By Koketso Mamabolo
When we watch awards ceremonies we see the flashing lights, red carpets and dazzling attire. We see the celebrations, hear the acceptance speech and debate who we think should’ve won. But why do people and organisations enter awards? What are the benefits?
While a study by the University of Leicester found that within three years of receiving an award businesses see increases in, amongst others things, sales and share value, it’s about more than just money.
Researchers have found that while business excellence awards (BEAs) have an impact on the long-term performance of a business – projecting status and credibility – they also have the effect of encouraging good and sustainable business practices. Markets are crowded, talent is scarce, and BEAs provide an opportunity for businesses, from SMEs to multinational corporations, to set themselves apart from the competition and attract talent.
Here we breakdown the four main reasons businesses enter awards:
- Enhancing credibility
- Repairing a damaged image
- Wider publicity
- Motivating staff
1. Credibility
Whether local, regional or international, business excellence awards are a way for organisations to build trust in their brand with the stamp of approval from a respected third party. In a crowded market, traditional approaches to marketing aren’t as effective as they used to be in boosting an organisation’s reputation.
Awards are tied to criteria which provide quality assurance, ultimately enhancing the business’ reputation. This is particularly true for new and small businesses – especially when awards are more niche and focused on issues such as gender empowerment or focused on a particular region.
Interestingly, researchers have found that in South Korea businesses who enter awards are often the ones who are most involved in corporate social responsibility work despite it not increasing the prospects of winning. Simply put, organisations that do good tend to enter awards.
2. Image repair
The reach of social media and the rise of conscious consumers means that a businesses reputation can be damaged extensively and at a rapid pace. What awards offer is a chance to show the good that businesses are doing, particularly with regards to ethics, community investment and people management.
In the case of CEOs and other business leaders, individual awards have the potential to enhance a businesses reputation through association. The more credible the leader, the more likely people are to view the business itself as more credible – it starts at the top, as the saying goes.
3. Publicity
Awards and the ceremonies themselves bring with them a large amount of press coverage. As a finalist or winner, your achievements will be broadcast across on multiple channels, reaching a wide audience, which not only includes consumers but also investors, lenders and potential suppliers. Whether it’s the organisation that organises the awards programme, their sponsors, or the media, the results and build-up to the ceremony will be covered extensively, giving you another marketing platform.
Customers and investors want to know they’re putting their time and money into the best that is on offer. Entering an award opens up the opportunity for investors and customers to see what your company is about and where you are compared to your competitors.
4. Motivation
In their paper, The gold rush for Business excellence awards: A discursive practice approach, Brunel University’s Asante Shadrack highlights the motivational aspect of entering awards:
“These awards events provide staff with something to look forward to after their hard work throughout the year and also give employees to aim for or look forward to at the beginning of the next working year.”
With specific criteria that needs to be met, businesses can set targets accordingly, giving employees a sense of purpose. Even if the business does not win, they know how they need to improve and can learn from their competitors.
Internally, employees are able to focus on what the organisation is doing well which builds a sense of pride. When it comes to people management, awards can also serve as a motivator for executives and senior management to work consciously to empower and support employees.
Awards that recognise innovation in a particular sector help encourage the kind of behaviour which leads to innovation: taking risks and experimenting with creative solutions.
Get ahead of the pack
It is said that sprinters run faster times when they have people to compete against. They’re given a push knowing they have someone to measure themselves against. Entering an award allows business a chance to see where they stand in their industry and the broader business community. Competition does not mean peers cannot celebrate each other’s achievements. There’s an old African proverb: If you want to go fast, go alone; if you want to go far, go together.
We’re continually moving forward and often don’t have time to pause and reflect on the journey we’ve taken. Sitting down to submit an application for an award and putting together a motivation, attempting to meet all the criteria, can be a great ‘stock-taking’ exercise.
Award ceremonies themselves are an opportunity for the business community to come together. Entrepreneurs are able to network with people, inside and outside their sector, exchanging ideas, opinions, stories and contact details. In the end it’s not only about performing better and taking home the bragging rights. As we say here at Topco Media, It’s about inspiring the world to do good business.
Are you a tech giant or startup looking to stand out from the rest? For over two decades Topco Media has been recognising and giving exposure to organisations doing good business. Be part of the Africa Tech Week awards. Enter now.
Sources: Brunel University | Wiley
