7 Reasons why industry awards are important for your business

The performance of innovative and entrepreneurial companies plays a vital role in the growth of their respective industries, as well as of the South African economy as a whole. In pursuit of consistent excellence, while raising the industry standard, awards celebrate those who have achieved remarkable results in spite of the numerous challenges experienced within their industries.

Learn more about why awards are important for your company and how to use them to your company’s advantage:

1. Brand differentiation

Becoming an award-winning business is a great way to set yourself apart from the competition. By carefully selecting the categories that you would like to enter, you can create a niche to make you stand out from the crowd. Demonstrate how you are doing things differently and how you excel at what you do.  This will motivate potential customers to select you over another business in your sector. They are also a powerful resource for internal feedback. The process of applying and qualifying for an award enables a sharp analysis of which fields are working well and which ones can be improved.

2. Marketing

There are a great deal of PR benefits linked to winning an award and having third party endorsements. These benefits are more effective than paid promotions done by your company.  Being associated with a business awards event provides excellent marketing opportunities before, during and after the event. A blog about being nominated, live tweets during the event and a follow-up blog can all be utilised to increase brand awareness. Winning an award is a confirmation that you are successful in a highly competitive industry, and such an opportunity to put your business in the spotlight should be welcomed.

3. Benchmarking

Entering industry awards and selecting which categories you would like to participate in forces you to look at your business from a different perspective and compare yourself to competitors. Once you have identified your strengths you can then go on to refine your business strategy and carry out necessary process improvements.

4. Raising credibility

Winning an award from a credible third party can go a long way in solidifying your reputation as a trustworthy brand that delivers, especially if the award has been judged by industry-leaders and experts in that field. Being able to say that you’re an award-winning or an award-nominated business increases your chances of building and strengthening partnerships, as it encourages customers to choose and stay loyal to your company.

5. Networking

One of the best ways to build a profile is by networking with like-minded people, who will assist you in building your reputation as a knowledgeable and reliable business. During award ceremonies, you will be exposed to a network of business leaders in and outside of your industry. This will assist you in expanding your knowledge and learning from the success of others, it will also increase partnerships and lead to business opportunities.

6. Boosting morale

Winning or being shortlisted for an award is a very public way of recognising the hard work and achievements of your staff. Awards remind employees about what’s good about your company and why they are proud to be part of it. This in turn will increase the level of productivity as well as foster a sense of achievement among them. This is great in the here and now, but it also means your employees will be more inclined to defend their titles moving forward. Nothing looks or feels better than being “best in class” for multiple consecutive years.

7. Attracting talent and investment

If you are the best – the best will want to work with you. Being recognised as the best in class and building your employer brand helps attract new talent to your business – as well as engage with potential investors.

There is no universal template to becoming an award winning business, but the most important part of any contest involves entering. If you do not enter, you are not giving yourself the opportunity to win, especially when The GAPP Awards has a “Design For Print” category.

Visit www.thegappawards.co.za.

Entries close on 31 June 2021.