Why awards can easily deliver a valuable return on investment

If you haven’t entered an industry award before, it might sound like hard work and a bit of a vanity act. In reality it’s actually nowhere near as difficult as you might imagine, and importantly, can gain you a competitive advantage.

Entering industry awards can be a good investment of your time, delivering substantial business benefits, such as raising the profile of your business, which in turn can help with attracting new talent and give a boost to client retention and new business. Plus, recognition of the fantastic work you do can also be great for staff morale.

Things to consider:

1.      What industry awards are there?

Take a look at the websites of the UK Broker Awards, The British Insurance Awards, and Insurance Times Awards as a starter. Or why not see if there are any local business awards that could be more appropriate for your business? Read through the award categories and decide which you’d like to consider entering.

Make sure you have the commitment of the relevant people in the business before drawing up your entry submission because if you’re shortlisted, it’s likely that you’ll have to discuss your entry in front of a panel and there may also be a cost involved. Practicing for this will take time to make sure you’re polished and able to answer a range of possible questions you may be asked by the judges – check that everyone is willing to dedicate their time to doing this.

2.      OK, I’m sold, so what do we need to do?

Applying to enter an award submission is usually pretty straightforward. Here’s a quick guide that should give you some useful tips.

3.      Finally, how should we leverage our win?

You’ve done all the hard work and have been shortlisted or picked up your award, so don’t forget to celebrate it! An award win or nomination that goes unnoticed or uncapitalised serves no purpose other than to collect dust on the shelf.

So, consider having a bespoke email signature at the bottom of your company emails, sharing photos from the ceremony on your social channels (both personal and company pages) and including an update in your client newsletter – just don’t miss out on communicating your good news story.

Here’s some more valuable guidance on how to market your success.

Entering for awards can be a powerful source of valuable business reputation capital, especially in the competitive landscape of business today, where standing out from the crowd is more important than ever.

Ultimately awards can be a great way to elevate your brand and gain a competitive edge, acting as a seal of quality that potential clients and partners look for when deciding who to trust.

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