The  Bristol  Pound  (£B)  is...  

... http://www.youtube.com/watch?v=QtGEby4ORGM&feature=plcp

... http://www.bristolpound.org/

... a local currency for Bristol City the circulation of which can bring a sequence of benefits. It encourages more people to shop in the city’s independent traders which are so important to the vitality of the city. The traders benefit from increased custom and stronger customer loyalty. The traders are incentivised to source more goods and services from the city region which reduces the length of supply chains and further strengthens the local economy. Gaps will be identified where traders cannot source what they need within Bristol, creating opportunities for new businesses to start up, making the city economy more resilient. All this takes place through collective action which builds sense of belonging and connectedness in the city.

... honest money, made for Bristol. It keeps more money circulating in Bristol and out of the global financial system. In the current climate of failure followed by scandal in the banking industry the Bristol Pound is a positive alternative for the benefit of our community, not the bankers.

... NOT legal tender. It is a voluntary scheme complementary to sterling. It is not intended to replace sterling but to stimulate a positive shift in the Bristol economy. Bristol Pounds are purchased for sterling and then circulate around participating people and traders. One £B has the same value as one pound sterling.

... launching on 19th September 2012!!

... a not for profit community interest company. It has been developed almost entirely by volunteers over two years to put into place all the things we feel necessary to make the scheme a success:

Secure electronic systems and printed £Bs – Electronic payments (by members of the scheme only) are done using sms texts or the £B online banking platform making the Bristol Pounds very simple and convenient. Cash transactions are possible using paper £Bs, available to everyone, in £B1,5,10 and 20 denominations. These are a tangible manifestation of Bristol’s own money.

Bristol Credit Union (BCU) Partnership – BCU will hold all electronic £B accounts and will be responsible for all aspects of the electronic systems including online banking and mobile phone payments. Bristol Credit Union is essentially Bristol’s own local, cooperative and ethical bank. It is authorised and regulated by the Financial Services Authority and all BCU accounts, including £B accounts, are protected by the Financial Services Compensation Scheme. BCU does not invest in financial markets but has a mission to promote the financial well-being of its members, particularly the financially disadvantaged. Every Bristol Pound in circulation is a pound which supports and strengthens Bristol Credit Union and helps it achieve its social aims.

Bristol City Council (BCC) Partnership - Businesses can pay business rates to BCC in Bristol Pounds via BCU. This is a huge step for local currencies as payment of taxes in a currency is crucial to perceptions of legitimacy, and it means that all rate paying businesses have a way of spending the currency. We also have a payroll scheme being promoted by BCC so that all of their staff members are able to receive part of their salary paid in Bristol Pounds.

 

Marketing of traders and promotion to individuals – Through high brand awareness for £B we want to effectively market our trader members to the public through social media channels and the £B online directory. Initially we are offering a 5% bonus on the first £100k paid into £B accounts, i.e. pay in £100 and receive £B105 to spend. Businesses will gain extra promotion by offering special discounts and deals for £B users.

The  Big  Challenge  

The Bristol Pound is for the good of Bristol and its people, but for it to be a success the people have to embrace it and use it. We have received a lot of support from the green movement and community organisations in the city but we need to reach out and be adopted across the city. We currently have a list of approximately 1,000 signed up supporters. We want to quickly grow the number who open accounts to 5,000. The population of Bristol is over 400,000. We want people to spread the word and encourage friends and businesses to sign up. Our aim is for the Bristol Pound to become normal, not marginal.

How  do  we  get  the  message  out  clearly  and  concisely,  across  communities,  that  moves  people  to  say  “I  get  it!  This  is  something  for  me,  and  this  is  something  for  my  friends.”  

Challenge  1  –  Telling  the  story  

The Bristol Pound is an unusual scheme. The idea of using a different type of money is unfamiliar to most people and so the concept often takes a lot of explanation. But really the message is simple – use Bristol Pounds and make the city a better place.

How can we make the story easy to understand in a way that relates to people directly? Can we generate stories from different perspectives (a child in school, an old person in Laurence Hill, a trader in Bedminster) that all convey the same simple message?

Challenge  2  –  Getting  the  message  out  there  

As a voluntary organisation we have limited resources until after the scheme has launched. We currently have a well-viewed website, facebook page and active twitter account. Twitter followers is growing but not reaching out across the city as much as we would like. We have simple print materials (tri-fold leaflet and card flyer) which have been used to give information about what the Bristol Pound is all about and encourage people to express an interest in becoming a member. The launch of the Bristol Pound is now imminent and print materials need to reflect that.

What channels and media can we use to effectively get the stories and messages out to the wider public? How can we increase the impact of online and print materials so people take the action to sign-up? How do we turn our existing supporters (approximately 1000) into active champions of the Bristol Pound?

 

Challenge  3  –  Making  Bristol  Pound  businesses  easy  to  find  

We have a searchable online business directory which lists businesses and shows locations on Google Maps. Businesses have access to the directory so they can upload information themselves including images and special offers. We see this directory as the main use of the website post launch so people can find out where they can spend Bristol Pounds.

We are also in discussions with Bristol City Council about the development of an open data directory which could be used by many organisations. This would mean that a business would only need to update their information once for it to be changed in many places.

What can be done to the directory to make it a fun and dynamic marketplace where traders want to be and people want to visit? Can a mobile app be developed which adds to this experience and makes finding the right business easy from any location?

We will make an API available for developers to play around with and show what can be done...!

Specific  needs  

... a graphic (or two) suitable for use on print materials which clearly communicates the basic principle of circulating local currency, i.e. Mike spends £B with Business A; Business A buys supplies from Business B; Business B pays business rates to city council; council pays employee; employee spends. Needs to show how a local currency helps this to happen and why lots of people doing this really helps Bristol.

... an animation for the website which expands on these graphics to give a richer explanation of these basic flows and the resulting benefits.