Awards programs. We know why they’re important to entrants and winners. An award legitimizes their work by providing recognition from industry experts. And such recognition can help them further their professional pursuits.
But why do organizations run these programs? To many it seems that, despite the publicity they provide, awards are just a big cost of time and money.
However, awards programs can benefit an organization in many ways that people may not realize. Below we’ll take a look at three benefits awards programs provide their parent organization.
1. Revenue Generation
Some organizations may only think of awards in the terms of cost, both money and time. What these types of organizations fail to consider is that awards can actually generate revenue. Through entry fees and other submission-based costs, awards programs can not only cover the cost of the program, but also add to your organization’s revenue. In fact, some organizations use their awards as their main source of revenue!
2. Brand Reinforcement
Another great way that awards can benefit their parent organization is through brand reinforcement. Awards are a great way to further your organization’s goals and values. After all, the program is geared toward recognizing those in your industry that best exemplify your organization’s values.
Through careful marketing and branding you can align your program with your organization. This ensures that every aspect of your awards reflects back on your organization. As a result, you can increase publicity and awareness, which can help improve your organization’s standing within your industry.
3. Increased Engagement
All organizations struggle with one thing: engagement. A good chunk of an organization’s effort is focused on increasing and maintaining engagement with its target audience. Why is this so important? Because engagement is what keeps your organization going!
Awards are an excellent way to maintain and increase engagement. An awards program gives recognition and praise that is important for those trying to succeed in their industry. By recognizing their hard work you are building loyalty and a relationship with your audience. This in turn will make them more likely to interact with your organization in the future.
What benefits has your awards program provided your organization? Tell us in the comments! To learn more about why awards are so important to organizations, download our guide.