GUEST POST by Alex Sal of Executive Content
There are a plethora of business awards in every industry -- some are highly coveted, while some are pedestrian. But no matter the category an award belongs to, winning such an award signals tangible value. It communicates something vital about the recipient and what the recipient has to offer.
In this article, we’ll focus on the marketing value of winning business awards and how they can activate trust to your prospects and customers.
The Nexus Between Fame and Fortune
There are only a few monopolies in the business world. No matter the kind of products and services you’re offering, there are so many others offering the same or similar ones. So, a key challenge is how can you distinguish your brand and offerings from your competitors? In other words, how and why would customers and prospects pay attention to you, when there are so many similar offers?
In addition to ensuring that your products and services are top-notch, it’s imperative that you find creative ways to market your brand and products. As you know, individuals buy things from brands they know, like and trust (K,L & T). One of the ways to achieve this is by winning respected business awards from credible peers and thought leaders.
Business awards, such as the B2 Awards or American Business Awards, are an effective marketing and trust-instilling vehicles because of what they represent. These awards are rare and are known to be symbolic of the highest caliber. These qualities naturally rub off on the businesses and individuals they’re bestowed upon.
When your company wins a coveted business award, it’s a powerful and highly effective form of positioning. The award says that your company is rara avis (rare bird). It shows that your company is preeminent. Naturally, customers and prospects intuitively respect your company more and they are more inclined to do business with you.
Top business awards are often given at events -- events, that are in themselves, a form of strategic marketing. At these events, a lot of the key decision makers in your niche are usually present (even unique niches that pertain to small businesses or rental management software).
So, for your company to be singled out at such events, in the presence of those who have the power to do business with you can be very impactful. These events are often highly publicized, too, therefore the benefits of winning an award include a free promotion for your brand.
As mentioned above, these events are highly patronized by key decision makers in your niche. Awards offer an easy opportunity for your staff and management to interact with some of these decision-makers, in a relaxed atmosphere: an atmosphere where your brand is being celebrated. This networking opportunity can translate into increased earnings.
There is a nexus between fame and fortune. So, a business award, which serves to let a lot more people know about your company is apt to increase your credibility, and the more credible your company, well, the easier it’d be to earn a lot more.
Trust: The Invisible Currency
Before we forge relationships with other people, we often intuitively try to sense if we can trust them. It’s this feeling of trust that makes us feel safe. And, it’s critical to all interactions, be they personal or business related.
Business awards help foster trust. If a company is singled out as being exceptional, customers and prospects are going to feel more comfortable dealing with such a company that’s known and respected by top influencers, compared to if they were dealing with some obscure mom and pop store, which could be here today, gone tomorrow.
Maximize the Opportunity
We’ve explored some of the marketing benefits of business awards before we wrap up; it’s smart to check out how you can take advantage of them. You’ve got to be proactive, review the award checklists.
Ensure you’re regularly conducting in-depth research on these awards so that your company can enter for them at the right time. There are so many awards. You could have a calendar that’d show when they are given, and the required criteria companies are expected to meet. You can also use some of the criteria they look for to improve your processes.
And, when you win, don’t rely solely on the coverage the organizers of the business awards will provide. If it’s allowed, ensure you have video, text, audio coverage of the awards. This can be leveraged to generate great publicity for your brand. Of course, you’ve got to be careful about the positioning, ensuring that it doesn’t come off as if you’re coming off pretentious.
The award can be positioned as an external validation of your commitment to superior customer service or any other value that your market would appreciate.
Without a doubt business awards are great opportunities for you to be known, respected, and trusted by your target market as well as your own team (for instance, think of best places to work awards).
Have you won an award recently or are you hoping to win any soon?