With business spending under the microscope in the current economic environment, you may be asking whether investing in awards is a worthwhile investment.
Not only is entering awards far more cost-effective than many other activities to boost credibility, generate leads and convert sales, such as digital marketing or media relations, it tends to have much higher ROI too.
Our clients have leveraged awards success to achieve some lofty goals including:
- Being acquired
- Attracting investment
- Winning larger tenders and contracts
- Building partnerships with government
- Pivoting to a new offering
Business Awards are an excellent way to elevate your business, boost your reputation, and motivate your team, all while attracting new customers and driving growth.
The tangible benefits of winning awards
It’s easy to dismiss awards as simply a shiny trophy to display in your reception area. However, the true value of winning an award extends far beyond the accolade itself.
- Enhanced credibility and reputation: In a crowded marketplace, credibility is king. An award win acts as a powerful third-party endorsement, instantly boosting your reputation and setting you apart as a leader in your industry. This increased credibility can be invaluable when pitching to investors, attracting top talent, or securing lucrative contracts.
- Increased visibility and brand awareness: Awards generate media coverage and social buzz, shining a spotlight on your business and increasing your brand’s visibility. This heightened exposure can lead to increased website traffic, greater social media engagement, and ultimately, more customers. If you were to invest in a media relations campaign to achieve the same outcome, it is likely to cost significantly more and take far longer to achieve.
- Improved employee morale and engagement: Recognising and celebrating your team’s achievements is crucial for maintaining a motivated and engaged workforce. Awards provide a fantastic opportunity to acknowledge the hard work and dedication of your employees, fostering a sense of pride and loyalty.
- New business opportunities: Winning an award can open doors to new markets, partnerships, and collaborations. It can also lead to increased sales and revenue as customers are drawn to businesses with a proven track record of success.
The ROI of award submissions
While the intangible benefits of awards are undeniable, it’s also important to consider the return on investment (ROI). Measuring the precise ROI of an award can be challenging as it involves quantifying the impact on various aspects of your business. However, consider these factors:
- Increased sales and revenue: Track sales data throughout awards periods.
- Media coverage and PR value: Calculate the equivalent advertising spend for the media coverage generated by your award win.
- Improved customer acquisition and retention: Assess the impact of awards on customer acquisition costs and customer lifetime value.
- Enhanced brand value: While difficult to quantify, the long-term impact of an award on your brand’s value and reputation can be substantial.
- Strategic objectives: Assess the progress made against your key strategic objectives such as attracting interest from investors or opening the door to partnership opportunities.
A strategic investment, not just a cost
When viewed through the lens of long-term business growth, award submissions are not merely a cost, but rather a strategic investment with the potential to yield significant returns. By enhancing your credibility, boosting your visibility, and motivating your team, awards can propel your business to new heights of success.
Ready to unlock the power of awards?
Green Door Co are award submission specialists with a proven track record of helping businesses win prestigious awards. We handle the entire process from start to finish, crafting compelling submissions that capture the attention of judges.
Contact us today for a free consultation and let us help you achieve your award-winning potential.
