Do awards really offer value to a company’s bottom line? According to a research study by Hendricks & Singhal of the University of Western Ontario and Georgia Institute of Technology, it was revealed that more than 600 quality corporate award winners had 37 percent more sales growth and 44 percent higher stock price return than their peers.
Those stats alone are enough to prove that awards are a good idea to go after. But the reality is that they require a lot of money, time and resources to secure, so what is the real is ROI?
Build Credibility
Placing on an industry list, whether it’s the “Top Forty Under 40” or “Best Of” will encourage prospective clients to take you seriously even before they dig deeper into your company’s background.
Get an Edge Up
Awards have benefits of increased awareness, third-party validation and establishing market leadership. Using awards as a sales tool can be an account executive’s ace-in-the-hole.
Boost Morale
Employees like to feel a part of a recognized team, and recognition from an outside source, such as an industry association or a respected publication, will spur even more impact than internal recognition.
Attract Talent
A company’s success depends on its staff. Workforce retention can be an ongoing challenge. When candidates see your company is ranked a good place to work or getting a nod to diversity or technology accolades then you’ve made your company even more attractive to potential hires.
Free Publicity
Industry awards can be a valuable addition to your marketing arsenal. The free publicity an award-winning business receives can result in more business and new connections, helping validate what your company does and increasing your visibility in the marketplace.
So, yes, awards can have a positive impact on your business. Now, what’s the best way to go about getting a few under your belt? It’s not rocket science, but you do need a strategy and some sort of gameplan.