By Koketso Mamabolo
You’ve heard it before: You have to put yourself out there. But like recipes passed through generations unchanged, that little piece of advice is repeated because it is as true as the food is delicious. We often don’t think of entering an award as good for business because we don’t know if we’re going to win. However reaching the final stages, and merely putting your name in the hat can have a wide range of benefits for both the business and the individuals within it.
A study by the University of Leicester found that within three years of receiving an award companies see increases in, amongst others things, sales and share value. By entering an award you are exposing the world to your product or service and opening up the opportunity to be recognised for your achievements.
Over the years we’ve gathered insights into how entering an award can benefit your business and know that with recognition and exposure come avenues for growth and spaces where you can network.
Differentiate your business from competitors
Usain Bolt is loved not only for his achievements, but how he differentiated himself from his competitors. Entering an award allows you to do the same. You have the opportunity to tell your company's story. People will see what makes you unique and what you had to overcome to be where you are.
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Attract investors and customers
Customers and investors want to know they’re putting their time and money into the best that is on offer. Entering an award opens up the opportunity for investors and customers to see what your company is about and where you are compared to your competitors.
High-volume, impactful press coverage
Awards and the ceremonies themselves bring with them a large amount of press coverage. As a finalist or winner, your achievements will be broadcast on multiple channels, reaching a wide audience. Whether it’s the organisation that presented the award, their sponsors, or the media, the results and build-up to the ceremony will be covered extensively, giving you another marketing platform.