Business Awards – 5 ways your business benefits from awards and recognition

In business there’s a well-known saying, ‘all publicity is good publicity’, whilst it could be argued that’s not necessarily true in all cases, when it comes to business awards, it is most definitely true. The process of entering an established, widely recognised, credible awards programme has numerous ways in which a business can take positives to gain knowledge and market positioning. The truth is, there are numerous reasons for entering business awards, and those rewards are not restricted to winning Below, here’s the top 5 reasons why YOU SHOULD enter a business awards and the benefits you will gain.

1. Rewarding for employees – a smart addition to your portfolio

A business that has won an award makes the company a more desirable place to take employment for an employee. Furthermore, it brings credibility to a business and gains media interest. Becoming a finalist or a winner in a credible business award provides a wealth of credibility and a sense of achievement with team members, customers and suppliers Sometimes for an employee recognition is what they might need to feel happy at work and their personal life. External recognition in the form of winning a business award or even being named a finalist is sure to boost your employees’ spirits and in turn their motivation. Winning a business award is a great achievement and one that employees will feel a great sense of reward from knowing they have contributed. Happy Workforce = Easy Life 😉!

2. Benchmarking – take over your competition

Competing in business awards allows companies to benchmark against competitors in the marketplace, it may encourage you to think about your business in a different perspective, knowing you may need to stand out from the crowd may encourage you to be more innovative and to be more critical of your own business to find out your weaknesses This automatic feedback loop that’s created can potentially encourage your business to thrive to the next level. By definition, a winner has been endorsed by the judges to be the best in a particular category. Yet to be a finalist is a tremendous achievement. As awards are habitually judged by local business leaders, the peer-to-peer endorsement is always going to be a raise awareness for your company’s achievements. This will give you an amazing advantage over the competition.

3. An MOT for your business – a strong return on your investment

The Be Inspired Business Awards (The BIBAs) for example has twenty categories which you either focus on a single aspect or multiple aspects of your business, in effect a full audit of your business operations where you really look at different parts of your business, learn where things are working and not working.. The judges in a competition are business leaders in their own right and know a thing or two about running a business. They are impartial and so the feedback they give can be invaluable. Indeed many previous applicants have reported that as a consequence of completing the application and conducting an interview they have introduced changes which has led to increased productivity and growth.

4. Recognition for your business/brand- guaranteed high interest

Being shortlisted for a business award or taking the trophy home can act as a great endorsement for your brand or company and even provide a potential customer with the confidence needed to use your product or service, acting in the same way as customer reviews would. Suppliers are also likely to perceive you as good potential customers and that can break down barriers to entry and establish relationships for further benefit. In conclusion, being recognised in a business awards can be seen as FREE MARKETING!

5. Brand Inflation – a smart business move

By entering a Business Awards competition, becoming a finalist or indeed a winner provides a business with the opportunity to maximise publicity with customers and potential target markets by creating a positive perception. By aligning your brand with a credible competition your business is able to advantage of the awards brand positioning as well as repositioning your brand against the intensive competition that exists in most market sectors which sets your brand apart from the rest. Brand positioning can be vital to boost demand for your products and services – even if the offer isn’t much different from the competition. By maximising promotional benefits whether through PR, carrying the awards logo and using social media outlets will cause a natural growth with your brand awareness. So whether you win or lose, your business will be mentioned throughout the awards lead up and the ceremony itself which in itself is fabulous publicity.

We can’t deny that entering business awards, if done correctly, is time consuming. Entering will force you to objectively assess the business (warts and all). This presents huge opportunities for improvement and change. That is part of a competitions true worth. At the end of the day it really is always worth it. The question should not be “should I enter business awards?” it should be, “can I afford not to?.
Not only the 5 reasons listed above, but you also get a brilliant night out with one too many drinks! See the link to view previous BIBAs ceremonys. Winners and Gallery – The BIBAs: Lancashire’s Premier Business Award

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