Not sure how entering a business award can boost your growth? Here’s how…

Recognition

One of the biggest reasons that businesses enter awards is for the recognition they receive. Winning an award can bring recognition and status to a business, it can also enhance the company’s reputation, help to increase brand awareness by getting their name and story out there, and attract new clients and customers.

80% of people who make buying decisions will choose an award-winning business over a non-award-winning business.
(Source: University of Leicester for the British Quality Foundation and the European Foundation for Quality Management).   

It’s clear that customers would much rather buy from businesses that are award-winning, so by entering an award a business is setting themselves up for better custom and more future sales, and significantly increasing their overall customer retention.

Not only does entering an award increase visibility with competitors and customers, but it also increases awareness for suppliers, vendors and even investors.  It allows the company and its team to be surrounded with like-minded, entrepreneurial people who may choose to do business with them in the future.

In most cases, increased visibility will also have an impact on financial return.  Customers who choose to purchase from an award-winning business will also be more than likely to recommend the people they know as well, therefore increasing sales in the long run.

Credibility is often high up on the priority list for buyers, and having an award-winning seal of approval on a business or product gives advantages over its competitors.

Businesses need ways to stand out from their competitors, and by entering awards it provides them a way to differentiate themselves in an otherwise crowded marketplace.  When selecting the category carefully, it allows them to generate a niche that assists in creating a unique selling point for their products or services.

In the last year of monitoring, winning companies experienced even greater increases against the performance of comparison companies with sales growing by an average of 77%.
(Source: University of Leicester for the British Quality Foundation and the European Foundation for Quality Management).  

 

Validation

The process of entering an award can motivate employees, boost morale, and create a sense of pride within the company. When a business wins an award, it can also provide a sense of accomplishment and validation for its employees. Employee morale is hugely important within any business, and helping to recognise the effort and hard work they put in can be achieved by entering an award.

By undertaking positive actions, a company will create productivity and progress within its team, and this will help to set a standard in which employees can aim for.

When applying for an award, the application process often involves self-reflection and evaluation. Even if a business doesn’t win, they can receive valuable feedback on their strengths and weaknesses and use this information to improve in the future.  It allows them to review their current progress and analyse how to develop their company and/or product going forward.  This in itself is a huge benefit of entering an award because it acts a steppingstone for growth.

 

Free Marketing

Another benefit of entering an award is the networking opportunities it can provide.  It can help to build relationships with fellow businesses in the sector, judges, and industry experts, leading to potential new partnerships, collaborations, and business opportunities.

Even if a business doesn’t go on to win the award, just by being shortlisted or getting to the final is something great to shout out about and is something that others respect.

Entering awards can be a great marketing tool to showcase a business and can increase PR exposure, even by just being shortlisted.  Many local newspapers and reporters are keen to shout out about upcoming awards and their entrants, helping to get the word out about a business and what they do.  It’s a way to put the spotlight of success on a business.

For some small businesses they may not have many marketing resources available to promote themselves, and so by being in involved in awards it becomes a way of them being able to raise their profile from the PR generated and showcase their services, capabilities, achievements, and their story.  The PR produced from awards can then be shared across a business’ communication channels and social media, further widening the reach.

 

Benchmark of Excellence

Awards deliver a benchmark of excellence within an industry and gives businesses something tangible to aim for in order to become the best of the best.  Having goals within a company are important to its growth, and many who enter awards will do so year on year, providing them with a road map to success and maintenance of their high standards.

If the business doesn’t succeed in winning the award, it is still a great way to track progress and gives them something to aim for in future awards.  Sometimes this can be more valuable than the award itself because it forces businesses to look at themselves from a different perspective.

A benchmark of excellence will urge businesses to become more innovative and creative in what they deliver and assists in pushing boundaries within the industry they are part of.

All in all, the benefits of entering an award, even if a business does not go on to win, are great tools for reflection, to increase potential sales, and network within the industry.

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Pure Awards is an expert business award writing, grant writing and content creation agency with over 10 years’ experience.  For more details about our services and who we are, visit our website.