A custom Challenge Coin is a medallion, typically made of metal or plastic, with an insignia, image or design. The custom Challenge Coins are usually given to people who have won various competitions and awards. These awards include military medals, medical achievements such as saving someone’s life, business awards, academic awards, etc.
History of Challenge Coins
During World War I, the United States government decided to use Challenge Coins to recognize soldiers who had done extraordinary things during combat. There was also a need to give these soldiers some form of recognition after returning home from battle. The idea behind this was to show that America cared about its heroes, even if they were not getting any medal or other form of reward.
In modern times, companies have started giving out Challenge Coins to employees for different accomplishments. This helps boost employee morale because they feel like their organization values them and recognizes their contributions. They help create a positive environment for everyone to work together with more appreciation and respect.
A company that uses customized coins benefits from having a cohesive team and higher productivity levels because people want to be part of something bigger than themselves.
Tips For Selling Custom Challenge Coins
1. Focus On A Particular Niche
In every industry, there will always be certain niches where people would love to get their hands on the best items. This applies to those businesses that produce custom Challenge Coins. If you select a niche that no one knows about, then the chances of success will be slim.
Therefore by selecting a well-known niche, the chances of gaining customers increase tenfold. It does not matter how much competition is present since the potential buyers know what the product/service is all about.
Also, competitors may not be able to offer as good or better quality service to their clientele. So while competition is always present, a perfect niche selection makes it easy for one to compete without putting a lot of effort into marketing.
2. Build a Strong Brand
Customized coins are an investment of time, money, and energy. Therefore, you need to make sure that the branding is impactful enough, so that when people see it, they immediately associate it with a successful business or organization.
The most important aspect of building this brand is creating unique designs. Customers do not necessarily buy products from a business because it is the only seller in town. What matters is whether or not their design stands out among others. This means taking advantage of the current trends and using colors and designs that are trending.
3. A Sound Marketing Strategy
Marketing strategies take two forms; online and offline. You’ll need to decide which method to use first and focus on this method exclusively. Online marketing usually refers to the use of sites such as Facebook, Twitter, Instagram, etc. Offline marketing includes traditional methods like flyers, brochures, magazine ads, catalogs, newspaper ads, radio advertising, and local television ads.
To succeed in the selling of custom Challenge Coins, people should consider focusing on online marketing more than any other form of marketing. The reason is that this form of marketing has several advantages over the others. For example, internet marketing is less expensive compared to other methods.
Also, with the advancement of technology, people communicate through social media platforms nowadays. These platforms allow individuals to easily share information regarding the products they sell. Therefore, an established business could easily gain followers and become famous if they have a great campaign or promotion.
4. Have a Solid Financial Plan
The selling of custom Challenge Coins requires a substantial amount of funds. Therefore, you will have to plan ahead and set up a clear budget to cover all expenses associated with the project. When setting up a budget, you must be careful about cutting costs that may lead to reduced profits later on.
One way to reduce costs is by choosing smaller printers for printing the physical coin pieces. Another method is by ordering fewer quantities of coins. However, these are costly ways to save.
5. Price The Coins Fairly
To attract many clients, you need to price the coins fairly. If priced too high, you may lose your target audience, who would rather purchase from someone else or stick with the brands they already trust. On the other hand, pricing low will result in low sales.
So, figure out the average cost of making each coin before deciding on its final price. The price should also be guided by other factors like size, color, quantity, rarity, and condition. Thus, by calculating a good profit margin per each coin, you can come up with ideal prices that will best fit your financial goals for your Custom Challenge Coins.
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