Are awards worth it?

Awards are a strategic marketing asset. They can play a pivotal role in shaping the perception of a business. But how do you know whether they make financial sense for your business?

In this blog I will highlight the short, and long-term benefits of awards and explain how you can quantify them.

The Value of Awards in Marketing

There are some immediate benefits:

o   Publicity – It starts when the news is announced in press releases, industry publications, and coverage in local or national media. And is fuelled by customers and stakeholders celebrating on your behalf.

o   Social capital - A well-timed celebratory social media post or campaign can increase engagement and boost your brand’s visibility to a broader audience.

o   SEO – In a digital world, extra publicity = extra SEO juice, helping your brand to appear higher in search engine results for certain key words including who you are and what you do.

o   New sales – There is a trustworthiness associated with awards. Simply adding "award-winning" to your product or service description in marketing materials can result in increased conversions, as it provides instant validation.

o   Customer contact – An award win is a great opportunity to touch base with your customers. It offers subconscious reassurance that you are a best-in-class organisation.

o   Promotional content –  Use the story told in your nomination to create content for social media posts, blogs and case studies.

o   External endorsement – The use of award logos on websites, brochures, and email signatures further reinforces the brand’s credibility.

The long-term impact of an award can be significant:

o   Brand equity - Awards enhance brand equity, the intangible value tied to a company’s reputation and recognition.

o   Customer loyalty - Customers aware of your brand win are more likely to remain loyal, as they associate your brand with quality and leadership within your industry.

o   Differentiation - Awards help businesses differentiate themselves in competitive markets.

o   Increased margin - It becomes easier to justify premium pricing when consumers associate your product with a proven track record of excellence.

o   An award-winning mentality – Encourage a culture of continual improvement. Make "award-winning" label a part of your brand DNA. It will rub off on staff as they embrace the ‘winning’ mentality.

o   Credibility - Awards signal stability, success, and long-term potential.

Quantifying the ROI of Awards

The key to proving the ROI of an award lies in tracking the right metrics. Keep a note of the costs that you have incurred. Identify the key metrics which you will be using to look for any improvements. Google Analytics, social media tracking tools, and PR monitoring services can help quantify these impacts and showcase the true ROI of winning an award. These metrics are helpful:

1. Website traffic: Monitor spikes in traffic from media coverage, press releases, and social media announcements.

2. Conversion rates: Measure how the award influences sales, customer acquisition, and lead generation.

3. Media impressions: Track the number of mentions, media hits, and social shares to gauge the reach of your award win.

4. Customer retention: See if winning the award affects your customer loyalty and repeat business metrics.

How to maximize the ROI of an award

You can’t control if you win an award. But once you have won, then you are in the driving seat. Don’t waste this opportunity:

1. Celebrate: Celebrate your win with staff, stakeholders and customers. Start once you are shortlisted. Invite high value customers and key staff to join you at the awards. Post ceremony, you can use existing communication methods, for example at the next staff meeting, investor newsletter or customer contact.

2. Publicise the award: Use copy from your award entry to create case studies, blogs, vlogs, social snippets, website content, newsletter content, and so on. Create a dedicated awards section on your website, with links to it from your content.

3. Promote on social media: Engage your audience by sharing the news on social platforms, using videos, images, and hashtags to increase reach.

4. Update brand assets: Add the award logo to marketing materials, email signatures, and product packaging to reinforce your brand's credibility.

 In my next blog: I'll explain how the Awards world works in "The wonderful world of Awards".