How Do Business Awards Increase Your Turnover?

In this post, we’re discussing how business awards increase your turnover, and what that can mean for your business.

In a previous post, we noted that ‘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).’

That is a huge percentage, especially when thinking about attracting potential new clients and customers.  Being an award-winning business doesn’t just mean receiving a shiny trophy to sit on your desk… The benefits of being an award-winning business are many, with one of the main ones being that when promoted correctly, your turnover will increase.

If you’d like 80% more customers than your competitors, then perhaps it’s time to start thinking about entering some awards!

 

Increase in Turnover

So, just how much can you expect your turnover to increase by if you win a business award?

According to the University of Leicester, smaller award-winning companies have experienced a 39% growth in sales, and large award-winning companies enjoyed a 37% growth in sales. 

Ask yourself if your business could benefit from an increase in sales of almost 40%?

Business awards are a great marketing tool, not only by giving your company a benchmark of excellence, but for how it can be used in your marketing strategy on a long-term basis.  For some smaller businesses that do their marketing in-house and haven’t always got the budget to spend on ads or PR agencies, awards can really help to boost their profile and get their name in front of new customers and clients.

Not only can awards boost your credibility with clients, but they can also enhance your reputation within your industry too.

 

Why Should I Enter?

Before starting your awards journey, take some time to sit down with your team and do the maths.  Work out what an extra 37-39% of sales and increased custom will look like for your business and then map out whether you have the current time and budget to start entering awards.  Because if you don’t, your competitors will!

Remember, that awards are a journey, and you won’t necessarily win straight away, or win every award you enter.  But it’s important to focus on what it will bring for your business in the long run.  Having an awards strategy is key and building that into your marketing and finance strategies will help to get you on track.

Final Thoughts

Entering awards can boost your turnover, visibility, and reputation.  Whilst entering awards is an investment, it combines three of the most important things businesses look for when wanting to grow.  So, they are definitely an investment worth considering.

If you’re looking for additional advice or aren’t sure which awards would be suitable for your business, get in touch with us.  We offer an award planner to companies that are serious about entering awards to help maximise their business’ potential.  For the full price and details, click here.

 


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.