Have you thought about what winning an award can do for your business? Awards can help:
- Attract investors
- Retain top talent
- Gain new customers
- Meet new partners
- Get your foot in the door for speaking opportunities
- Market for you 24/7 on your website
Customers see award-winning businesses as more reputable and honest. They are also a way to differentiate from your competitors.
But there are lots of awards out there and it’s critical to understand which awards are worth winning, and which you should take a hard pass on. Here are types of awards that are worth pursuing:
- Business awards. These are generally run by publications, associations and consultancies, and are considered some of the top awards a company can win. Examples include the Inc. 5000, and the Deloitte Fast 500. In most cases there is a small “processing fee” to enter and the entry process may require the cooperation of several departments within your organization.
- Executive awards. These awards honor the top executives at your company, typically the Thought Leader you’ve created and/or the CEO, founder or president. One example is the EY Entrepreneur of the Year. An entry fee is typically not required, but there is a lengthy process, including interviews if the nominee advances to the finalist round.
- Regional awards. These awards are generally through a city’s business journal and require a nomination process and potentially an interview. Examples include 40 under 40, best places to work, and fastest-growing businesses.
- Publication awards: These awards are given by the publications that cover a specific industry or part of an industry. Publications in the channel, reseller and system integration space also have their own sets of awards programs that are worth pursuing. Some have formal entry processes and others do not.
- Analyst firm awards. Like publications, analyst firms also have awards programs geared toward the market overall as well as subsets. For some, like the Gartner Magic Quadrant, aren’t specifically designed as awards programs, but require a hefty investment and a long process to participate. The marketing exposure from these awards is strong.
- Event awards. These awards are generally run by trade show organizers and hold strong cache with customers. They generally have a small fee for entry, and the winners are announced at or right before the trade show. One example is the GSMA’s Glomo Awards, presented at the various Mobile World Congress events. Winning a Glomo can garner significant marketing exposure for your company. Note: To be eligible for many event awards, you have to be an exhibitor or a sponsor.
- Vertical market awards. While these are not awards that your company can likely enter directly, your customers might be eligible. The benefit to your company is being the hero that helped your customer overcome their obstacles and drive real results. Share these types of awards opportunities with your customers and let them know about your interest in participating in these programs.
Want to learn more about how to become an award-winning company? Download Calysto’s free white paper now.