Power of the Dollar
A Campaign to Support Local Businesses
Launched in 2010, the Power of the Dollar campaign is a positive-oriented "buy local" initiative that promotes the importance and impact of keeping dollars local. The LPBC partnered with the University of Memphis to do an economic impact study and found that every $1 spent locally helps create $1.70 in economic impact and every $1 million helps create 11 new jobs. Although there were many other tax benefits and benefits to the community, these two points served as the foundation for a regional PSA driven commercial campaign featuring television and radio commercials, print, and billboards across Clear Channel Outdoor's digital billboard network. LPBC partners and other businesses across the Mid-South have woven these facts and the Power of the Dollar campaign into their marketing campaigns, so that it has taken on a sustainable life of its own.
The LPBC challenged companies to do an internal audit to see how much, outside of payroll, they spend locally. The goal was to get a baseline estimate and then encourage companies to commit to raising that "local" percentage each year. The Power of the Dollar campaign has helped raise awareness for not only the important benefits and values of doing business locally, but it has resulted in some significant wins, like with the City of Memphis putting an emphasis on using locally-owned goods and service providers and numerous companies reporting an increase in their local spending efforts. Below is a collection of the commercial, billboards, and some of the media coverage related to the campaign. It is also fun to note that other cities and regions, as far as Alaska, are now using this campaign as a model to create more civic pride and economic development in their communities.
TV Commercial
Billboards and Campaign Logo
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Some News Coverage for the Campaign
'Power of the Dollar' Campaign Stresses Local Spending by Jonathan Devin | November 01, 2010 in the Memphis Daily News.
"Power of a Memphis Dollar" by Jeremy Park | May 23, 2011 in the Memphis Daily News
'In This Together' Buy Local campaign seeks to promote Memphis businesses by Andy Meek | July 16, 2011 in the Memphis News
Power of the local dollar by Staff of Memphis Business Journal | July 18, 2011 in the Memphis Business Journal
'Memphis Rocks' Lipscomb Pitts Breakfast Club mounts civic pride campaign by Andy Meek | August 31, 2012 in the Memphis Daily News
