Denise O’Leary on the commercial benefits of business awards.
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A new year means a new focus on your marketing strategy and what needs to be achieved in the coming 12 months. This could include the need to raise your brand profile, develop your team, win new clients and importantly retain your existing ones.
There are many reasons why business awards should form an integral part of your business marketing strategy but the new year in particular presents a great opportunity to consider what awards you are going to enter over the course of the year and why this will benefit your business in a wide variety of areas.
They also provide an excellent opportunity to assess where the business currently is, what has recently been achieved and how challenges have been addressed and overcome.
Awards offer a key way to refine your goals for the year and bring benefits including increased exposure as well as networking. Each award entry needs to be treated as a bespoke marketing campaign.
If awards aren’t yet on your agenda, you are missing out! The benefits of participating in, never mind winning, business awards are immeasurable.
Winning an award can also boost team morale, drive competitive advantage and secure trust in your business – all valuable assets when looking to motivate your team and attract dynamic new staff.
Achieve independent validation
Entering, being a finalist, and ultimately winning an award are great ways to showcase how good you are in your sector and achieve that highly desired independent validation.
The benefits of being independently assessed and judged can be hugely important as this provides a badge of credibility that your business will possess well into the future.
Boost team morale
Keeping and attracting the best talent for your business is key to future success. Winning an award has a hugely positive effect on team morale.
If awards aren’t yet on your agenda, you are missing out! The benefits of participating in, never mind winning, business awards are immeasurable
Not only do they get to say they work for an award-winning business, they might also get to attend the award event and make an incredible experience out of it. Your team will be proud of the award and shout about it.
Enhance your credibility
An award massively boosts both your business and your product’s credibility in the eyes of consumers. This provides a concrete seal of approval that evidences the quality of the products or the services you offer.
Social proof is one of the most influential factors in a consumer’s decision-making process.
Generate free PR
If you get shortlisted or win, you will gain many benefits – an award gives you the edge against your competition and validates your work. PR opportunities that come from a win help to build your reputation, provide new business opportunities and the chance to gain new clients, as well as providing something to shout about to existing clients. Awards and the associated ceremonies are also great for networking
Secure trust in your business
The entry process itself is a valuable one and the information gained during the preparation of the entry can be used to further refine your business operating procedures, so it is a hugely constructive and educational exercise.
An award win also acts as an aid to the buying decision – it is an indicator of business quality and stands out among the competition. Not only does it help new clients in their purchasing decision, it reaffirms the choice made by existing clients, helping with your business client retention.
The research and activity of completing the application concentrates the mind on what has been achieved by the business.
Drive real commercial benefit
Winning can also deliver commercial benefit. You could increase your prices, raising the perceived value in your marketplace of the product or service that you deliver. Faced with a choice of an award-winner or not – which would you choose?
About the author
Denise O’Leary is the founder of Purpol Marketing, and author of Winner – How to Win Business Awards.