Industry awards have been around for a long time and span many different categories. Within each industry, there can be several awards and they can get very niche into subcategories. We know what they are, but why do they matter?
Industry awards can be time intensive, but incredibly beneficial. Here are several reasons as to why they are valuable:
- Credibility – This is perhaps one of the most obvious benefits of industry awards is the credibility that it brings to a company, its people and the work being done. Winning awards can say “we are not just talking the talk, but walking the walk.” It provides validation from an external, trusted source that your work is as good as you say it is and allows you to showcase that without having to say it.
- Employee Morale – Companies rely on their employees to conduct business and to be successful. It is the employees that are doing the work on a day to day basis and helping to build a company reputation. Winning awards for the employee’s work helps to make them feel valued and seen for the hard work they are doing to produce strong results. Recognizing employees is a top way to keep employees – 68% of people said their recognition positively affects retention, according to a Society for Human Resource Management survey.
- New Business – Getting awarded for the work you are doing can in turn, win you more work. This point connects to the credibility angle as well. When you are presenting to a new business client, and talking about the work you have done and can do for them, being able to point to an industry award and call the work “award winning” can only help to increase your standing with a potential new client.
- Business Support – It makes sense that if a business is credible, has happy employees and is producing good work that they would be doing well from a business perspective. According to a study listed in MindTools, awards can contribute to business success, with research showing “award-winning businesses can acquire a sales boost of 37 percent, as well as a 44 percent jump in their stock price.”
So, awards are beneficial, but how do you know which awards to apply to? Start by identifying your business objectives and what type of work you are most proud of. It would also be good to conduct research and identify the most impactful awards for your industry and client industries. From there, you can identify what awards you’d like to apply to. Start your first year with a few and then expand your program as you build out your company strategy more.
Industry award entry compilation and submission can be a time intensive activity, especially on top of existing client work. While they are valuable and worthwhile, it is important to be strategic about your approach to awards so your time is being spent in the most effective way.
However, it is an incredibly rewarding feeling when you do win an industry award and it is a great time to celebrate the accomplishments of your hard work and employees!