Award Wins Fuel Growth
Winning a respected award confers important credibility, helping to fast track customer wins, energize partners, and attract investors or acquirers. We consistently see awards result in positive outcomes for Cosmo clients and recommend an awards program as part of any external communications campaign.
Yet, it can be daunting to sort through the multitude of award possibilities to find the right one for you at the right time. Beyond award application fees, managing an award program is also an investment of time and resources. And it can be intimidating to craft a submission that will stand out from the hundreds or more other award applicants.
Follow these four tips to build a well-designed program for prioritizing, submitting and winning the awards that will deliver the best returns for your business.
Align Award Value
Many clients pursue different types of awards at different stages of their business. Knowing which programs will return the type of attention you desire will help to prioritize your investment of time, effort and money.
While many awards celebrate excellence and innovation, others focus on leadership, company culture and growth. If you are a fast growing tech company, earning a best place to work award can boost employee morale, make recruiting easier, and elevate the culture and purpose behind your work. Winning a prestigious innovation award can separate you from the competition and help close business deals.
Consider startup medtech company Velano Vascular. With the Cosmo team, it targeted a series of strategically curated award programs to build credibility and raise visibility for its innovative approach to disrupting the staid practice of blood draws. Its culminating win as one of Fast Company’s Most Innovative Companies helped lock in its bonafides and influenced its eventual acquisition by a large multinational company.
In contrast, a publicly traded company might use a high profile or CEO of the year award to yield media coverage, business opportunities, and future speaking podiums. When Oportun was named a TIME Magazine Genius Company, it instantly earned the company new credibility and attention, plus gave it a valuable reference award for years.
Navigate Pay-to-Play Dynamics
Many award programs have attached fees that can range from a couple of hundred dollars to a thousand or more. But not all these opportunities provide the same level of credibility. This is where research and experience come into play.
There are many credible, prestigious awards like Fast Company and Best Places to Work that require an entry fee. But be suspect of unknown awards or promises of guaranteed wins from award solicitations. It’s important to research awards, sponsors, and prior winners as part of your homework before making an investment in a paid award opportunity.
Create A Winning Entry
Choosing which awards to pursue is just the beginning. Pulling together a strong winning entry requires building a narrative that clearly and distinctly illustrates what makes you unique, innovative, or the best in your category.
Each award program has its own criteria for judging. Some require that submitted projects be less than a year old, some are entirely revenue-based, others rely on third-party endorsements. Know when a program will open for submissions and its deadlines so that you can maximize the intervening time to build the best entry possible within these guidelines.
Keep in mind that most programs receive hundreds of entries. Work closely with your internal subject matter experts, partners and customers to build the most compelling entry possible for important awards. Look for nontraditional ways or insert statistics and user stories to stand out from the crowd.
When the Investment Pays Off
Winning an award can generate attention and value depending on the award category and industry. For emerging companies, winning awards helps establish a credible presence in the industry and can open doors to new funding sources and partnerships. For more established companies, awards serve as platforms to reinforce reputation, amplify thought leadership, launch new products and attract investment or acquisition interest. A prestigious award win that garners media attention can boost sales and might even impact stock price.
To make the most of your award win, be ready to support it on social media. And even though most awards won’t earn standalone media coverage, higher-level ones often merit a press release. For name brand awards, consider adding it to your email signature and on your website to leverage it longer-term.
With good planning, alignment and strategic submissions, award wins and programs can offer pathways to clearly articulate your value, positively impact reputation, foster existing partnerships, and drive business growth.
If you are interested in learning more about creating an awards program, reach out today.