The OpenWater Blog

How Awards Can Generate Revenue for Your Organization

For many, awards programs are synonymous with high costs. And of course, with high costs come precious wasted dues revenue that could be spent in other ways. But what many executives fail to consider is that at the end of the day, an awards program is an essential way to develop non-dues revenue your organization wouldn’t have otherwise.

So, what’s the secret to making this happen? It’s not secret, just proven methods to guarantee that from the moment you set a budget to the end of your program, you come out on top.

Application Fees

Application fees are the true crux of awards program revenue generation. For some programs, the application fees actually cover the cost of the entire program.

Of course, application fees might differ depending on your program and you might want to set different pricing for different application periods. But keep a critical eye on these decisions to ensure you don’t over complicate your submission requirements. By doing so, you can keep those high-quality entries pouring in!

Sponsorship Fees

As your program gains prestige and recognition within your industry, sponsorship fees are another area you can count on for additional revenue. In fact, sponsorships are a win-win for both your organization and the companies, individuals, or any others that choose to support your program.

Consider this: businesses want visibility with your entrants and members. The best way to do this? Sponsoring your program to get their name in program books, promotions, and their company into your awards gala and other events too. By doing so, they can get in with your members and potentially get some of their own. And you? You’ll be enjoying the sweet sponsorship fees that this kind of visibility costs.

Membership Discounts and Encouragement

By now we all know that awards programs do much more than what meets the eye. And if you didn’t already know, one of these amazing things is helping your organization promote membership through discounts and engagement.

Your awards program is already a reflection of your organization’s goals and values and current members, as well as entrants attending your program, will take notice. In fact, they’ll not only notice what you’ve got going on, but they might even want to become a member themselves. And, by offering discounts on membership you can help encourage the type of long-term engagement that you need to keep your program rolling.

Marketing Opportunities

Ever thought of the seemingly non-tangible benefits that your awards program can deliver? Let’s say…free marketing perhaps? If not, you’re missing out on even more revenue your awards program can deliver.

Awards programs are PR powerhouses. As a matter of fact, the exposure that your program receives while it’s running can deliver future financial benefits that you wouldn’t have otherwise. Think of all of the donations, additional members, and other benefits you can one day have all to yourself!

Non-dues revenue are an essential part of any organization, especially when it comes to keeping the money flow alive and well. Luckily, your awards program can do just that. Whether from application or sponsorship fees, increased membership, or even marketing that leads to future financial success, your program can do it all.

So, is your awards program worth the investment? All signs point to yes.

If ready to learn more about why your program is absolutely essential for your organization, download our guide to learn even more!

Miriam Hancock

Miriam Hancock
Miriam is the Marketing Coordinator for OpenWater. When she isn't writing and designing content she paints and cooks for her own personal blog.

How Changing Your Facebook Cover Photo Can Help Your Awards Marketing

Thumbnail Previews of PDFs Now Enabled for Everyone!