‘So, you want to win an award?’
Today, businesses of all shapes and sizes face the challenges and rigour of an increasingly competitive economy and business environment. While most undertake conventional business development activity aimed at growing revenue in the shorter-term, many have come to discover the high value and benefits of awards. Benefits that can fast-track a business’s reputation and importantly, allow SME’s to compete with Corporate Companies.
Research conducted by the University of Leicester shows that award winning companies see improvements in financial performance after just a year of winning their first award. Indications are that the immediate boost to sales, through improved profile and credibility can be as much as 37% in the first year alone. And just three years after receiving an award, these companies typically outperform their non award winning competitors by an average of 17% in sales and increase the value of their businesses by as much as 36%.
So, approached correctly, business awards are a very powerful sales tool to aid business development and really help close business opportunities - but sadly, are an overlooked tool in the marketing mix for many. However, those embracing awards are reaping the benefits and accelerating the success and value of their businesses.
Many shy away from awards as they believe that you only succeed if you win, when in reality you succeed simply by taking part. As I like to say “You don’t win or lose with awards; there are just degrees of winning.”
Whichever way you look at it, awards offer a real and significant advantage to those that make the effort. Yes, entering awards requires time and energy from any business (what doesn’t?), but the return on investment, both internally and externally is high and something I would strongly recommend. And this is why.
Whether you win or lose, the whole approach to entering awards gives you the opportunity to take a step back from the business to assess your aims, achievements and what’s really good about your business, which can then be consolidated for the award entry but adds value across the business as a whole. Helping you to identify the aspects of your business that truly matter to you and importantly your customers; clarifying your message and better positioning your business going forward.
One of the clearest benefits of entering and winning an award can be the immediate boost to workplace morale, particularly if employees have been involved in the process. Employees enjoy working for successful companies. Winning, being nominated or shortlisted for an award gives the opportunity to recognise employees for their contribution to the business – which also delivers a welcomed edge in the recruitment market. Award winning companies that I have the pleasure of working with and have supported in the development of awards submissions understand this and fully engage with their teams (plus customers and suppliers for that matter) from the very start. Making awards a highly regarded and valued business activity that reinforces their market leading positions.
The benefit to profile and reputation are significant. For existing customers, there's the reassurance that they made a good choice in working with a business that has been recognised with an award or nomination. For prospective customers, awards set you apart from your competitors, and help to persuade potential buyers that you are a credible choice. The award event itself provides networking opportunities and recognises businesses in front of their peers, clients and suppliers – adding immediate value to reputation and building a company’s profile.
Add the financial benefits to the other advantages award winners enjoy such as enhanced reputation, differentiation, free publicity, increased trust, a higher profile and better staff moral and the question is: Can you afford not to be adding awards to your marketing mix?
