It is always great to share a drink or a meal with your business partners or colleagues. As we shared our weekly business dinner, one partner asked; why are corporates obsessed with awards? That was an intriguing question, and I thought would be fun to learn or understand why corporations focus on winning awards.
My curiosity led me into a rabbit hole, of trying to figure out the value awards bring to corporate. Why a corporation or business would invest human and financial resources to seek an award.
As you might imagine, awards have huge benefits to individuals, but more importantly, they are of great importance to corporate organizations.
To put it into context, you would have to admire the discipline, focus, sacrifice and grace under pressure exhibited by corporations entering various business awards.
Winning is not easy. It takes investment, in human capital, time and also money to put together a proposal to submit to an award committee.
That is one you might ask; why are corporates obsessed with awards? Why would anyone want to do all that work, without the guarantee of winning the award?
It is a risk many businesses or corporation are willing to take. Their obsession with awards can only mean that there is value in the various business awards within an industry.
My role today is to provide you with information and reasons why corporate are obsessed with awards.
Why are Corporates Obsessed with Awards?
If you have been wondering why corporations or businesses are obsessed with industry awards, here are the reasons;
- Increased visibility.
- Free marketing.
- Industry benchmarking.
- Attract investment.
- Motivate employees.
- Increase credibility.
- Attract top talent.
Awards have a lot of benefits to businesses. That is why an organization spends time, money and human resources to participate in awards.
Related: Reasons to Participate in Awards
It is important to understand what motivates corporations towards awards or award ceremonies.
7 Reasons Why Corporations are Obsessed with Awards
Corporations and businesses like participating or winning awards, this is because they find value in such programs.
Here are seven reasons why corporate have an obsession with awards;
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Increased visibility.
When a corporation secures a nomination or wins an award, there is a great deal of publicity that comes with that feat.
This creates and increases visibility for the business.
In business, it is a good thing to have your brand gets visibility. This is one way of increasing your intangible asset value, and this creates more value in your business.
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Free marketing.
Marketing includes activities that a corporation undertakes to promote the products or services on offer.
Awards are a great avenue to achieve this objective.
When nominated or as a winner, awards provides free marketing opportunities for a company.
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Industry bench marking.
Award programs are a way for a business or corporation to benchmark itself against competition.
It is a smart way to get feedback on your products or services. You will be appraised and given a score, against other companies within your category or industry.
To a business leader or entrepreneur, this information is valuable. You can use it to improve your business, and continue promoting your products or services.
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Attract investment.
Investors are always on the look-out for businesses or organizations that has potential to win in the market.
That explains why corporate have an obsession with awards. It promotes the company and positions the brand as a winner in the eyes of potential investors.
In this regard, a corporate that wins awards can attract new investments faster than a company that is not known.
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Motivate employees.
Productivity is very important to organizations. A business can invest huge amounts of dollars to achieve highest productivity from employees.
This is because a corporate can increase revenues and profitability from a motivated staff.
Awards have the powers to motivate employees. When a team gets recognition, they can achieve and do more than you might think.
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Increase credibility.
Credibility is very important in business. Your customers are going to trust your brand based on the promises you make, and whether you keep or break them.
When your corporation wins an award, you get a boost or increase your reputation in the market.
It is best when you get an award from a reputable organization or awards event organizer. Your award signals to the market that you are trustworthy and you provide quality goods or services.
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Attract top talent.
People like working with winners, and this applies to professionals as well.
When your company gets a nomination or wins an award, you get publicity and visibility in your industry.
This marketing attracts, not only potential investors, but also potential employees.
You are going to attract top people with high qualifications. These people will show interest in joining your corporation.
Importance of Awards to a Corporate Organization
As I mentioned above, awards are important to corporate organizations.
Entrepreneurs and business leaders should be part of award programs in their sectors.
There are benefits to participating and winning awards. You can find the article below that covers these in more depth.
Related: 19 Benefits of Winning Business Awards
What is clear is that awards play a role in the business ecosystem. That is why corporations have an obsession with awards across various industries.
Conclusion
In conclusion, I have found out that there are good reasons why corporate have this obsession with awards.
They gain a lot of value when they participate in award programs within their industries.
If you run a business, you should consider being part of the awards that are taking place in your sector.
Some of the benefits of winning an award include increased visibility for your business. You can also attract investment into your corporation as well as top talent.
People like working with a winning company. Therefore, a corporate that has an obsession with awards understands the value such awards bring to the business.
For a corporation to leverage on awards, it is important to ensure that the awards program is credible.
Award programs from reputable organization or brands create value to a corporation.