In today's competitive business landscape, industry awards hold immense importance as they serve as powerful tools for recognizing excellence and elevating brands. Many companies now consider award submissions as a key marketing activity and incorporate entering awards into their marketing strategies. With advanced technologies like awards management platforms and software, the process of managing and organizing awards programs has become more streamlined and efficient. In this article, we'll delve into the key reasons why industry awards are essential, and how leveraging online management solutions and software can enhance the awards experience.

Sales and marketing benefits to businesses

Entering awards is a large part of many organizations' sales and marketing plans. Entering per category varies in cost, but the return on investment can be huge. B2B businesses can see sales opportunities of £10-100k off the back of one award win. According to Best Business Awards, award-winning small businesses can see a 63% increase in income and a 39% growth in sales. Large companies can see a 48% increase in income and a 37% growth in sales. Many businesses have experienced a large return on investment opportunities by entering awards.

Validation and Recognition

Being involved in awards is great PR, companies are ultimately broadening their promotional activity onto other platforms, attracting new audiences and accessing new leads. Whether a company wins or is shortlisted, the event and event partners will promote that company to their communities on their marketing platforms. Industry awards validate the exceptional achievements, innovations, and contributions of individuals, organizations, and products within specific sectors. Receiving an award showcases the company's expertise, dedication, and commitment to excellence. Awards act as a seal of approval and provide external validation, boosting the credibility and reputation of the winners. By participating in award programs, companies and professionals gain recognition from their peers, industry leaders, and potential clients, thereby strengthening their position in the market. Winning or being shortlisted for an award is evidence of a company's statement to its consumers. Everyone claims to be the best and provide the best, but awards and accolades prove to your audience you live up to your claims. Awards certify that a company can deliver what they promise.

Brand Visibility and Promotion

Winning industry awards offers a tremendous opportunity for brand visibility and promotion. Awards generate media attention, allowing recipients to gain exposure in industry publications, news outlets, and social media platforms. This increased visibility amplifies brand awareness, attracting potential customers, partners, and investors. Furthermore, leveraging awards achievements enables organizations to effectively promote their success and share these stories across their own platforms, newsletters, and social media campaigns.

Networking and Industry Connections

Industry awards often bring together professionals, experts, and thought leaders from various sectors. Participating in awards programs provides an opportunity to network and establish connections with like-minded individuals, potential collaborators, and industry influencers. Networking opportunities arise not only during award ceremonies but also throughout the judging and nomination process. By leveraging this, organizations can connect with industry leaders and build valuable relationships that can lead to future collaborations and business opportunities.

Benchmarking and Continuous Improvement

Industry awards set a benchmark for excellence and encourage continuous improvement. The evaluation criteria and judging process employed in awards programs often reflect the industry's best practices and emerging trends. Participating organizations gain valuable insights into their strengths and areas for growth through feedback and evaluation from expert judges. This feedback-oriented approach helps businesses identify opportunities for innovation, refine their strategies, and stay ahead of the competition.

Employee Morale

Award submissions are not only a big part of marketing strategies but also now integral aspects of staff retention and morale programs. Putting forward employees for awards and inviting them to attend award ceremonies is a recognition of their hard work. Not only is this a public thank you to employees for their efforts but they are rewarded with paid travel and attendance to celebrate with their peers. Employees enjoy being recognized as part of a team and celebrating as a team. Putting forward staff for awards and sending them to celebrate their efforts improves staff morale and in turn, creates a more loyal and motivated workforce that wants a business to do well. Not only does it reignite respect and passion for the business but it reminds employees what's good about the company and ultimately why they are proud to work for you and be part of the journey. A company’s success largely depends on motivated and loyal staff. If they're individually or part of a team that is up for an award they'll be proud and share this with their LinkedIn network.

Attracting Talent

Following on from boosting staff morale, industry awards enhance the employer brand of winning organizations, making them highly desirable destinations for top talent. They attract new talent and encourage people to want to work for successful organizations. Awards and accolades contribute towards internal recruitment, organizations work hard on promoting positive company culture on recruitment sites and marketing channels to attract talent. Potential hires do their research and will look up a company to see if that company is a good fit for them. Winning awards validates an organization's expertise, success, and commitment to excellence, positioning it as a leader in the industry. Talented professionals are attracted to organizations that have a proven track record of achievements and a positive reputation. The recognition gained through awards sets winning organizations apart from their competitors and helps them attract and retain top performers who want to be part of a successful and innovative team.

Attracting Investors

Not only do awards and accolades attract talented hires to businesses, they also attract investors. If an organization is seeking investment, award shortlists and wins are very appealing to potential investors and help position businesses as credible and valuable investments. Industry awards have become an integral part of business strategies, offering a wide range of benefits to organizations. By participating in awards programs and leveraging online management solutions, businesses can gain recognition, validation, and increased brand visibility. Awards serve as benchmarks for excellence and encourage continuous improvement, while also boosting employee morale and attracting top talent. Additionally, industry awards generate media attention and provide networking opportunities, opening doors for collaborations and business growth. Embracing industry awards is a powerful way to recognize excellence, empower success, and elevate the reputation of organizations in their respective industries. By incorporating award submissions into their sales and marketing strategies, companies can position themselves as leaders, driving further success and growth in the competitive business landscape.

Get in touch with a member of the team to find out how Evessio's award-winning technology can help grow your awards program.

Claire Singleton

Marketing Manager

Evessio

Claire is the Marketing Manager at Evessio, an industry-leading event management platform for awards and conferences. Claire has years of experience and specialises in marketing event software, marketing events and sponsorship. Claire has a proven track record of re-branding events and implementing strategies that doubled event participation.