Why Are Awards Important? [FAQ]
When you think of vital aspects of your organization, what typically comes to mind? Probably customer retention, added revenue, and growing prestige, among others. But, what does an awards program have in relation to all of these aspects? More than you might think. A well executed awards program can benefit your organization in all of these areas of interest and more.
Awards Boost Member and Customer Retention
Members and customers form the crux of any organization so finding and keeping them around is always a priority. However, attracting new members can be pricey and even then, retaining them isn’t guaranteed. So what can you do to keep the members that you have attracted around? If you guessed an awards program, you got it right!
An awards programs gives recognition to members and customers for their work and activity in your organization and industry, which ignites loyalty. And in today’s marketplace, this loyalty can be truly invaluable for your organization’s future.
Awards Increase Engagement With Praise and Recognition
Engagement is a critical aspect of member and customer retention, and an awards program provides you with a great way to engage members and customers. By praising your members’ achievements through your program, they are connecting with your organization, building both loyalty and investment in it. Through one program members who may have fallen off the map or new ones who have just found your organization are more actively engaged with your organization, and therefore more likely to stick around for a while.
Awards Offer Increased Revenue Opportunities
Awards programs can actually bring in additional profits to your organization in several ways, primarily through submission fees. The value of the PR exposure and marketing opportunities your organization with reap can’t be accounted for monetarily. This is especially true when you consider the exposure and credibility you can reap from this very same exposure. Perhaps this should be actually be considered a win-win-win situation!
Awards Mean Serious Prestige and Publicity
As touched on above, an awards program can greatly add to the prestige of your program by gaining a lot of publicity. In fact, by securing credible, respected judges, entrants and others within your industry will value your organization as a leader and expert.
This also adds a layer of legitimacy to your organization, positioning your organization as a resource for information and news regarding the latest events in your industry.
Awards Enhance Your Organization’s Values and Goals
And finally, an awards program can help your organization, just through what it essentially is: a way to enhance your organization’s values and goals. If you’ve been trying to get your organization visible and haven’t tried to do so through your awards program, you should. By doing so, you have the opportunity to connect and recognize those who are passionate about similar causes or goals, adding to your member retention and participation in your program.
Why do you value your awards program? Share what your own program has done for your organization in the comments below!
If you would like additional information, be sure to check out our guide, Understanding Why Awards Are Important for Your Organization, to see just why your organization needs an awards program of its own!
OpenWater Works With We Serve, Inc. to Verify & Execute Annual Awards Program
You’ve Found Your Awards Judges – Now It’s Time to Spread the Word!
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