9 MIN READ
The Benefits of Company Awards
Getting Recognized for the Right Reasons
Business awards and quality marks are a well-established part of business life.
But while it's exciting to win big at an awards ceremony, the jury's out on whether they're all worth the expense and hard work that it takes to enter – and whether they have any real meaning.
In this article we'll guide you through the types of award and quality marks commonly available, and the potential pros and cons of seeking them. We'll also provide practical tips on how to win the ones you want.
The Benefits of Company Awards
Award and quality marks can boost your organization's reputation, setting you "apart from the crowd." They can also give team morale a boost by highlighting team and individual achievements.
If you're a young company, winning awards can signal to the world that you've "arrived," and help to cement your credibility. For more established players, business marks and awards not only showcase your heritage, but also prove you're still dynamic and innovative.
Awards can also be great for an organization's bottom line. Research highlights that award-winning businesses can acquire a sales boost of 37 percent, as well as a 44 percent jump in their stock price.
Some awards and quality marks are mandatory, such as the "CE" marking found on many products sold within the European Union, proving that a product has been assessed and meets E.U. safety, health and environmental protection requirements. As such, you may have no choice but to obtain them if you want to compete in particular sectors.
On the down side, creating an impressive and persuasive entry can be a laborious and time-consuming undertaking. And not to mention expensive, when you take into account costs such as the entry fee (and possibly hotel bookings, flights, taxis, or even booking tables for the ceremony).
One of the biggest risks with chasing accolades is that you may inadvertently damage your reputation. Some awards may have very little industry recognition or credibility. As such, your credibility can easily be lost, you could be seen as just "chasing glory," and potential clients and customers could back away.
Understanding Different Categories of Awards
There are awards and quality marks in nearly every category of every industry. For example, there are industry-specific awards; local, regional, national, and international awards; green awards; awards for innovators and entrepreneurs, and for large businesses and small businesses.
The list is almost endless, and you will almost certainly find one that suits your organization's strategic objectives and needs, no matter the size, age, and nature of your business.
If your primary objective is to win recognition for your organization's community work, for example, you could choose to enter a social impact award rather than others based on industry recognition or sales.
This list of international awards is a good starting point for understanding the different kinds of awards and quality marks that are out there.
Here are some of the main categories:
Social Impact Awards
Winning a social impact award could be the perfect way to showcase your corporate social responsibility credentials. For example, your new recycling initiative, your well-being strategy, or charity partnership.
Remember, judges are probably sector experts, and they will expect clear evidence of your impact, not vague policy statements.
Senior Leadership Awards
A senior leadership award could help to raise your CEO's profile. Just being shortlisted can lead to invitations to attend conferences, to join judging panels, and to speak at industry events, all of which can raise your profile and help to attract new clients.
However, always check that previous winners are credible, to see if it's the kind of club that your senior leaders would want to join.
This type of award can position you as a leader in your community, when your services or customers are associated with a certain area. They can be great for networking with local customers, clients and suppliers, though it's important to make sure that they're not too small-scale for your ambitions.
Consumer Product Awards
Being an award-winner can boost the chances of customers buying your products, especially if you're a challenger brand (in other words, your company has an expansion mindset, with business ambitions bigger than its conventional resources).
Quality Marks give consumers extra confidence in the quality or origin of your goods or services. The best-recognised marks may charge you a high certification fee and have strict criteria, but they are often the most trusted. They might also be mandatory for your industry.
How to Win an Award or Gain a Quality Mark
Once you've decided what accolade would look good on your company notepaper, you need a plan of attack to win it!
The awarding body likely has a demanding list of entry criteria, but you can use these eight tips and techniques for getting your application/entry to the top of the pile:
1. Establish Your Objectives
First, establish what you want to achieve by entering the award. This might be attracting new talent to your organization, raising your industry profile, or selling more products.
2. Nominate an Awards Champion
Creating a winning entry might involve gathering information from across your organization, seeking endorsements from happy customers or clients, and ensuring that your CEO signs off on the content.
Giving one person the responsibility, and time, to collect this information will simplify the process, and more likely ensure that it gets done.
3. Match Your Content to the Criteria
Awards guidelines show you exactly how to win, so make sure you understand them and deliver what's being asked of you.
4. Check Credibility
Some awards are money-making exercises for the organizers; others are outright scams. Before you enter, make sure that the awards are credible. Are they well-established, and recognized by your industry? Are previous winners reputable?
5. Speak to Previous Winners
Assuming they're not your competition this time around, find out why previous winners thought they had won. Don't be afraid to ask for their ideas about how to win, and find out whether the benefits of winning made the effort of entering worthwhile.
6. Tell a Story
It's human nature to respond to stories, so try to tell a story of success through the words and statistics you use in your entry.
Create a strong beginning, middle and end to reveal how you overcame challenges to reach new heights, and back up your claims with hard evidence. This could include sales spreadsheets, customer quotes or case studies.
7. Keep It Concise
You've probably got a lot to say, but judges might not have time to read it all. Keep your application punchy and concise, using short sentences and statistics to underline key points. Bullet points are an effective way of ordering your ideas, and of ensuring that judges can absorb them quickly.
8. Get Your Entry Proofread
An entry needs to be error-free to be convincing. Task someone who isn't involved in writing yours to read it with fresh eyes, and to look for spelling and punctuation mistakes. Or, ask a professional proofreader.
Awards can benefit your organization, but are often expensive and time-consuming to enter. That's why it's essential to pick the right awards strategy, to really make the most of your time, energy and resources.
Work out what you want to gain from an award. This could be anything from networking opportunities, industry recognition, more sales, or just a higher profile.
Choose an award which matches your objectives – and make sure that it's credible, recognized, and well respected within your industry.
Nominate someone to be your awards champion and give them the responsibility, time and resources for compiling your entry.
Before you submit your entry, take some time to ensure that you meet the criteria for the award or quality mark you're trying to acquire. Ask previous winners (if they're not competitors) for tips and suggestions.
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