Trophies and medals are not just scraps of metal. Awards like trophies represent success, and the blood, sweat, and tears exhausted to reach that success.
For a startup company, it can be hard to enter a market considering that there are already a lot of big and established players. But it’s not impossible. The hardest step is to let people know that your business exists in the first place. This is where industry awards come in.
According to UK-based Best Business Awards, an award-winning small business can see its income grow by 63% and 39% in sales. The same goes for large companies. Many intangible benefits come with getting recognized in your industry.
Companies rely not only on the quality of their goods and services but also on the good name they have built over time. The more trustworthy a business is perceived, the more it translates to sales. Awards institutionalize that trust. For example, landing in an industry list will signal prospective clients to take your company seriously even without having prior knowledge about what you do.
Every industry has losers and winners. That’s why businesses try to innovate and differentiate themselves from their competitors. Awards prove that a company has succeeded in setting itself apart from the other players in the industry. You’ll gain more sales when your offerings are unique or significantly better than your competitor. The recognition can also lead to business-to-business opportunities since many contractors feel more confident partnering with high-profile businesses.
Boost Employee Morale
Employee retention is something that every company contends with. When people think their work has no value or is not properly recognized, they jump ship to better opportunities. An award handed out by outside sources will boost morale since it is an affirmation of the hard work of the company’s employees. Moving forward, they will be challenged to maintain if not improve the quality of their work.
More Talented Candidates
Some awards are established to recognize best practices in management and talent acquisition, such as those that rank diversity in the workplace or efficiency in handling internal conflict. When a company is dubbed an excellent workplace, it becomes an attractive option for job seekers to submit their applications. After all, a healthy work environment is a big factor for anyone looking for a job.
Corporate awards are often announced in a very public manner, whether it’s in a formal dinner or a spread in a newspaper. This is free publicity that the company can leverage to gain more business. Those who voraciously read the paper would know of the company’s existence and might even avail of its products or services. This is income that you would have missed without the recognition.
Your business just won an industry award; what now? Here are some things you can do to show off your well-deserved achievement without bragging or belittling the competition.
Publish a press release to get the word out that your business has just gotten an award. This is a big deal, especially if it is an award recognized in your industry. Capitalize on the publicity. You don’t even need the help of a marketing agency since there are low-cost press release services available. Sometimes a template is provided by the award-giving body making the entire process easier.
Use the award as part of your marketing by displaying the award organizer’s logo prominently on your marketing materials, indicating that you are an “award-winning” business. Write a short description of the award on your website’s About page and include the logo on the homepage. The logo will serve as a badge of honor, indicating your business is worthy of attention.
Your press release can also be shared on your various social media accounts to gain further traction. Share the link to the official award website and the list of the other winners. Include a short message thanking your loyal customers for continually patronizing your business, accompanied by a simple graphic. Apart from Facebook, Twitter, Instagram, and maybe even Tiktok, don’t forget to list the award on your LinkedIn business profile.
If you heavily market through online platforms, you must produce visual content since most people prefer video over written content. Higher ROI has been reported by marketers who use videos on platforms like YouTube and Facebook. Edit clips of when you received the industry award and explain how you were able to snag it. This is a great opportunity for the business to share its corporate culture.
Most awards come with a trophy or a certificate. If you have a physical store, display your awards in a prominent area for customers and employees to see. You can have your award framed or displayed on a stand. For customers, it’s a sign of reassurance that they are in good hands. For employees, this will serve as a reminder to keep up the good work.
While it is true that a business benefits from receiving an award, it shouldn’t be its end goal. Every business should always focus on the customer. If your client’s needs are met, and the quality of your offerings does not deteriorate over time, people will eventually notice. It is the approval of your customers that you should seek. Awards are only the cherry on top!