Business awards and quality marks are a well-established part of business life.
But while it’s exciting to win big at an awards ceremony, the jury’s out on whether they’re all worth the expense and hard work that it takes to enter – and whether they have any real meaning.
In this article, we’ll guide you through the types of award and quality marks commonly available, and the potential pros and cons of seeking them. We’ll also provide practical tips on how to win the ones that you want.
Award and quality marks can boost your organization’s reputation, setting you “apart from the crowd.” They can also give your people a morale boost by highlighting their achievements.
If you’re a young company, winning awards can signal to the world that you’ve “arrived,” and help to cement your credibility. For more established players, business marks and awards not only showcase your heritage, but also prove you’re still dynamic and innovative.
Awards can also be great for an organization’s bottom line as well. Research highlights that award-winning businesses can acquire a sales boost of 37 percent, as well as a 44 percent jump in their stock price. [1]
On the down side, creating an impressive and persuasive entry can be a laborious and time-consuming undertaking, not to mention an expensive one. For example, there may be entry fees to take into account, and possibly hotel bookings, flights, taxis, or even booking tables for the ceremony.
One of the biggest risks with chasing accolades is that you may inadvertently damage your reputation. Some awards may have very little industry recognition or credibility. As such, your credibility can easily be lost, you could be seen as just “chasing glory,” and potential clients and customers could back away.