How Much Does It Cost to Enter Business Awards?
Let’s talk about the cost of business awards.
So, you’ve decided to enter a business award, but aren’t sure how much it realistically costs.
Entering a business award is seen as more of an investment, than it is a cost.
According to the Best Business Awards, companies have seen a 39% increase in sales income after winning an award.
Not talking monetary terms just yet, one of the biggest costs to entering a business award is time. We went over this part in more depth on our previous blog ‘Why You Should Work with an Award Writer’, but it takes on average around 12 hours to complete an award entry. Not only does this include writing the award itself, but the research and evidence gathering too.
The Awards Investment
When preparing to enter a business award there are a few things you need to fit into your company’s budget, including:
- Entry Fees – These can vary hugely from one award to another, so it is important to do your research on the award entry pages and find out the actual entry fee prior to starting. Some awards are free to enter, however, some can increase up to around £299 + VAT. It’s also worth noting that this sometimes can be per category that you enter, so if you’re wanting to enter several categories then you need to read the full terms and conditions. On occasion, the entry fee is sometimes lessened if you are entering more than one category.
- Expert Writing Fees – Not every business will have the time it takes to put aside and write the award themselves, and if that sounds like you, you may need to consider having an award writing expert onboard. We offer several different packages depending on your needs, from our ‘Check and Send Service’ which is £125, and our retainer options of full award writing which ranges from £500+. The retainer option is spilt up over 12 months to help with budget and costs.
- The Awards Night – Often overlooked, this part is actually more important than you may think. The awards night itself is the jewel in the crown. It’s the part when you can get dressed up in your best formalwear and head to the grand award ceremony for a memorable night. Depending on the award you have entered, the dinner tickets can vary again in costs, starting from £75 + VAT, right up to £249 + VAT per ticket. If you are shortlisted as a finalist, you will need to factor this in. However, we recommend factoring it in at the beginning of your award planning journey to avoid any surprise costs later on down the line.
- Travel/Accommodation – If you are shortlisted as a finalist and the awards dinner isn’t being held somewhere local, it is also worth noting the costs of travel and any accommodation you may need in order to get to the dinner. Alongside any drinks on the night of the awards dinner, this is something you need to factor in early on.
So, are awards worth the cost?
To summarise, the return on investment you will receive is definitely worth the upfront costs of entering. It is found that an average of 80% of buyers choose award winning business over non-award-winning business. As well as increased sales, there are many other benefits to entering awards such as a boost in motivation and productivity, the overall value of the business improving, being recognised by new customers, suppliers and investors, and free marketing.
If you feel ready to begin your awards journey and need a little helping hand to get started, then contact us to discuss our packages.