Why it pays to enter awards.
If you’ve had to change your marketing plans in light of Covid-19 and, as part of that, have dropped your awards budget, that’s totally understandable. However, here are a few reasons why it might pay to re-think your strategy and bring awards back into play.
1. Award wins showcase your positioning
Awards and accreditations are a very visible way of demonstrating your positioning, vision and values – IF they’re aligned with those of the awarding body (and I suggest they always are). Otherwise why are you entering them in the first place?
For example, have you done something outstanding in the digital world? Then the Digital Impact Awards can help to position you as being at the forefront of the industry, having delivered superior results for your clients.
Or, if you genuinely understand the importance of workplace engagement and you truly value your people, then there’s no better accreditation to have than the one from Best Companies.
By carefully selecting the awards that are right for your business, you will attract new, and more importantly, like-minded clients, which will enable you to do the work you want to do.
2. Awards influence buying decisions
According to a survey by Boost Marketing, 82% of businesses are influenced by awards, and almost half of those surveyed thought that award-winning suppliers deliver superior products and services.
In fact, they were the #1 factor in choosing suppliers – probably because they provide an impartial seal of approval. If a client appoints an award-winning business, the risks associated with changing supplier are vastly reduced for them. Therefore, it pays to have a well-considered awards strategy in place.
3. Awards can result in significant financial gains
In some instances, awards can give you the permission to charge more for your products and services because of that quality stamp. But there are also the financial gains to be had purely from winning new business.
According to Awards Intelligence, a survey for the British Quality Foundation showed that award-winning businesses started to show improvements in their financial performance in just year one post-win, with both sales and share value also having increased by year three.
And finally, when it comes to selling your business, leading mergers and acquisitions specialists note that the right awards will add value to your proposition and are an important consideration.
4. Awards provide recognition for individuals
Obviously, awards can be great for the businesses involved, but they can also provide great opportunities for companies to publicly recognise the individuals behind the win. The programmes I put together for agencies always involve ways of celebrating the people involved – that might mean attending the ceremony itself, calling them out in any press coverage gained, or even having an internal celebration and reward. Whatever it is, it’s important that the business recognises the talent that delivered the results.
So there you have it. Four solid reasons why it pays to enter awards. If you’d like to rethink your awards strategy or need any advice, I’d love to hear from you.