Awards and Marketing
What do Awards and Marketing have to do with choosing ice cream
Have you ever bought a specific ice cream because it had lots of medals on the packaging? Or any other product displaying medals, trophy, or award stickers (like wine perhaps)?
I'm guessing those medal's gave you a stronger sense of confidence in the ice cream.
Those medals have influenced your Know, Like, and Trust factor of that ice cream.
The decision to put medals on the ice cream packaging is because those medals provide a benefit to the manufacturers of that ice cream. In this case – more sales.
Just like the ice cream manufacturer displaying medals on their award winning products – winning an award can be of great benefit for your small business. And it doesn't have to be an ice cream award.
What to consider before entering an award
As with any marketing activity you always need to have a strategy behind it.
- Why are you entering the awards?
- What do you want to achieve?
- How does entering awards align with your overall business and marketing goals
- How will you maximise and measure your strategy?
If you can’t answer any of these questions, then what is the purpose of entering an award.
Don’t get me wrong, there are many, many benefits of entering awards. However, it’s vital that you have your strategy, your goals very clear before you do.
Benefits of entering awards
As I said, there are many, many, benefits of entering awards.
- Recognition – clients, target market, peers and industry
- PR and media opportunities - short and long term
- Credibility and social proof – helps the know, like, trust factor
- The award review process itself – you will receive feedback on what you are doing well and anything you could improve on. Entering awards makes you work ON your business and we all know that’s a good thing.
- BENCHMARK your business – know how well you're performing in your industry and give you a competitive advantage
- Good for the bottom dollar – can influence your target market decision making by increasing the know, like, TRUST, factor, making it easier for people to choose you/your product.
- Validation – awards help people validate their decision to choose you/your product.
Benefits for more than your business
Awards can also offer a number of other benefits.
Winning awards can be good for:
- You - providing confidence and are endorsement that you are doing the right thing
- Your team – builds pride in their work and gives recognition everyone has contributed. Also positions you well for recruitment so you attract the best candidates to join your team.
- Your customers – awards reinforces their decision to choose you/your products
- Your suppliers – gives them confidence in your business and can strengthen relationships
- Investors and stakeholders – demonstrates excellence
All these different benefits can influence why you enter an award (yes, we’re back at “what’s your strategy”). But there’s a couple of other things to consider alongside your strategy
Things to consider
Is entering the awards going to be worthwhile?
The applications and the process can be very time consuming.
Will you get a return on your investment (both financial and time)?
Make sure you know what you want to achieve and how you will incorporate winning an award into your marketing.
Are you not concerned about winning and are entering to conduct an annual review of your business (the submission process) and get an external viewpoint (the judges feedback)?
Or are you entering to win and utilise the award in your ongoing marketing? If so, consider the additional investment this ongoing marketing will need, and what $ return you achieve as a result of it.
Sometimes the time and effort of entering an award can outweigh the benefits. So, it’s important to keep that strategy in mind at all times.
What type of awards will you enter?
When you enter an award (or number of awards) they should be relevant to your business / services / products / industry / attracting good people (Employer of Choice)
Will you enter local, regional, national or industry specific awards. It’s important to choose the awards that are aligned to your business OR where you are in your business cycle.
For example, if you are a new business, then you might enter Start-Up Awards. If you’re a growing business and you’re looking to employ more people, then you might enter Great Place To Work Awards. Or if you’re a retail business, there are business awards that offer a Retail Category.
When you win!!!
Woohoo! You’ve entered and won your award. Celebrations all round!!!
Now, how will you maximise that win?
What marketing will you do.
Well, you should know this because you’ve already planned this before entering.
Remember, you have a strategy!!!
That strategy could include marketing opportunities like:
- PR - shout it from the rooftops and beyond
- Recruitment – include in your advertising
- Collateral – building signage, vehicle signage, traditional flyers etc, pull-ups, business cards
- Team & Customers - hold thank you/celebration events
- Etc, etc, etc - the sky's the limit!
At the end of the day Awards can be a great tool to have in your marketing strategy toolbox.
If you are considering entering your business for an award, make sure you have a strategy developed first. Then choose the awards to best suit your business and that strategy.
Or, if you're a bit overwhelmed by it all, let's have a chat to see how I can help you.
