In the world of business, recognition plays a significant role in enhancing a company’s reputation and boosting its growth. One common way businesses seek recognition is by receiving awards and promoting them via their marketing.
With awards, businesses have the opportunity to celebrate excellence in different aspects such as innovation, sustainability, performance or customer service. However, like any strategic decision, applying for business awards comes with its own set of pros and cons. So, is it worth applying for business awards?
In this blog post, we explore the advantages and disadvantages of pursuing business awards to help you make an informed decision.
A list of pros of applying for awards
1. Enhanced credibility and reputation. Winning or even being nominated for a prestigious business award elevates your company’s reputation and credibility. It demonstrates to clients and stakeholders that your business is among the best in its field. This boosts your business credibility and increases the buzz around your brand with current and potential clients. Particularly for prospective clients, it will provide clear differentiation from competitors and attract more attention.
So if your business has been nominated or won an award ensure you share the news publicly on your website and social media. This is where the value from the award relay exists.
This credibility can also help you score speaker slots at conferences, helping boost your presence to target audience and demonstrate your expertise.
2. Marketing and PR opportunities: Business awards give you something to talk about in your marketing or in accessing PR opportunities. They provide an excellent opportunity to promote your brand, products, or services through press releases, media coverage, interviews, and other marketing which will further spread the word about your brand.
3. Employee engagement: when applying for an award make your team part of the process. Use the pursuit of the award as a motivator and give your employees a tangible goal to work towards. Talk to them about the benefits to their own career and profile, and how you’ll celebrate as a team if you win. This will foster a sense of pride and accomplishment.
4. Networking and collaboration: Award ceremonies and industry events bring together leaders and influencers in your field. This is a huge occasion for you to network! So ensure you participate in such events to create potential collaborations.
5. Benchmarking. Applying for awards often involves self-assessment and benchmarking against industry standards. This process can help you identify areas for improvement within your organisation.
A list of cons of applying for awards
1. Time-consuming. Preparing award applications can be time-consuming and resource-intensive. It may require diverting valuable people and financial resources from other critical business operations. Pursuing awards is often resource-intensive because they require significant effort in documentation, data gathering, and preparation.
2. Costs. Some awards may have associated costs for application or attendance at award ceremonies. These costs can add up, especially if you apply for multiple awards and travel is involved to attend events.
3. Competition. The competition for business awards can be fierce, especially in popular categories. If you don’t win, it could be disappointing and potentially demotivating for your team. The pursuit of awards may also shift your employee’s focus towards short-term achievements rather than long-term strategic goals so it’s crucial that you monitor this element in the process.
Applying for business awards can be a strategic move for many companies because it offers a range of benefits from enhanced credibility to marketing opportunities. However, it’s essential to carefully weigh the pros and cons before committing significant resources to the process.
Consider whether the potential benefits align with your business objectives and whether you have the resources and commitment to compete effectively in the awards process. If you need help to assess whether an award could be worth your brand engagement we can help you. We are professional marketing and communication strategists who provide professional advice about all things brand and marketing – including awards. Get in touch via hello@wearesavvy.com.au to see how we can help.