Many businesses are missing out on the incredible benefits of business awards. Is your company one of them?
Whether you see it as a PR exercise or you simply don’t have the resources to dedicate to the award entry submission process, there are plenty of reasons why you should enter business awards.
In this article, we’ll be running over 11 incredible benefits of business awards.
1. Enjoy a Sales Boost
Sure, business awards can be a costly process. You need to hire or internally source an award entry writer and gather resources, as well as cover whatever the costs involved are in attending the actual ceremony.
But there’s good evidence to suggest that should you win, you’ll be easily recovering those costs and more. Research shows award-winning businesses can enjoy a sales boost of up to up to 37%.
2. Nothing in Life Comes Free, Except Marketing
How often do you get the opportunity for other businesses to shout about your brand?
Business awards are a free marketing opportunity. You’ll enjoy the award company themselves talking about you, but also many other brands and customers engaging with your business and the award company.
This gives you great opportunities to engage on social media and expand your reach. It’s also a great chance to create some unique, newsworthy content for your own website and social media.
3. Attract the Best Employees to Build Better Teams
Employees expect more from businesses. We’ve written extensively about how we need to make work better before and all this revolves around being more people-centric.
Chances are, you’re not going to win any business awards if you’re doing the bare minimum for your employees or your customers. To be an award-winning company means raising your standards and continually striving to be the best you can be.
This makes you a better place to work, regardless of whether or not you win a business award. But should you win it, this can help your company stand out to potential new hires, helping you to attract the best talent. After all, who doesn’t want to brag a little about how they work for an award-winning company?
4. Boost the Morale of Your Current Employees Through Recognition
It’s not just potential new employees that benefit from business awards. Another great benefit of business awards is the morale boost it can offer for your current employees if you win.
Your staff get recognised for all their hard work and efforts put in to get your business to this point. A win will help assure them their efforts are recognised, not just by you, but by the wider industry and your customers. This can help motivate and inspire employees to continue doing the outstanding work they have been going forward.
5. Valuable Social Proof and Social Influence
What do you do when you’re trying to figure out which business to work with or product to use?
You look for evidence that others are doing just that, and that they’re enjoying the experience.
It’s called social proof and it’s a psychological phenomenon that’s a powerful beast when it comes to your marketing.
Just as we look for online reviews to assure us, winning business awards and displaying that achievement throughout our customer journey can have powerful positive effects on your customer journey.
6. Increase Brand Authority as a Market Leader
One of the big benefits of business awards is the increased brand authority.
Intrinsically linked to the concept of social proof, business awards make customers more likely to trust your brand. You’re the market-leader after all.
7. Gain an Advantage and USP Over Your Competitors
Winning business awards can also make you more competitive compared to others in your field.
Long gone are the days where businesses could compete on quality or price. The only thing left to compete on is customer experience.
Establishing yourself as the market leader through the social proof of business awards makes you more competitive. It can be a unique selling point that your competitors simply can’t match up to, setting you apart from the rest of the market and increasing your profitability.
8. Increase Brand Awareness Through Exposure
Even without a win, business awards can help increase your brand awareness.
More business owners will become aware of your business and your presence in the industry. You’ll gain valuable PR opportunities throughout the promotion of the event by the award company, as well as the opportunity to network at the actual award ceremony.
Of course, if you do win, you’ll enjoy increased brand awareness for long after your victory.
9. Improve Customer Retention Through Trust and Loyalty
Customer loyalty isn’t dead. It’s just that customers expect more from your brand than ever before.
The reality is customers will always be more likely to stay with a business they perceive as being great. Not only that, but 86% of customers say they’re happy to pay more to do so.
You’ll already have benefited from your increased brand authority and competitive advantage from winning your business award. You’re the safest bet. There’s social proof for it.
This increases your customer loyalty, which is great news for your business because improving customer retention can do wonders for your profitability. Research shows you’re more likely to sell to existing customers than new ones, but also that these customers are more likely to spend more on purchases.
10. Increase Profit Margins to Continually Improve
All of the statistics above show that with loyal customers comes an incredible opportunity to increase your profit margins. Provided you continue to deliver an outstanding customer experience, they’ll be happy to spend the extra to stay with you.
This increase in profit can be pumped right back into your business, allowing you to stay the market leader and continually out-innovate the competition.
11. But the Biggest Benefit of Business Awards is...
We touched on this above, but it’s worth expanding on.
You won’t win awards unless your business is actually worthy of being recognised as a market leader.
By far the best benefit of being an award-winning business comes from being driven by the principles that create award-winning businesses. By this we mean, award-winning businesses are great places to work that deliver an outstanding customer experience and are continually growing because of this, not because of the awards — though they certainly don’t hurt!
Become an Award-Winning Business
Awardaroo helps transform companies into award-winning businesses through our business improvement programme. It’s even in our name!
As part of this, we offer our award entry writing service. This takes the hassle out of entering business awards because we do everything for you. From finding awards that suit your business to creating the award entry submission. We’ll tell your story and give you the best shot of winning so you too can enjoy the benefits of business awards.