If you, and your company, do not currently participate in business awards programs and events, you may be missing out on profitable marketing and communications opportunities. If you do participate, are you maximising the value you generate from your involvement?
Broadly, there are four types of awards programs that your business, or you as an individual, can enter:
Industry awards (as opposed to industrial awards, which are a very different thing) are awards that celebrate achievement in a specific industry sector. The most obvious example is the Academy Awards in the United States, which recognise the accomplishments of people working in the motion picture industry. Likewise, the ANZIIF Australian Insurance Industry Awards are (as the name suggests) for businesses and individuals in the insurance sector here in Australia.
Professional awards are for a specific profession, sometimes across different industries. For instance, the Accountants Daily Australian Accounting Awards acknowledge the successes of accounting professionals and companies working with a range of industry sectors.
Specific business awards may involve social segments or issues. The Telstra Business Women’s Awards might be included in this category, as would the Banksia Sustainability Awards.
Local business awards are usually aimed at smaller enterprises within specific local government areas.
Each type of awards program has its target audience and offers its own benefits. There’s almost certainly an awards program ideally suited to your company or to yourself as an individual.
The question for you is whether the benefits offered by these programs outweigh the time, effort and expense required to participate.
When most businesses review and update their sales, marketing and communications strategies at the beginning of each year, they address all the usual tactics, such as customer research, digital marketing, content, social media and public relations activities.
Awards? They’re usually an afterthought.
There’s a lot to be said, however, for incorporating awards participation as a key component of your plans each year. Not only is it an effective promotional tactic, but it can be used to generate content that can be used in the context of other marketing activities.
So, are you giving awards the attention they deserve?
Unfortunately, the benefits of business awards don’t come for free. You’ll need to spend considerable effort in choosing the right awards program for your business, crafting your submission, and promoting your participation to your target audiences.
As in other areas of business, the value you derive is often in direct proportion to the time and energy you invest in the process.
The good news is that, once you have applied to one awards program, subsequent applications tend to become easier and faster each time.
If you or your business are named as a finalist for a prestigious award, and especially if you win, it pays to tell the world about it.