You asked and today we’re answering – are business awards a waste of money?
Many businesses wonder whether entering business awards are worth it or whether they might just be wasting money that could be used elsewhere. Let’s dive in to find out more about something we get asked all the time!
How much do awards cost to enter?
Firstly, it’s important to know how much it costs to enter business awards.
We went over this in more detail in a previous blog which can you read above, but on average the entry fees for business awards can go up to around £299 + VAT.
You will also need to consider the costs of making it to the finals, as this is often a part that gets overlooked when it comes to the financial side of awards. The awards night can often be held somewhere that isn’t always local to you, so any travel and accommodation costs should be taken into account, alongside the tickets for the finals. Tickets for the awards nights vary and can cost between £75 + VAT to £249 + VAT per ticket. For the awards night you may also want to consider any formalwear and drinks on the night itself.
Then there’s the cost of a professional award writer and their services should you want assistance with your award entries. Again, the cost of award writers can vary depending on the service you require, with full entry writing starting at around £500.
So, let’s get to the point – are business awards a waste of money?
Business awards can be a large expense and something we wouldn’t recommend to companies who do not have this kind of investment available. It is always advisable to ensure you are in a position where entering an award won’t affect your finances in a negative way.
Whether you win or lose, awards are a great way to gain exposure for your business and grow your brand awareness. So, in our view, awards are not a waste of money because you are allowing your business to be seen by so many others that you wouldn’t normally. Not only will your business be seen by the judging panel and sponsors of the awards, but also by potential new clients.
Awards can also be seen as a form of marketing, from the PR exposure you will receive throughout the journey and how you can use it in your social media marketing to take your customers along on that journey from start to finish.
Business awards are a great way of networking with other businesses. Again, whether you win or lose it’s important to use it as a way of connecting with people in that space, be that other companies that have entered, or the awarding body. Because who knows what opportunities it might lead to in the future and there’s no harm in entering the award again the following year if you didn’t make it.
When writing an award, it allows you to view your business in almost outside perspective and this can be great for your future growth. Being able to have this perspective and feedback from the judges is in our opinion, worth the investment alone.
Awards impact your business in a positive way, whether you win, are a runner-up or have just submitted your entry. It shows others that you are striving to improve and willing to put your business out there in the spotlight. Extra exposure can help to get your business seen by people who may not usually see it.
What about working with an award writing expert?
To ensure you have the best chance of reaching the finals we would always recommend working with an expert award writer, simply because they have experience in exactly what the judges are looking for.
Writing an award can often be confusing and very time-consuming, and boasting of our own achievements is sometimes something we don’t like to do and usually shy away from. Therefore, having a professional do this for you ensures that they bring out the very best and most compelling stories to showcase your business in a way that the judges will notice.
A professional award writer does the hard work of writing the award for you and after a number of interviews with the people involved in your business, they will put themselves in your shoes to ensure that your brand identity and integrity shines throughout.
Some people worry that by using a professional award writer, their brand identity will get lost or portrayed incorrectly, however, the experts who write your award entry are storytellers and know how to tell your story in a way that will highlight the right parts to the judging panel.
Yes, entering business awards can be expensive, costing anywhere from £1000 upwards for just one award. However, awards should be seen as an investment in your business, not a waste of money.
According to Best Business Awards, small businesses that are award-winning can see a 63% increase in income and a 39% increase in sales. This alone is huge for the growth of your business and your brand awareness.
As we mentioned earlier, getting your name out there and showing that you are trying to improve your business is important whether you win or not. By entering business awards, it shows that you are committed to working towards a certain standard for you company, and if you do win it provides a seal of excellence that your clients and customers can visibly see. It demonstrates the hard work you and employees have put into the business and that will pay off with your increasing turnover.
If you have any questions about entering awards, or you would like to discuss our packages, click here.