An honest look at Recognition, ROI and Reality

 

From the BAFTAs to Michelin Stars, every industry has its recognised sought after awards.

Whilst it’s unlikely a small cafe is going to win a Michelin Star, small businesses do have a plethora of smaller awards to aim at. The question is, are they worth it?

Let’s break it down.

 

Recognition and Achievement

 

Let’s be honest, we all like being told we’re good at something. Getting recognition for a job well done is a great feeling. But taking our ego out of the equation, what does that reconigition actually mean for a small business?

For a small business an award can mean:

Recognition – A public acknowledgement of the hard work and commitment to excellence the business has shown.

Credibility – The words award-winning can build credibility. A third party recognising a business can help build customer confidence.

Visibility – It makes a great good news story, which can give a small business some great PR if used the right way.

A sense of acheivement – Running a small business is hard. It’s a long journey with many bumps in the road.  Winning an award can give business owners a boost to their morale.

 

ROI

 

When we use the term Return on Investment, it’s not just about cost. To apply for an award takes time, it takes effort and it takes commitment.

Let’s look at the reality of the investment needed.

First, there is the cost of time. Writing an award entry is a skill in itself. It takes time and effort to craft a good entry. This is time away from the business, and as all small businesses know, time is extremely valuable.

Some awards have a long process of entry. Some are just one form; others require an entry form, followed by an interview and/or other materials such as a video or presentation. This all takes time.

Some awards have an entry fee attached, some don’t. However all have costs attached in terms of the awards events.

Some awards don’t charge for the awards event. Most do. An award event ticket ranges from £100-£300 per person. This is a siginifcant cost for a small business.

Even for events where you don’t have to purchase a ticket to attend, you still have the cost of getting to the event.

If you do get selected as a Finalist you have to then take more time to craft your PR coverage to get the most out of it.

Reality

 

Every small business would be thrilled to win an award, and so, many will apply for them. In reality, if there are over 100 entries and only 8 Finalists, the success rate is quite low.

You have to have a good story, and be able to convey this in the entry.

If you are selected as Finalist you need to be able to commit to any extra stages, and in many cases commit to attending the awards event.

You will only get good PR from it if you approach it in the right way.

 

So why bother?

 

Entering an award, becoming a Finalist and even winning an award is hard work. And that’s why it’s worth it. Nothing worth having ever comes easily.  The PR coverage from being a Finalist or a winner could give you can really boost your business.

 

Are all awards worth it?

 

Absolutely not. You must ensure you do some research and be selective with which awards you are going to enter.

The time commitment and associated costs are simply not worth it for an award you have “bought”. There is no recognition or gravitas in awards that clearly choose everyone as a “Finalist”.

 

Top Tips:

 

1. Make sure the award you are entering is recognised enough to give you the gravitas you deserve. Who is judging the award? Who has won in the past?

2. Take the time to learn how to craft a good entry.

3. Be aware of any associated costs.

4. Make sure you have a good PR plan in place to make the most of being a Finalist.

 

Golden Rule:

 

Ask yourself, will my customers care? Does this award align with my business, and why would it be good for me to be a Finalist/Winner of it?

 

If you can justify the time, the cost and the commitment, then go for it!

You might find our blog on how to write an award entry useful.

 

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