The 6 top reasons why business awards are good for business

  1. Raise the profile of your brand

Winning an award is a great ‘good news’ story for your business and what better way to talk about your business than by letting the award do the talking- you’ve been judged by independent industry experts who have said that you’re a leader in your field – and that includes businesses that are shortlisted. Competition is usually fierce so if you reach the final few- the semi-finals you might say, that’s an accolade worth celebrating and being proud of. So, make sure that you have included your success in your email footer, through your social media channels, and speak to your industry press and local media to see if they will print a story about you. Don’t forget to speak to the media that your client base reads too. The Awards organisers themselves will also promote your success through their own channels so make sure that you’re available.

  1. The opportunity to test your business model and working practices

No business plan or marketing strategy will survive its first engagement without adjustment, so business awards are a good way to think about how you present your business, what your strategies are, what works and what doesn’t, and getting it down on paper. Someone else is asking the important questions about your business so it gives the opportunity to think a little more objectively and critically. That opportunity will give you the chance to make any improvements to your business and give some clarity to the direction you are taking.

  1. Networking

Networking has been at the top of the list of marketing activity for businesses for years so take this opportunity to network with your peers and potential clients. If you are shortlisted or the winner of an award, make sure you say so during your elevator pitch at networking events. But the awards ceremony itself is a great opportunity to network with your peers and share experiences and anecdotes and even build some new relationships that could lead to collaboration with fellow finance professionals.

  1. Validation of your business by industry experts

The sponsors and experts from your industry will judge your entry and their task is quite simply to put your business under the microscope – a daunting prospect but what better way to get some useful feedback than through the judging process for business awards, and if you are shortlisted or a winner then what a brilliant marketing tool for your business. But all feedback is good to have so if you aren’t shortlisted ask for feedback and see where you can implement change in your business. And enter next year!

  1. That feel good factor

It’s great to feel good about your business and when you, the business owner is under pressure most of the time winning an accolade is only going to make you feel like it’s all worth the blood sweat and tears. But it’s not only good for you. It’s good for your staff so celebrate your success with them and see how it has a positive impact on morale. If you are looking for new staff being shortlisted or winning shows applicants that they are applying to a good business for a job, and you might get more and better quality applicants.

  1. Gives you the advantage over your competitors

It’s a no-brainer that existing and prospective clients want to know that your business can deliver the services that they are engaging you for. Awards are a way for them to see that you have been assessed by third parties; in the same way as testimonials give an independent opinion of your business and put you in a competitive position when you are tendering for new business, and help you retain existing clients. You will be perceived to be a leader in your industry and your awards or shortlistings will help you maintain that image. But beware; make sure that you enter awards regularly. Once you have won an award it’s no good resting on your laurels- promoting the one awards you won in 2010 could have the opposite effect to what you are hoping for; ‘they haven’t won anything for years what’s wrong?’ might be the reaction. So, make award applications part of your marketing strategy and take full advantage of the process to not only promote your business but make continuous improvements from the feedback that you receive.

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