As an entrepreneur, I know that awards and industry recognition are very important to a business. In fact, very many companies invest a lot of resources and time on getting business awards. This can make one wonder; why are corporates obsessed with awards?
The reasons are beyond just your vanity as an entrepreneur or business owner.
There are several positive reasons why corporates are obsessed with awards and include marketing, branding, ability to charge higher prices and increased credibility.
In this article, I am going to share with you more on the value awards bring to a corporate entity.
Business awards in your industry have a lot of benefits. They include an opportunity for you to promote your products or services. You can also use the awards to validate the success level of your business.
For you to accrue these benefits, you should ensure you participate in your sector’s awards.
The benefits that come with awards are some of the reasons why corporates are obsessed with awards.
It is impossible to ignore the focus, resilience and discipline that is exhibited by champions. If you watch sports, you can feel the pressure and the excitement whenever someone wins a trophy.
The feeling is the same when it comes to business. You can be obsessed with awards and how those affect your business or employees.
Most people like and admire winners. I am sure you also have a soft spot in your heart for people or businesses that win.
Business leaders understand this. It is one of the reasons corporate are obsessed with awards.
Why are Corporates Obsessed with Awards?
The reasons corporate are obsessed with awards include;
- Marketing opportunities.
- Bench marking.
- They attract top talent.
- Increased credibility.
- Motivate staff.
- Builds corporate brands.
- Thought leadership positioning.
- Increased pricing.
- Creates business value.
As you can see, a corporate institution can get the above benefits from being part of an awards program.
Now you understand why business leaders can be obsessed with industry awards.
9 Reasons Why Corporates are Obsessed with Awards
If you are wondering why corporate consider or obsess over business awards here are the top reasons;
Awards present corporate with great marketing opportunities. There is usually a lot of publicity and promotion associated with business awards.
Being part of an award program, you business is going to benefit from these marketing opportunities.
The value of such publicity is very high. You are going to get free advertising, which would otherwise cost you thousands or millions of dollars.
When you are running a business, it is good to know or understand how you compare in the market.
One of the reasons why corporates are obsessed with awards is the opportunity they provide for bench marking.
The application process for entering a business award can often force you to look at your business from a different perspective and compare yourself to your competitors.
You will need to make sure that you stand out from the competition whether that’s through innovation, diversity, growth, customer service, investment in people and strategic thinking
They attract top talent.
When your business enters or participates in awards, you get an opportunity to attract top talent.
The positive vibe that awards attract is good if you are interested in hiring. Many people consider award-winning businesses positively.
You will therefore see increased interest from those seeking job slots.
Every business leader or entrepreneur seeks positive sentiment in the market.
Being nominated, short-listed or winning a business award increases your credibility in your industry.
It is an external form of endorsement, a sign of quality and this can help build relationships with customers and suppliers.
This is a great way of differentiating your company from competitors and will send out positive signals to customers.
Another reason why corporates are obsessed with awards is that they recognise hard work of the staff members.
Winning an award will help an organization to boost the morale of the employees. This will improve the motivation within your business.
Builds corporate brands.
When you are starting or building a business, creating a brand can be tough. It can cost you millions of dollars in advertising.
However, being part of awards comes with marketing, promotion and branding opportunities.
It is one of the reasons why corporates are obsessed with awards. You will have an opportunity to improve your brand when you enter or participate in awards.
Thought leadership positioning.
Great positioning in the market or industry is important to businesses.
Awards can help a business to be seen as the thought leader in an industry. This is very good and can have long-term benefits to your business.
You can get more business as customers see you as the leader in your sector.
Another aspect that makes corporates obsess about awards is the opportunity to raise their prices.
It is possible to improve or generate more business revenue by increasing your prices.
When you participate in awards, your value in the market goes high. The perception created by awards is that your products or services are good or premium.
This provides you with a chance to increase your prices or charge higher. You will be smiling all the way to the bank provided you can ensure you manage your costs.
Creates business value.
When it comes to the value of your business, awards can increase your value in the market.
In finance you can capture this as an intangible asset. The positive goodwill your organization has in the market.
For example, the value of Coca Cola brand is high and important to the business.
You can create similar value by leveraging on award platforms to build your brand as mentioned earlier.
Importance of Awards to a Corporate Business
Award and quality marks can boost your organization’s reputation in the market.
They can also give your staff or employees a morale boost by highlighting their achievements. This means their productivity can increase, which in turn would improve your business performance.
As I mentioned above, winning an award can help to cement your credibility.
If your business has been in operation for long, business awards not only showcase your heritage, but also prove you are still dynamic and innovative.
Awards can also be great for an organization’s bottom line as well.
Research highlights that award-winning businesses can acquire a sales boost of 37 percent, as well as a 44 percent jump in their stock price.
In conclusion, the above are just some of the reasons why corporates are obsessed with awards.
It is possible that you also have reasons why you would consider business awards for your organization.
The beauty of awards is that it does not matter the size of your business, you can enter and participate in business awards.
You should consider the huge variety of awards in your industry. The benefits of winning a business award are many and can position your organization strategically in your industry.
Deciding what awards to enter could be challenging. However, you should weigh up the time and effort it would take to enter against the potential gains.
Some awards may have monetary prizes or other benefits such as coaching, advice and workshops.
However it is not just the winning that counts. These other benefits besides winning are reasons why corporates are obsessed with awards as I mentioned earlier in this article.