Are Awards Good For Business?

Are Awards Good for Business?

Have you entered your business for any awards?

Watching last month’s Oscars ceremony got me thinking about awards, in particular business awards.  There’s no doubt that winning an award or achieving an industry standard or accreditation can be good for business.  Awards can help your business stand out from the crowd, boost employee morale and aid your marketing activity and even lead to increased revenue.

Entering awards can however be a time consuming and costly process. In this blog I’ll explore the benefits of winning business awards, as well as provide tips for how to best position your business for success when applying for them.  Learn how participating in and winning business awards can benefit your company’s credibility, brand awareness, and employee motivation, as well as provide valuable networking opportunities and feedback for improvement.

Business Awards – The Benefits

Entering and winning business awards provides you with a number of opportunities that can help your business to succeed.

1. Increased Visibility – It’s likely that you’ll receive media coverage and publicity following your win. You might even be able to use the award name in your marketing activity.  All of this can help you reach new customers and markets.
2. Enhanced Credibility – Winning an award demonstrates that you have been recognised by experts in your industry, which can in turn help build trust with customers, investors and stakeholders.
3. Competitive advantage – Awards can help you to stand out from the crowd and demonstrate a point of difference. Some awards for example allow you to use their logo / branding in your marketing material, this might make you more attractive to customers.
4. Employee Morale – Being an award winning business can demonstrate to your staff that their hard work and contributions are appreciated and valued.
5. Networking Opportunities – As an award winner there might be opportunities for you to network with other businesses and industry experts. These can help you to build relationships, share best practice and even gain new insights that could be beneficial to you.
6. Improved Financial Performance – Being an award winner can open your business up to new markets and customers. They also have the potential to help you attract new partners and investors.  Ultimately the increased visibility of your business can lead to increased sales and revenue.

Business Awards – The Cons

Whilst awards can be beneficial to business and a source of pride they can be contentious.  The reasons include

1. Subjectivity – By their very nature awards are often judged subjectively by a panel of judges or industry experts. This means that the criteria for winning can be somewhat ambiguous and open to interpretation, leading to disagreements over who should win and why.
2. Bias – Judges may have personal or professional relationships with some of the companies being considered, or they may have their own bias or preferences that influence their decision-making.
3. Transparency – Some business awards are not transparent about their judging process or criteria, which can lead to suspicion or mistrust amongst participants and the broader business community.
4. Pay to Play – In some cases, businesses may have to pay a fee to be considered for an award, or to attend an awards ceremony. This can lead to accusations that the awards are more about generating revenue for the organisers than recognizing genuine achievement.

Business Awards – How to position your business

Crafting a winning business awards entry takes time and a certain amount of skill.  Here are 7 tips to help increase your business’s chances of winning.

1. Do your research – Obvious maybe, but it’s important that you research the award and the entry criteria. That way you’ll be able to tailor your application to ensure it meets the award’s criteria.
2. Highlight Your Unique Selling Proposition – Whether you’ve got a unique product or service, a strong brand identity, or a sustainable or social responsible business model, remember to highlight it in your entry. Why, because it will help you to stand out from the crowd.
3. Showcase your achievements – Whether it’s financial performance, business growth or customer satisfaction, your achievements are a valuable part of your award entry. Why, because they help to demonstrate your business is growing, cares about its customers and is likely to be around for the long term.
4. Provide evidence – It’s very likely that the award criteria will require you to back up any claims that you’re making. So for example if your claim is that your business has a high number of Five Star Google reviews you’re going to need to demonstrate this.
5. Focus on Quality – As I’ve said before entering awards is a time consuming job, not least because the application process can be time consuming. Make sure your entry is well written, error free and provides all the necessary supporting evidence and information that you’re asked for.
6. Use Storytelling – Tell a story about your business, the challenges you’ve faced and how you’ve overcome them. Why, because it will help the judges to connect with your business on an emotional level.
7. Network – This might seem an odd one, but networking with other businesses and industry experts can help to build your reputation and credibility and ultimately your chances of winning an award.

Business Awards – Which ones should you enter?

There are a wide variety of business awards that can be beneficial to your business as I explain below.  Before deciding on which one to enter though it’s important to make sure that the award aligns with your business’s values and goals.

1. Industry Awards – Given by industry organisations or publications for excellence in a particular field or category. Winning one of these can help to establish a business as a leader in its field.
2. Customer Service Awards – Awarded to businesses who’ve delivered exceptional customer service, they can help improve your reputation and increase customer loyalty.
3. Innovation Awards – Such as the King’s Award for Enterprise – these recognise businesses that have developed innovative products, services, or processes. Winning one of these can help establish you as a thought leader in your industry and can generate positive media attention.
4. Environmental Awards – Showcasing your commitment to environmental sustainability, these can help to enhance your reputation and attract customers who are environmentally conscious.
5. Employer Awards – The Sunday Times Top 100 Places to Work for example.  These awards are given to companies that provide a positive environment for their employees. Winning this award can help to attract and retain top talent and improve a business’s reputation as an employer of choice.

In summary business awards can be a powerful tool for recognising and promoting excellence in companies across a variety of industries.  Whilst they have their pros and cons, the benefits of participating in and winning business awards cannot be ignored.  From increased credibility and brand awareness to employee motivation and networking opportunities, there are many compelling reasons why companies should consider entering business awards.

Finally, while winning a business award can be a great achievement, it’s important to remember that awards are just one measure of success for your company.  As a business coach, my goal is to help you develop a strong vision, strategy and plan for success, regardless of whether you wish to enter yourself for awards.

Want a cheerleader for your business? Then Book a Free 1 Hour Coaching Session and let’s get you on the right track.

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