Awards always are inspiring and the most intuitive way to make the business productive and growing. For the sake of simplicity and comprehension, I would like to categorize awards for a business in two major folds: External & Internal.
- External Awards are for the recognition of the entire business as an entity that receiving an award. For instance, The Best Workplace awards, The Best Company awards, and so on at different levels.
- Internal Awards are for the recognition of employees and customers belonging to or deal with the business. For example, the best employees of the year, the best team award, and the best customer awards.
Keeping both categories of awards for a business, I am going to illustrate how awards can grow your business to the next level if the program is implemented righteously. I try to give you top-ten reasons regarding it.
Reason 1 – Awards Are for All Businesses
If you think only start-ups are running after the business awards in their business community to get recognition are reap other compensations come with an award, you might be wrong here.
SMBs, big brands, and even huge enterprises or organizations are thirsty to have various awards to sustain and grow in the niche market.
Many awards offer categories and subcategories based on
- Size of the company
- Revenue earned
- Maturity level
It means everyone has some room to fit in a category and subcategory to compete with companies with equal strength or capacities. It increases the chances of winning an award for all levels of companies.
Reason 2 – Awards Are for Getting Recognition Cheaply & Instantly
For start-ups and SMBs, most of the awards demand the bearable amount of funds and resource allocation to enter the award. For instance,
- Award entry fees ranging from $150 to $600 per entry
- In-house employees can prepare the entries and accomplish the formalities with some practicing
- After understanding rules & regulations, as well as implementing the same with the right zeal and teamwork, winning the award becomes easy for the company management and entire staff.
After winning, the company can get recognition automatically. How? A winner company can get organic press coverage, social media buzz, and a logo to get online recognition and a physical award like a medal or trophy to offline pride.
Reason 3 – Awards Are Cost-effective Way to Do Marketing
Effective marketing technics need some stuff to highlight and a message to draw the attention of prospective customers or win fans for the brand. Business awards come with award-logo and a tangible award-object like a trophy or medal.
The marketing team can use award-logo in print or sales material online as well as offline to give it prestige. The news and taglines regarding award-winning become an attention-grabbing message for the marketers.
Reason 4 – Awards Are Matter of Pride
Most of the mid to top level of awards have an elegant design and eye-soothing materials for stunning & engaging the onlookers in the first place. So, companies keep awards and trophies in appropriate containers like a case or glass-covered cupboard in their offices, especially rooms, galleries, and lobbies.
It can impress the visitors and esteemed customers and becomes a matter of pride for them.
Reason 5 – Awards Can Bring More Customers
Psychologically, business awards can bring external validation regarding the purpose of awards. If a business award is representing the technical innovation capabilities of the winner company, it becomes a valid certificate indirectly among the niche business members or a community.
The business awards or trophies are establishing the winners as experts and authority figures in their industries. It ultimately turns into more and high returning customers with a lot of repeat sales.
Moreover, thanks to media attention and social buzz, more people want to do business with the winning company by considering it more reliable than other competitors.
Reason 6 – Awards Can Bring More Talents
Once you establish your business as a leader and expert in your niche category, talented candidates automatically tempt to apply on your open positions in the recruitment media or channels.
Similarly, Glassdoor’s Best Place to Work like awards or recognition programs can add one more feather in your recruitment drive to catch high-quality talents.
If your company or organization is offering a regular employee recognition award and events are celebrating in public with enough media coverage, you have good chances to lure talented and experienced employees from other companies in your niche market with the least efforts and standard compensation packages.
Reason 7 – Awards Are Productive for All Businesses
If you want to make your top to bottom levels of employees and even cofounders, you can go for internal recognition programs or look for external business awards to make your talent more competitive than before and productive as a result.
For example:
- Webby Awards for web programming
- Communicator Awards for web design
- Hermes Creative Awards
- Horizon Interactive Awards
- MarCom Awards
- American Business Awards for general business
- Best in Biz Awards
- Golden Bridge Awards
You can choose your award based on your business category and products or services you offer. You can encourage your technical and non-technical staff to participate in their external award programs by appropriate funding, time, and resource allocation.
Reason 8 – Awards Can Help in Branding
Some awards like “Fastest-Growing Company of the Year”, “Start-up of the Year”, “Entrepreneur of the Year” and so on are the brand-building opportunities if exploited carefully. A business can improve reputation and recognition in the market to survive and grow.
Once a business wins a prestigious award, it has a good chance to mention the same in the entries of the next awards. It proves impressive and opens the door for other awards in higher categories.
Reason 9 – Awards Can Improve Strength of a Business
We have seen that awards bring recognition, reputation, productivity, talents, and most importantly, great assistance in the marketing at all levels. It strengthens the fundamental aspects of the business and enhances prospects to grow further or diversify in positive directions.
Reason 10 – Awards Can Enhance Loyalty Everywhere
The award is a great trust-building thing in the B2B and B2C markets. Customers, suppliers, and even investors are considering high-quality awards as a positive sign to place trust in the award-winning company.
External awards establish the company as an authority in the niche market. Internal award programs depict how an organization is serious about performance and productivity.
In sum, awards make customers loyal, engaged, and repeat. Suppliers and investors give more credits for an extended period and help the company to grow without much financial hassles in the fiercely competitive market.
Final Words:
Olympia in Australia is providing great consulting services when you are looking for innovative options for awards, trophies, medals, plaques, and gifts. Your deal with Olympia can prove a growth engine is boosting exercise in the long run. Would you like to talk about it?
