The Business Benefits of Applying for Company Awards Programs
How do company awards set your business apart from the rest? Is it really worth all the hype of applying for industry recognition programs? Find out here…
Applying for company awards programs takes up valuable resources. It’s another time-intensive project on the to-do list for your busy team.
Is it worth it? Do the benefits outweigh the costs?
The results of a study of 600 quality award winners say yes. The University of West Ontario and Georgia Institute of Technology study showed that quality award winners outperform the competition by:
- 34% in stock price
- 48% in profit
It’s worth it to your bottom line. But that’s not the only benefit of company awards.
Here are some of the key benefits:
Credibility
Customers give their hard-earned money to companies they trust. They research the market before they choose which company they believe in.
Company awards boost your company’s credibility. They are a seal of approval for your company’s standards. They tell customers about your company’s dedication to excellence and quality.
Winning a prestigious award raises the profile and status of your company in the local community. It elevates your company. It helps others see you as one of the leaders in your industry.
These benefits make it more likely that customers will choose your company.
Visibility
To generate revenue, you need to convert potential customers into paying customers. To get more paying customers, you need more leads in your pipeline.
To get more leads, you need more people to know about your company. Company awards increase your company’s visibility in the community.
They provide free advertising for your company. They highlight your company’s strengths. That’s an important step in converting them to loyal customers.
Want to see this visibility in action? Check out our award recipients.
Employee Engagement
According to Gallup, only 34% of the U.S. workforce is engaged at work. Most workers don’t look forward to work. They don’t give their best effort at work.
This impacts the financial performance of the company. It’s also detrimental to company culture.
Company awards can improve this situation. They give you the perfect opportunity to boost employee morale.
When your company is nominated for an award, say thank you to your employees for their efforts and contributions. If your company wins an award, celebrate the win as a team and recognize the accomplishments of your teams.
Often when employees feel valued, they invest more of themselves in the company. They’re more motivated to take ownership and accountability. They’re more likely to stick around instead of joining the competitors.
Competing for Company Awards
There are no free lunches in life. Competing for company awards takes time and money. And there’s no guarantee you’ll win.
Why apply for them then? Because it’s an investment in your employees and company that produces long-term returns.
Company awards help your company stand out from the competition. They help your company become a leader in your community. They shine a light on the great work of your talented employees.
They’re worth the commitment. Don’t apply for just any award though.
Go after awards you’ll be proud to win. Go after the best company awards. Learn more about Best in Business Awards.
