Stand out from the crowd: Top four wider benefits of entering your business into awards
December 1 2022
When it comes to business awards, size really doesn’t matter. The large breadth and variation in business award categories has essentially created an ultra-inclusive ecosystem that allows for recognition across a wide spectrum of business, from start-ups to entrepreneurs, local to national.
Here at the Lloyd’s Bank British Business Awards we have seen first-hand the true value of an award, or even nomination, to helping a business grow.
With this in mind, we have put together the top four benefits of entering your business into awards:
Read all about it! Content is king
Regularly overlooked and mischaracterised as a two-dimensional, self-congratulatory experience, entering your company into an award can represent a marketing goldmine. The promotional capital attached to an awards entry can be endless, not limited to a fancy newsletter outreach session to your existing customer base, highlighting your calibre whilst increasing the potential for client loyalty. The literature a nomination can produce can be vital to your company image going forward.
In the digital age, content is king, particularly in the case of social media. From a nomination to a win, the level and extent of social content you can produce during the run up to, and event itself, can enrich your image to the degree that it helps when it comes to looking to recruit. Effectively marketing your business as award winning, or nominated, can help you attract top talent – invaluable in today’s age of the Great Resignation, with more and more looking to jump ship and look to pastures new.
PR never goes amiss
Related to the above, the public image and publicity opportunities can be incredibly rewarding for your business. You will have the chance to use the awards branding on marketing materials, websites and social media which will greatly increase your credentials with external businesses, potential clients and existing customers.
Condensed down to its simplest form, the key outcome of being an award entrant is exposure. Beyond external promotional incentives, you will be, by virtue of being part of the awards, be in the room with the country’s top businesses – a networking opportunity like no other. This can include industry connections that make up the vanguard of your target sector, an invaluable benefit to future growth during a time that British business needs to stick together.
These opportunities increase exponentially if your nomination becomes a finalist, allowing further, high-level publicity during the run up to the event. This only multiplies if you go on to become the winner of your category.
A topic that needs to be spoken about more freely than it has historically, is employee retention being at an all time low, with the total job-to-job moves increasing to a record high of 994,000 during the January to March period of 2022*. One aspect of this complicated series of events is a matter of morale.
Recognition of your company at an awards ceremony may initially feel unconnected to employee morale, but pride and understanding that your company accolades and achievements are inherently due to your, the employee’s, hard work and commitment can be immeasurably beneficial in keeping staff put.
The knowledge that your contribution has led to achieving something as tangible as a UK recognised award is a great motivator to not only remain loyal, but to continue to push for more in the future.
Directly correlated to the guaranteed exposure that comes with a nomination or a win at a recognised business awards is the increased sales and income attached to it. Showcasing your expertise through entering industry awards has been known to increase prospective customers both during and directly after the event, particularly in comparison with those companies who do not.
Slightly altering the common adage that success breed success to success attracts success perfectly surmises the business opportunities that can present themselves through participation in such events. A public showcase of your industry prowess is the ideal advertisement for potential businesses looking to collaborate or simply use the services of an award winning, or nominated, business.
Sarah Austin, Founder and Director of the Lloyd’s Bank British Business Awards, summarises:
“British business has experienced some of the most turbulent times in record, from the great resignation being in full flow and inflation hitting both SME’s and larger corporations alike, it is vital we celebrate every business win we can.
“The Lloyd’s Bank British Business Excellence Awards celebrate hardiness, innovation and unrivalled creativity present in British business. We are once again on the lookout for the stars from all corners of industry – entering gives your business the chance to be awarded for its achievements and recognise true accomplishment.