As film buffs know, this time of year is awards season. There are the Golden Globes, various critics’ choice awards, Screen Actors Guild awards, and of course, the big one, the Academy Awards coming up at the end of February. Those in the movie biz understand the importance of awards to their success. Win an Oscar and you’re forever in an elite group.
But what about those of us in the business world? Couldn’t we benefit from some award wins, too? The answer is—yes. If you’ve never considered awards for your business, product, service or employees, maybe it’s time to start.
First, let’s look at whether winning awards really has any strategic value for your business. One study found smaller award-winning companies experienced a 63 percent increase in operating income and a 39 percent growth in sales when compared to non-winners, while large award-winning companies enjoyed a 48 percent increase in operating income and a 37 percent growth in sales when compared to non-award winners[i].
So, if you want to begin to investigate getting into awards for your business, where should you start? First, think about what type of award might benefit you most. It could be an award for your killer product. Perhaps you have the best CEO. Maybe your company has made a significant contribution to the community. Whatever it is, there’s likely an award that would be a fit. You may qualify for awards based on your company’s:
- Community service
- Employment excellence
Here are a few ideas of where to look for award opportunities:
- Trade organizations: Start with your own industry to look for opportunities.
- Publications: Try industry trade publications, as well as general business publications. The American City Business Journals, with papers cities across the country, has a number of award opportunities throughout the year. Regional and statewide magazines also provide opportunities. And, on a national level, publications like Fortune also have award opportunities.
- Groups that support businesses: Think chambers of commerce or economic development organizations.
Once you’ve done your research and made a list of possibilities, determine which awards you’d like to enter. Some have entry fees—others don’t. Always check to make sure fees are in line with your budget.
Then, compile the information required. Some award applications will ask for more detail than others. Allow enough time to collect the information, write what you need to, and then submit by the deadline. Be sure to follow the directions and be thorough.
You’ve entered – now, you wait. If you win, of course, that’s a big deal! Make the most of it by issuing a press release, posting it on your site, and maybe even adding a badge (if they have one) to your site. You can even work it into your boilerplate. And once you’ve won, you’ll always be an “award-winning company.”
And, of course, if you don’t win this time around, there’s always next year.