- [18:04] They are working to ultimately create loyalty between the residents and the local businesses.
- [19:42] Akron, Ohio is the first city to launch in the states.
- [21:26] They created a coronavirus task force to research and figure out how they could best help cities and what cities are going through.
- [24:13] They are looking at the average price per transaction, the way people consume, and the way people shop by segment.
- [26:03] In Akron, you can get rewarded for shopping at a local business whether it is online or in-person. When you are ready to redeem your local coins then you have to be in-person.
- [27:46] The city can monitor and change the program as it runs.
- [28:54] They are also using challenges; encouraging people to develop a new habit.
- [31:35] Encouraging people to wear masks is something that is very difficult and a lot of people are struggling with.
- [33:16] Cities started giving businesses carrots for enforcing mask-wearing. In Israel, they reward businesses that are keeping the rules and conditions of the purple badge.
- [35:55] We need to take mask-wearing from a negative experience to a positive experience. Say, if you get caught with a mask then you can be rewarded.
- [36:45] It is important to highlight the celebrations. We need to acknowledge and recognize people when they are doing something good for themselves and the community.
- [39:05] Consider this: If you wear a mask you might randomly win a prize.
- [40:25] They want to help as many cities as possible in terms of supporting their key points. They focus on small businesses and diversity.
- [42:46] It is their mission to help cities think outside the box and in ways that will create long-term change.
- [45:12] They are trying to help cities unlock their true potential.
- [47:19] Economic recovery will take time, but hopefully, companies like Colu can help make that a smoother, faster transition for many cities around the world.
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Articles and Past Episodes:
- Daniel Pink’s book Drive
- Coronavirus face masks: Why men are less likely to wear masks
- Dan Ariely Interview
- Tim Houlihan Interview
- Biases Toward Novelty and Stories
- Can Behavioral Economics Increase Savings?
- Roger Dooley Interview
- Starbucks: A Behavioral Economics Analysis
- Michael Manniche (The Littery) Interview
- How to Finally Change Your Behavior (So it Sticks)
- Social Proof
- Coronavirus and How the Human Brain Responds to Pandemics
- Network Effect
- Kwame Christian Interview
- Dr. Gleb Tsipursky Interview