The business awards season is in full swing, with photos of beaming finalists shared all over social media, giving attention at least temporarily, to their companies. But are these awards really worth it? Do they do anything for you as a company or an individual long term, or are they all about making money for the organisers?
Well the obvious answer is that the organisers of any event-based awards are always going to get a lot more out of it financially than you are! With tables regularly charged at £1000 each (and considerably more in London), there is significant money to be made. Some business awards are even up-front about the fact that you cannot win unless you buy a table, or even ask you to pay for your application in the first place! This is also why award ‘shortlists’ are often very long lists – the more people on the shortlist, the more tables to be sold!
Choosing the ‘right’ awards
Just because the organisers make money, it doesn’t mean that the experience won’t be valuable for you and your business. The key is to select the right kind of targeted award that is going to enhance your reputation, and hopefully increase your client base. Look for a really specific category award that is going to cement your reputation at being the best at what you do, and then ensure that the team behind the awards is reputable. There’s no point being named ‘Best Architect in the World Ever’ if it’s been conferred by a judging panel whose only contact with the world of architecture is watching Grand Designs!
Deciding whether to attend
You should consider too that being shortlisted can often be as beneficial in terms of PR and marketing as actually winning your category. In many ways the buzz before and during an event is a greater marketing opportunity than talking about being the winner after the event, when everyone’s attention has moved onto the next big event coming up. And remember that they can’t de-list you from the shortlist if you decide not to pay for a table, so it is possible to benefit from that publicity without spending any money…!
Sometimes awards organisers try to convince you of the networking benefits of attending an event. This is almost always a complete fabrication – it will be noisy, everyone will stick to their own tables, there will be so many people there it will be impossible to find anyone anyway, and when you do find them there is a very high percentage chance that they will be drunk… This is also why it is usually a bad idea to take your own clients to an award ceremony, as they’re probably not going to see your team at their best – definitely better to stick to internal invitations only!
Is there another way?
If you are already at the top of your game, do you need the validation of someone else to prove it? In fact, wouldn’t you be better cashing in and organising your OWN awards to cement your position as the leading experts in your field? Our clients Music Education Solutions did just that this year. As a micro-business without a big entertainment budget, they became increasingly frustrated with attending events where bigger companies inevitably swept the board, and watching other small companies have the same experience. They now run their own annual awards. This has resulted in increased profile, brand awareness, and revenue for their business, without having to charge the entrants any money at all!
The verdict
So, are business awards worth it? If you fancy an excuse for a glitzy and glam night out to celebrate your success, then go for it! But if you’re on a tight budget, then you might just decide to get on a shortlist and tweet about it from home in your PJs whilst watching Grand Designs….
