One of the common questions we hear from businesses is ‘should I invest in public relations (PR) or awards’? In an ideal world, the answer would be both! But when it comes to allocating budget and resources, this just may not be an option. So, which should you choose?
First things first, let’s compare the two.
PR vs. awards
Public relations (PR) is the discipline of building and maintaining reputation with your target audiences. Typically it will involve media engagement (both proactive and reactive), and can also involve other avenues such as speaking events or awards.
Awards are a subset of PR. Awards also help build and maintain credibility and reputation in the market. The process of winning an award typically involves a submission process where you will need to tell your story and back up your claims with evidence in order to impress the judges.
Combining media engagement and awards can be a winning strategy. But if budget and resources are tight, which should you choose and which will have a higher return on investment (ROI)?
The case for awards vs. PR
There are many reasons why investing in awards can be a wise decision for Australian businesses. Here are just a few:
- Credibility: Winning an award is a great way to demonstrate your company’s expertise and credibility. It shows potential customers, investors, and other stakeholders that you’re a leader in your field. Media engagement does the same, but in a different way. It’s more about staying top of mind than demonstrating you’re ahead of the rest.
- Free publicity and media coverage: Winning an award can generate a significant amount of free publicity and media coverage. This can help to raise your brand awareness and reach a wider audience. Should you choose to enter awards you can use any wins as hooks when approaching media and you’re also more likely to be taken seriously by journalists.
- Networking opportunities: Awards ceremonies are a great place to network with other business owners, potential customers, and investors. This can lead to new opportunities for collaboration and growth.
- ROI: Awards are a relatively low-cost way to market your business. And because they can generate so much publicity and exposure, the ROI can be very high. Alternatively, a media relations campaign can be expensive and time-consuming. It can take months or even years to build a strong PR network and generate consistent media coverage. Typically it will usually involve an investment of upwards of $5,000 a month and take at least six months to get traction. Awards are a fraction of that cost.
- Results: Even if you have a good PR team in place, there’s no guarantee that you’ll be able to secure positive media coverage. Journalists are bombarded with press releases and story ideas all day long, so it’s important to have a newsworthy story that will stand out from the crowd. While of course you can never guarantee results on the awards front, there is actually more predictability in the awards space than the media relations space. If you enter the right awards and follow the right methodology your chance of success is much higher, vs. rolling the dice that you’ve caught the right journalist with the right message on the right day.
Which one should you invest in?
So, which one should you invest in: awards or PR?
The answer depends on your specific business goals and budget. If you’re looking for a quick and cost-effective way to boost your brand awareness and credibility, then awards are a great option.
If you have a larger budget and are willing to invest in a long-term PR strategy, then PR can be a very effective way to build relationships with the media and manage your company’s reputation.
Here’s a more detailed comparison of awards and PR:
|Cost||Relatively low||Can be expensive|
|Time commitment||Less time-consuming||More time-consuming|
|Credibility||Winning an award can boost your company’s credibility quickly||PR can help you to build your company’s reputation over time|
|Media coverage||Winning an award can generate a lot of free publicity and media coverage||PR can help you to generate media coverage, but it’s not guaranteed|
|Networking opportunities||Awards ceremonies are a great place to network with other business owners, potential customers, and investors||PR can help you to build relationships with journalists and other media professionals|
Overall, awards are a great option for Australian businesses that are looking for a quick and cost-effective way to boost their brand awareness, credibility, and media coverage.
Here are some additional tips for investing in awards:
- Choose the right awards to enter. Not all awards are created equal. Some awards are more prestigious and have a wider reach than others. Do your research to find awards that are relevant to your industry and target audience.
- Submit a strong application. Take the time to write a well-crafted application that highlights your company’s strengths and accomplishments. Be sure to follow the award guidelines carefully and answer all of the questions thoroughly.
- Promote your win. Once you win an award, be sure to promote it on your website, social media, and in your marketing materials. This will help to raise awareness of your company and generate additional publicity.
By following these tips, you can maximise the ROI of your investment in awards.
Interested in entering awards? Let us maximise your chances of success. Reach out today!