Its that time of the year that companies are receiving accolades or rather awards as we crown off this year.
Yes well done. You truly deserve it. The year has been tough after two years of slow business due to covid 19 pandemic shocks but you delivered beyond doubt. You implemented key ethos of business practices and you won. However, as we ponder for 2023, Accolades can boost sales, improve morale and attract talent to your team.
My take is that you hold on that award to push your company forward.
For startups, winning awards can help your company increase brand awareness and boost credibility. As your business scales up , awards promote loyalty and trust while providing a competitive edge.
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According to Best Business Awards, small businesses can see a 63% increase in income and a 39% growth in sales. Large companies also benefit, seeing a 48% increase in income and a 37% growth in sales.
Awards further push managers to do more beyond just boosting employee morales as your team celebrates its success. Additionally, by constantly raising the bar higher than industry competitors, you have a better chance of hiring and retaining employees eager to work with your well-respected organization.
Benefits of winning awards
Being recognized for business excellence in your industry brings tangible and intangible benefits to your business. Awards help your business build credibility. Placing on an industry list, whether it’s the “Top 10 Best Places to Work” or “Largest Wealth Management Firms,” will encourage prospective clients to take you seriously even before they dig deeper into your company’s background.
For companies selling fast consumer moving goods it’s a plus to the company because they derive market leads and consumer preference of the products sold because consumers will take associate with popular brands and products.
Awards further gives your business an edge for instance Awards increase awareness of your business while offering third-party validation and establishing market leadership. In competitive marketing environment, winning awards will push your competitor below you as most consumers would want to associate with wining brands hence lower your advertising budget.
Awards boost employee morale because employees enjoy being part of a recognized team, and recognition from an outside source, such as an industry association or a respected publication, will spur even more impact than internal recognition.
Awards also attract talent to your business. A company’s success depends on its staff. Workforce retention can be an ongoing challenge. When candidates see that your company is ranked as an excellent place to work or that it received diversity or technology accolades, you’ve made your business even more attractive to potential hires.
Through Awards businesses receive free publicity. Industry awards can be a valuable addition to your marketing arsenal. The free publicity an award-winning business receives can result in more business and new connections, helping validate what your company does and increasing your visibility in the marketplace.
When your company receive accolades, potential new hires will likely to see this industry respect as proof of your strong company culture making them more inclined to join your team making them more inclined to join your team.
How to win awards for your business
One way is through reinforcing your company corporate direction. New strategies must be in line with company mission and vision.
Businesses should plan an awards strategy with corporate initiatives in mind. For example, scaling up on corporate social responsibility activities, business leadership, investing into research and public activations will push the company forward.
Secondly Strengthen your management,invest in corporate social responsibility, customer service, human resources, information technology and marketing efforts to ensure that customers services are enhanced.
To give your business a better chance of winning an award next year, focus on awards that relate to your strengths. For example, if your company excels at customer service or has an excellent website, pursue awards that focus on those aspects. Examples of these awards are Stevie Awards for customer service and WebAwards for website design.
When pursuing awards, it’s not about gaining clout and singing your own praises. Savvy customers understand that businesses can nominate themselves for awards and even negotiate accolades for marketing purposes therefore focus on your customers when considering awards
To maintain your integrity and stay in good standing with your customers, pursue awards that truly matter to consumers and have clout in your industry.
For example, decorating your website with awards for having the best logo design won’t impress many customers. However, if you’re recognized for outstanding customer service or product quality, this will resonate with consumers.
Potential clients have many choices about with whom they do business. Having an impartial award bestowed upon your firm may be the ultimate differentiator for a prospect researching all the businesses in your space.
Lastly when your business wins an award, Issue a press release to publicize your award. You don’t need a marketing agency to get the word out. Research free and low-cost press release services to distribute your announcement. In many cases, award organizers will supply the winners with a press release template, making the process even easier.
To crown it all share the news via email marketing especially the news of the award in your email marketing campaigns and social media platforms to gain traction
Felix Oketcho is Chief Executive Officer of Elix Promotions Ltd.
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