Challenge coins have their roots in the U.S. military. The military used them to represent units and other groups and to show appreciation for successful operations. The term challenge comes from the practice of checking to ensure that all members had their coins. As veterans reintegrated into civilian life, challenge coins have become pervasive outside the military. Many people enjoy collecting them, and that opens up opportunities for companies.
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1. Employee Recognition
Many companies use challenge coins for the same reason the military long has. It’s an opportunity to team build and celebrate. Your company can use the coins on both an individual and group basis. Some companies, for instance, give out a special coin to employees when they reach 10-year milestones. Others give them out on a per-project basis. If a new product initiative is particularly successful, a challenge coin can recognize all the hard work that went into that success. You can even have coins for the different departments that better reflect their roles.
2. Building Community Goodwill
Companies often take active roles in the communities they serve or reside in. An example is fundraising for a charity that’s important locally. Another is finding ways to help local groups, such as the fire department, police department, and so forth. There’s a lot of opportunity in these spaces to use challenge coins effectively. You can design a challenge coin you sell as a charity fundraiser. You can give these challenge coins away to bring awareness to a charity or group. Another option is to give coins directly to the people you’re supporting, such as the local firefighters.
3. Promotional Products
Because challenge coins are so popular and so many people collect them, they’re an incredibly effective marketing tool. One example is car dealerships that give out challenge coins to prospective customers who take a test drive. If your company is in retail, you can design a coin that brings more people into a big weekend sale. Another example is local politicians who use challenge coins to get their names out there and spread awareness of their platforms.
4. Business Card Coins
A clever use of a challenge coin is to use it as a business card. It’s highly memorable, and the coin can have all the information the prospective client may need. There are a couple of different approaches to using challenge coins as business cards. Some businesspeople use the challenge coin in lieu of any card at all. Others hand out traditional cards with the coin attached. This lets a person keep the card more easily in their wallet.
5. Motivation for Customer Feedback
Companies often struggle to get feedback from their customers that’s well thought out. Some even pay customers to take surveys because the feedback is so valuable. Challenge coins are an effective alternative to money and expensive rewards. They’re relatively inexpensive, and for many people, there’s even greater motivation to participate than there would be for a gift card that actually costs more than the coin.