How to Stand Out from Competitors In Your Industry with an Awards Program
Have you done a Google search for “awards program”? If you do, you’ll find about 790,000,000 results. That’s pretty astounding.
At first, it may seem hard to believe how many awards programs are in operation today, but really, it’s not so surprising. Implementing a program can have enormous benefits for your organization. These benefits, in turn, can help position your organization as a leader in your industry, setting you apart from others.
But you may be thinking: “Aren’t awards just a whole lot of work, money, and management?” And yes, while they are time-consuming, the benefits that you stand to gain far outweigh the costs of putting your program together.
Not convinced yet? Keep reading to see just what value awards can have for your organization.
1. Increased Member and Customer Retention
Engaging with and retaining both members and customers can be two of the most difficult (and important) tasks of any organization. After finding, engaging with, and acquiring a new member or customer you hope they are delighted enough with your organization to stick around for years to come.
But that can be difficult. One great way to retain customers is with, you guessed it, awards. An awards program recognizes members for their role in your organization and shows them their importance and talents in your industry. As a result, they’ll feel more interested and invested in your organization.
2. Increased Engagement
Engagement goes beyond just member retention. In fact, engagement means that your members are active within your organization and not just a formal “member” of it. With an awards program you’re inviting people to actively engage with you for one reason: to recognize and praise them for their skills within your industry.
You can feature winners and member achievements on social media channels on your website. Doing so gives entrants sought after notoriety and can encourage members to engage with your program long after judging ends too.
3. Generates Additional Revenue
All too often, organizations look at awards programs as a financial loss. But in reality, such a program can generate revenue through submission fees that can cover costs and actually lead to additional revenue for an organization.
Further, awards often lead to PR exposure and marketing that can draw additional members, donations, and establish credibility that grows your organization in general. So while awards are indeed an investment, the benefits outweigh the cost.
4. Added Prestige and Publicity
Speaking of credibility, this is one of the most significant benefits your program has to offer because when you have a successful program, you’ll receive coveted prestige and recognition within your industry.
As a result, you’ll be perceived as an industry expert, making members more likely to submit entries to your program. The best part is that this legitimacy will carry over and generate excitement for your program in the following years too, leading to long-term success.
5. Reinforce the Values and Goals of Your Organization
It can be difficult to get your organization “out there.” But when you try to get yourself out there with an awards program, it can be significantly easier.
Awards make it easy to publicize your values and goals while highlighting those in your industry that reinforce these same values and goals. As a result, you can retain members while creating awareness of your organization in your industry, putting you above your competitors in the process.
If you’ve ever been hesitant to begin your program because you think that doing so might cost you too much in terms of money, time, or energy, it’s time to start thinking about your program differently.
Want more information about why awards are so vital to the success of your organization? Download our guide today to better understand all of the benefits that awards can bring to your organization.
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