We get it. Whether you’re an entrant, judge, or administrate, dealing with an awards program can be difficult. There can be lot’s of forms to fill out and then somehow submit for the applicants, and then a poor administrator can sometime be manually organizing all these – yes, that still happens even in the 21st century. But when it comes down to it, there are tons of benefits to running and entering in these kinds of recognition program!
Awards do not only acknowledge success; they recognize many other qualities: ability, struggle, effort and, above all, excellence.
Awards can be mighty; having the influence to distinguish a company’s offering from competitors. They can also demonstrate commitment, and be a hint towards growth.
Having that trophy in your cabinet, and the logo on your collateral, reassures customers of quality and credibility. It’s that seal of approval we all feel comforted by. And that’s just prospective customers. Staff love recognition, and as such their morale will be boosted by a successful award outcome.
Ok. That makes sense for people entering awards, but that’s just one application. How about for someone running a large awards program with thousands of entries? How can all that work possibly be worth it.
Well, it can be worth it if your organization is looking for revenue, brand recognition, and member/customer retention.
Some organizations only see awards programs as a cost, but what they don’t realize is the ripple effect awards can have. The most obvious way awards can generate revenue is through submission fees. Depending on the cost, submission fees can both cover the cost of the program and add additional revenue to the organization. In fact, some programs like the Malcolm Baldrige National Quality Award have an enormous return on value in relation to cost. A new study by the NIST determined the practical value to organizations using the Baldrige Criteria for Performance found the benefits of the program outweigh the overall cost by 821 to 1!
Another reason is that an awards program provides great PR exposure and marketing opportunities for your organization which could lead future financial benefits (think more members, donations from charitable organizations, etc.). A program can also benefit your industry as a whole, by giving credibility and exposure.
Awards programs can definitely be work sometimes, but do any of these seems like good reasons to keep up with them to you?