Many companies don’t like the idea of entering into award competitions because they think it’s too self-promotional, expensive and/or time consuming. Some CXOs are skeptical and don’t believe awards matter but winning makes your company shine and sets it apart from your competition.
Take the case of Tom Brady whose sixth Super Bowl win has cemented his reputation as the greatest quarterback of all time. Winning the Super Bowl is football’s biggest industry award. Whether you like him or hate him, after his sixth win, even after his fifth win, Brady’s personal TB12 brand enjoyed the benefits of a tsunami of free publicity.
There is a huge variety of awards available from local to national, industry based or with specific criteria. Choosing and winning the right ones for your brand creates opportunities that otherwise would not have been available.
Here are seven reasons why awards matter.
1. Increased Visibility
Promoting your award on your blog, social media, and to your email lists is only just the beginning. In fact, you may have several opportunities to promote it, once your company is named as a finalist, and a second time is when you actually win the award.
When looking for an award, look for an organization that has a robust content marketing system already in place. As part of their process, award groups promote finalists as well as the winners. Look for industry prestige, social reach, and winner promotional plans.
Because we do a lot of work in innovation, one of the awards we recommend is the Edison Awards. Recognized throughout innovation communities, winning a Gold, Silver, or Bronze badge represents significant opportunity for visibility in the technical and business markets. The organization has a robust promotional content marketing program and is a PR machine -- winners are exposed to hard-to-get business media. The Gala Awards dinners are attended by industry titans including Yang Yuanquing (Chairman and CEO of Lenovo), Elon Musk (CEO of Tesla and CEO of SpaceX), and Bob Lutz (former Vice Chairman and head of product development at General Motors) which gives you the opportunity to network with the industry elite.
The right award provides instant credibility and acts as a “Seal of Approval”. When prospects visit your website, they will see the awards you have earned on your home page and consider them as a seal of approval--if you are a perceived as an industry leader, then you’re offerings are the best in your category!
3. Attracts Partners
Companies in today’s markets need partners. Technologies need to interoperate; some firms need distribution partners; and all firms need partners to expand into new markets. People want to partner with successful companies and one of the best ways to attract partners is to win an award from a third party.
For example, CES is one of the largest industry trade shows for consumer technology. Many believe that CES targets consumers however it is actually a B2B show where key players and influencers make OEM and distribution deals. Becoming a finalist or even winning a CES Innovation Award immediately puts your firm’s booth on the “must visit” list of attendees looking to partner with you or distribute consumer technology products.
4. Sales Leads/Shortened Sales Cycle
By winning an award, you're showing that the work you're doing is of exceptional quality and it will attract new business opportunities.
In technology markets, winning recognition by an industry research firm like Gartner’s Magic Quadrant or Forrester’s Wave immediately puts your offerings on the short-list, reducing the amount of time it takes to establish credibility. Companies begin their research for solutions by referencing these reports. If you are not in the report, your company may not even get cursory consideration.
5. Talent Recruitment
In today’s hot job market, finding top notch talent is challenge, particularly in some markets like manufacturing and industrial. Winning awards can go a long way at boosting your employer brand. Everyone wants to be part of a winning team. Award-winning companies attract talent.
6. Boosts Employee Morale
Employees want recognition for their work. Winning an award fosters a sense of achievement and will likely increase productivity. Acknowledging their role in your company success builds a culture of trust and improves morale. Awards validate that their work is recognized not only by you but also by the industry.
7. Competitive Benchmark
When applying for an award, your company is compared with others in your industry. There will be a winner (or a couple of winners) and then everyone else. An award sets a company apart from competitors and differentiates the quality of its offerings from others. An award helps a company stand out for excellence over and above many other companies in the same industry.
Awards Boost your Brand
Winning awards creates goodwill as well as opportunities that are not otherwise available. Having a third party validate your work and brand story is a big deal and puts you in a leadership position.
So, let’s get started. Sign up today for a 30 minute consultation.