Why entering awards should be part of your business strategy

Apr 3, 2024 7:28:31 PM

"The benefits of entering awards as part of your business strategy will depend on how you want to position yourself. What are some of these benefits?"

Award winner Zinhle Thupana and colleague holding up certificates

By Thabiso M. Mohlabeng

Are you one of the businesses missing out on the incredible opportunities that you get when you enter awards?

Do you know about the benefits of being chosen as a finalist?

The best benefit of being an award-winning business comes from the very principles which create award-winning businesses. An award-winning business is a great place to work at, a place that delivers an outstanding customer experience and is continually growing.

The first thing that you need to do when you enter an award is to think about how you want to position yourself. Do you want to be recognised as a gender empowered company, technologically affluent, transformation-driven or the employer of choice?

The benefits of entering awards as part of your business strategy will depend on how you want to position yourself.

What are some of these benefits?

Boost your sales

Research shows that you can boost sales by up 37% if you win a business award. Putting effort into entering awards allows the company to reflect on its model and goals. People are attracted to winners, whether it be in movies, sports or even the board games that we play at home. A brand known for winning often has a high turnover rate in sales. Think about a brand you like or associate yourself with - you like it because it is a winner!

Marketing opportunities

Imagine media headlines and your name across social media platforms, alongside the words ‘Gender Empowered’; ‘Top Empowered CEO’; ‘Best Team to Work for’ or “Best Tech Startup’. Do you know how rare it is to get other businesses and people to talk about your brand? It is as rare as the vaquita!

Business awards are great marketing opportunities for you and your brand. As a brand, you’ll be exposed to other brands talking about you, giving you the opportunity to engage via social media platforms and grow your reach. This also gives you an opportunity to create content that is unique and drives traffic to your website.

Attract talent & build better teams

With the great resignation that took place as a result of the COVID-19 pandemic, employees are no longer just looking for work, but they are looking for great companies with a great working culture, especially the best talent. Fact is, you are less likely to win an award if you’re doing the bare minimum for your employees, or while not having good or great talent. A people-centric organisation raises its standard and constantly strives to be the best, therefore also attracting the best talent in the country.

People like to share their success - get your employees to share yours by entering awards. Remember the saying “people don't leave jobs, they leave toxic cultures/bosses’. Entering awards, and winning, shows and assures employees that their efforts are recognised not only internally but also by the industry. This is a key catalyst to motivate them further and inspire them to continue doing the outstanding work they have been doing.

Social proof

The most powerful psychological phenomenon in marketing is social proof, it also plays a part in persuasion. What others say about certain brands or services determines if you should try them or not, especially if you are yet to use them. Think about insurance, before you buy it, you will look for reviews from others so that you don't insure with a business that will not deliver on its mandate. This can also impact the business in a big way by having the benefits of increased brand authority. Hence the concept of social proof is intrinsically connected to brand authority. Business awards make clients trust your brand more. You become the strongest and most trusted voice - after all, you are the market leader.

Gain the advantage & retain customers

Customer experience plays a critical role when it comes to the purchasing behaviour of customers. Yes, quality and price still play a role, but long gone are the days when businesses compete solely on that factor. When you win awards you establish yourself as a market leader through social proof and gain a unique selling point that can't be matched and attracts customers while increasing your return on investment. This plays a role in gaining customer loyalty. Perception is key, we want to be associated with great businesses, winning would have increased your brand authority which in turn increases your customer loyalty. Research shows you are more likely to sell to existing customers than new ones, it is even easier to upsell to them.

Watch your profit margins skyrocket

At the end of the day, with all the social proof, brand loyalty, increased market share and retention of customers will lead to increased return on investment. More customers and businesses will want to work with you and you will work more on improving your brand, services and products while being people-centric. Fact is, you are less likely to win awards unless your business is actually worthy of being recognised as a market leader.

Do you want to become an award-winning business?

Topco Media runs top business-to-business awards programmes suited to your needs. These awards can help you set yourself apart from the competition. If you are looking to sponsor an award category or enter awards, contact us at marketing@topco.co.za