If you are like many entrepreneurs or business owners, being recognized for something you have down well is very good. It is encouraging and also motivates you to keep working hard. For a business, what are the benefits of winning business awards?
I have brought up this issue because I organize and host upstream awards. These are awards for the upstream oil and gas industry.
A lot of people have come up to me to ask whether entering into a business award makes sense. You might be wondering what benefits of winning business awards are.
This article is aimed at helping you understand the value of being part of business awards can do to your business.
What are the Benefits of Winning Business Awards
There are many benefits that you can accrue from winning a business award. These include;
- Free marketing.
- Bench marking.
- Increased Credibility.
- Employee Motivation
- Attract Talent.
- Public Recognition.
- Enhanced Visibility.
- Value for Your Company
- Differentiates you from competition.
- Higher charges – reputation.
- Attract new investment.
- Networking opportunities.
- Increased customer loyalty.
- Educates your target audience.
- Positioning your company.
- Boosts sales and revenues.
- Helps you reflect on your skills.
- Levels playing ground.
- It is fun and enjoyable.
It is important that you consider entering into a business awards. Even if you do not win, you will get a ton of value from participating.
19 Top Benefits of Winning Business Awards
Entering and being part of awards is beneficial to you and your company.
There are a number of ways in which you get benefits of winning business awards in your sector.
Let us look at some of the benefits;
Free Marketing for Your Business, Products or Services.
Your company, products or services are going to receive a great deal of free marketing.
This comes from alignment with the marketing for the awards events. You can be featured on radio, TV adverts and other forms that celebrate winners of an award.
Being part of an awards program is one way to benchmark against other businesses in your industry.
Whether you win or not, you will be able to know what it takes to become the best in the market.
As an entrepreneur, this is important. You will be able to improve your products or services to ensure you win again.
When your company wins, it creates credibility in the market. It sends signal to the market that others regard your business highly.
This will lead to increased credibility for you as an entrepreneur and for your business.
Awards are a good tool or program to motivate your staff or increase your employee motivation.
Appreciating your employee is a powerful thing. It shows that your business cares and you are interested in the welfare of your team.
A motivated employee will be more productive and this will show in the results they bring to your business.
Attract Talent to Your Company
Each one of us is usually attracted to people who win. To people who are succeeding.
It is the same case to talent in the market.
When your business wins an award, you get a lot of publicity. This will attract people who will want to work for your organization.
This means that you can be able to attract top talent to your company.
By their own nature, awards come with lots of public publicity. There will be very many occasions for you or your business to be showcased in the media.
For example, some awards require that winners engage with media, take photos, have media interviews or promote the wins on media.
These activities will provide your business with recognition that otherwise would be very expensive to get.
As an entrepreneur, it is possible that you have tried and executed different strategies to gain visibility in the market.
One way you can achieve this is by entering into an industry award. It is better if your business wins an award in one of the categories.
This would dramatically enhance your visibility in the market and drive more business leads to you.
Value for Your Company.
When you get positive recognition, your business gets positive goodwill in the market.
This is an intangible asset. If you analyze most balance sheets of businesses, you will find a line that touches on intangible assets like goodwill.
Winning an award will increase your goodwill, and this creates additional value to your company.
Differentiates you from competition.
Winning in your industry is a differentiating factor by itself. It shows you are different from your competition.
Your business is better. That is the subtle message winning a business award sends to your target audience or market.
It is the reason you find high competition for various awards.
You Can Charge Higher Prices.
There are many ways in which you can increase your revenue from increased prices.
A good excuse to do this would be right after your business secures a win at an awards competition.
There is already a positive market sentiment about your company, products or services. This will help you to increase your prices or charger higher without getting negative sentiments.
Attract New Investment.
Investors are always looking for places to deploy their resources.
It is common that an investor will be interested in business that is doing well financially, and that has demonstrated potential for success.
When your business wins an industry award, you get into the radar of potential investors.
Events provide a good ground for networking.
If you are part of an awards ceremony, you will have great networking opportunities.
You will be able to meet new people who might end up being part of your business ecosystem.
Networking is important and can open doors to new clients or business partners.
Increased customer loyalty.
Winning an award can help you to increase customer loyalty.
It is common to find public participation during awards process. This can be from nomination to voting for the best businesses in different categories.
Having your customers involved in this process is a smart way to increase engagement and loyalty among your key customers.
Educates your target audience.
You can use the opportunity that comes with winning a business award to educate your target audience.
With all the publicity and marketing you are getting, use it to showcase your products or services.
Let people know what your company is all about, what you stand for and some of the great things you are achieving.
Positioning your company.
You are going to get positive brand or company positioning from winning an award.
This is going to provide a boost to your team’s effort when it comes to positioning in the market.
You can leverage winning an award to enhance your business standing in your industry or market segment.
Boosts Sales and Revenues.
The objective of every business is to be able to turn a profit from operations.
When you win an award, your business will get visibility and recognition in the market. This is from all the marketing done pre-awards event and post-awards event.
This has the potential to reach current and potential customer. If you do it right, you can use winning an award to boost your sales and increase your revenues.
In essence, you can end up having higher profitability as one of the benefits of winning business awards.
Helps You Reflect on Your Skills.
Every award has an application process, where you showcase your best skills, metrics, products or services.
This provides an opportunity for you to reflect on the best things working for your business.
When it comes to individual awards schemes, this also will help you to understand your skills or career progress.
Therefore, business awards will help your organization to fully understand or fine-tune internal processes or systems.
Levels the Playing Ground.
Industry awards provide a level playing ground for all kinds of businesses.
You will be able to compete against the large or small companies. This is of great benefit to small businesses, who would otherwise be unable to showcase their products or services.
I have seen small businesses winning and defeating big organizations. The free marketing and publicity that comes with winning an award is of great benefit to your business.
It is Fun and Enjoyable.
People love having fun.
Being part of an awards process, and the awards event provides an opportunity for you to have fun.
It is a great chance for your team to also bond in an environment of joy and fun.
This improves the relationships within your business. You will also enjoy sharing fun moments with colleagues in your industry.
In the long term, having a team that enjoys working together will give you
In conclusion, winning a business award is going to provide you and your business with a lot of benefits.
In this regard, you should find and enter the awards in your industry. It is possible that there are several awards program in your market segment.
As I mentioned above, you can easily use business awards to promote your business, increase your industry segment and to attract top talent.
People like being associated with winners. You will find that winning business awards is going to provide a positive vibe for your brand.
There is great value in corporate awards and recognition programs. Your business will accrue huge benefits of winning an award within your industry or niche market.