Numismatics is the study or collection of currency, including coins, tokens, paper money and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. (source – Wikipedia)
Every day we use coins and paper money to make payments. But have you ever wondered about the history of money? Money museums typically focus on history of payment formats right from barter to cash to digital. In the context of museums and archiving practice
So what are some of the avenues of marketing & branding for a money museum?
When thinking about marketing activities it is prudent to be mindful of about the focus of the activity. Two possibilities:
- Equity enhancement translating into greater footfalls over time
- Footfall increase in the short term
While one may argue that the two are inter linked having a sharper focus helps manage expectations of various stakeholders. This also helps in choosing the type of relevant activation to deliver upon the said task.
Given the focus of these museums is financial transactions possible avenues of brand value enhancement could be via the following ways.
- Inviting professionals from the field of financial PR & journalism for an open house. Organizing panel discussions on future of money
- Holding financial literacy workshops amongst youth & marginalized population on savings related topics
- Conducting B school quiz programs on financial instruments of the past, present and future
- Pioneering research on how people feel and deal with money across target groups, regions, demographics etc. in partnership with financial new papers, journals or TV channels
- Offering the museum setting as a venue for a TV debate on the national budget with mentioned credits
- For numismatic collector & enthusiasts special museum pop up days that allow individuals to display their personal collections and share their collection stories with the community and visitors
- Conducting courses for numismatic fans
- Inviting financial bloggers to preview exhibitions and write about the museums. Offer them early access and behind the scene footage to help them bring alive their stories about the museum.
It is critical to understand that unlike a product which is tangible a brand is an intangible construct. It resides in the people’s hearts and minds. In so much a brand is much more than the logo or the physical construct that identifies the product or service it is associated with. However effective marketing strategies can bring alive the promise and ethos of the brand. It can positively influence the image & impression the brand creates in the minds and hearts of the target audience. Over times such initiatives build & enhance the equity of the brand.
Partners who could be approached for such branding associations may range from banks, insurance firms, numismatic societies, business news papers and TV channels, MBA schools offering a finance major etc.
Can you think of some more ways a money museum could promote and build equity? Send us your suggestions below…
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