Recognition, Revenue, and Employee Retention: The Benefits of Applying for Business Awards

Business awards can have something of a mixed reputation. On the one hand, they come with a glamorous awards ceremony, and can bring prestige and recognition to a business. On the other hand, they can be expensive to enter, they require a considerable amount of work, and some hold more weight in the industry than others.

So are awards worth it? The truth is that business awards can bring indispensable benefits for your business, if some thought is put into the strategy behind them. This article will explain exactly why you should consider bringing awards into your PR strategy, and how to have the most success.

Building brand recognition

Winning a business award can be an excellent complement to your PR activity. Even being shortlisted will get your company’s name up in lights – a great way to increase brand recognition for your customers. It’s not just about the ceremony – award organisations will typically promote their shortlist and winners extensively both before and after the awards themselves. To ensure this has the biggest impact, do some research and choose well known, established awards in the relevant sector, which will be more likely to be followed by potential clients.

Furthermore, if you do win, consider how further PR activity can spread the news of your success. For example, social media or blog posts could be a great way to shout about your win. If it’s a prestigious award, it may even be an opportunity to release a press release – driving media coverage and even more attention.

Boosting sales

Awards can also give sales teams a powerful boost in their efforts, with one study finding that winning an award can give businesses a 37% increase in sales. Customers want to work with award-winning organisations – in a world with significant competition, ‘award winner’ can be a key differentiator. Being able to advertise your success on your website and within your sales materials will have a big impact.

Make sure you choose awards and categories that are really focused on the areas of your business you want to highlight – there’s no point winning for a project or product that is no longer your main focus. A specific product award might be more valuable than a general business category in demonstrating your expertise.

Attract talent and bolster retention

In a tight labour market, no business can afford to overlook the potential impact of awards on their recruitment and retention strategies. The accolade ‘award-winning’ stands out to potential employees and will help drive applications. Particularly for candidates who are newer to the industry and researching organisations, recognition next to your name will make them more likely to want to join you.

Furthermore, award wins will increase morale for the staff already in your organisation. The sense of recognition for their efforts will bring the team together and provide a reward for their hard work. Plus, they can celebrate in style at the ceremony! The sense of pride and achievement will tie employees more closely to the business, and increase retention rates.