Understanding the benefits of developing an awards programme

Understanding the benefits of developing an awards programme

It doesn’t matter how big or small your business is when it comes to entering awards. There are a huge amount of programmes, that you will find the right award and categories to suit your business. Awards vary from local to national and industry to business-specific. 

When entering any award, it is essential to understand all of the benefits that come with entering. It isn’t just about winning. 

Entering an award is a big commitment. It takes time, and if shortlisted will cost money to attend. It is important to be realistic about this before beginning the process. 

It is also the type of activity that might not always take priority due to business pressures. However, when the benefits are understood, it can become apparent that entering awards can have a much more significant impact on the business, supporting its growth, recruitment and sustainability. 

The benefits of developing an award programme can include:

Marketing Exposure

Awards are all about celebrating success, and it is fantastic for a business to be recognised. And you will gain marketing exposure for entering no matter whether you win or not.  

Business awards are very often not considered as part of a company’s marketing mix. When shortlisted, you will increase the profile of your business. And to maximise this exposure, you need to ensure that all of your business collateral is up to date. Your social platforms are active. You utilise the artwork provided by the awards programme to promote your involvement, helping to inform and engage your stakeholders to support your participation. 

Increased credibility

A business award win, shortlisting or nomination acts as an endorsement for your business. It offers a seal of approval and is seen as a sign of quality for potential new customers. It is also very positive when building relationships with suppliers and differentiating yourself from your competitors. 

Benchmarking

When compiling your content as part of your submission you will need to take time to understand how you are placed against your competitors. You want to stand out in the subject you are entering, whether that be for business performance, community engagement, employability or diversity. This process helps you to understand what you can do more of and how you can improve. This process is a really valuable exercise as it gives the business options for future developments and commitments. Sometimes the outcome of this can be more valuable to your business than the award itself. 

Employee motivation

An award win can really help to boost the morale of your workforce.  It helps them to see what is good about working for the business and gives them something to be proud of. There is the opportunity for them to attend the awards event itself, being there in support of their colleagues. The event can be a really exciting experience for many in the business. 

Recruitment and retention

Once you have achieved a number of award wins you begin to be recognised as a business that is strong, stable and growing. This is very appealing when looking to recruit. These wins will also support employee retention due to the process you go through in developing the award itself and the recognition that is attached to it.  

 

Overall awards programmes can benefit a business, its people and those it influences. It is a positive activity that can support your organisation, raising your company profile and opening up new networks.