Companies seeking credibility, a leading edge over competition, favorable publicity, and a way to accelerate sales are gaining value from award contests that reinforce their core values, strategic initiatives, and marketing claims.
Just as travelers rely upon the star rating system to choose a hotel or a local guide to choose a restaurant, buyers of any variety of products and services want to spend their money with winners — and they do.
In fact, a research study by Hendricks & Singhal of the University of Western Ontario and Georgia Institute of Technology, revealed more than 600 quality corporate award winners had 37% more sales growth and 44% higher stock price return than their peers.
Here are a few more benefits to justify your investment of time and effort in award competitions:
A) Get to “YES” faster.
Help unknown, unproven, or emerging companies better compete for and win new business. Award wins make choosing a company less risky for buyers and potential employees.
B) Demonstrate ethics through credible endorsements.
If a prospect is evenly divided between quality companies, the company with the most stellar ethics as demonstrated by a Better Business Bureau award may have an advantage. As reports of corporate ethics violations become more common place, consumers are seeking out companies with track records of integrity. An award recognizing a business‘ demonstrated ability to navigate the market without compromising integrity can help separate it from competitors.
C) Support marketing claims.
Winning gives advertising copywriters more to talk about so cash registers can ring. It is an external endorsement that rings more truth than your claims alone.
D) Pack a powerful punch through publicity.
Favorable local, trade, or national publicity and word-of-mouth referrals often result from contest wins, filling the lead generation pipeline.
E) Tip new business to your favor.
Just like Avis — the rental car company with a reputation for trying harder to beat Hertz out of the number one position award winners may be perceived as working with greater diligence to demonstrate their value.
If you are convinced that award wins can pay off for your business and your brand, follow these tips when putting pen to paper:
A) Prioritize
Choose legitimate and prestigious contests that reinforce your company’s core values, strategic initiatives, and marketing claims.
B) Do The Application Justice
Assign the task of creating award worthy entries to someone who has the passion, storytelling ability, and time to do the job right. Last minute efforts rarely deliver a winning result.
C) Prove Your Points
Call out winning ways in easy-to-read bullets. Share anecdotes, customer and employee testimonials, and press coverage to prove why your company is award-worthy. Steer clear of hyperbole and “blah, blah, blah” commentary that will take up space and bore the judges.
D) Meet And Address All Award Criteria
Only then will you have a fighting chance to earn a place in the winner’s circle. And be sure to submit entries on deadline.
E) Presentation Count
When given the choice to make a hard copy presentation or send a fax, go with the hard copy every time. A fuzzy fax won’t catapult your story to the top of the stack when compared with other applications with better overall presentation quality.
F) Go Into WIN
If you can’t weigh in with a stellar effort, sit out the competition and save your time and money until you can.
