The performance of entrepreneurial and top companies plays a pivotal role in global growth and mobility for the South African economy. Local companies continue to face increasing challenges due to the growth of global competition and in an increasingly crowded marketplace, it can be difficult to stand out. This is where awards come in. In the pursuit of consistent improvement, awards celebrate those who have achieved remarkable results in their respective industries. They offer companies a different perspective in terms of where they are, where they’re going and how to get there. Here are five reasons why industry awards are important for your business.
Opportunities to network with top-level businesses and thought leaders
There is no better way to build a profile and get your name out there than networking with like-minded people who can assist you in building your reputation as a knowledgeable and reliable business. Unfortunately COVID-19 has hampered our ability to network in person, but e-networking is just as effective. During award ceremonies, you will be exposed to a network of business leaders in and outside of your industry. This allows you to acquire new business leads, identify business best practices or industry benchmarks to help you stay up to date with cutting edge technology and new business trends.
Increase team morale
The level of success a company achieves is a team effort – employees contribute a lot towards the achievements of the company as a whole. Winning an award makes employees feel recognised and appreciated, in turn resulting in them wanting to continue excelling. Winning or simply being nominated for an award increases the level of productivity as well as fosters a sense of achievement among colleagues. Acknowledging your employees for the company’s accomplishments increases company morale and will build a culture of trust in your business.
Gain the recognition you deserve
There is something to be said for working hard and being recognised for it. Although working solely for accolades is not recommended, when a team works hard and is acknowledged for their time and effort, motivation and incentive are increased. The recognition that comes with winning an award benefits both employees and businesses as a whole. Having brand recognition plays a great deal in your company’s success, as it encourages customers to choose and stay loyal to your company. Being able to say that you’re an award-winning or an award-nominated business increases your chances of building and strengthening partnerships as you are given credibility. Some businesses, particularly small ones or start-ups, may struggle to prove their credibility, but an award win verifies their place in the industry.
Generate PR coverage
Business awards can be an overlooked tool in your marketing toolbox. Just being shortlisted can improve brand awareness and promote your business to potential new customers. When it comes to generating PR coverage and brand recognition, there is a great deal of benefits linked to winning an award. Award ceremonies are always covered by various media, including magazines, newspapers, radio shows, television and social media. Winning an award is a confirmation that you are successful in a highly competitive industry and this in turn will provide your business with a great reputation to your consumers and other businesses, generating more revenue for your company.
Increase your credibility
Through the association of awards, finalists and winners go on to dominate the marketplace and become top tier brands. Winning an award gives your business a huge amount of credibility and also sets you apart from your competitors. A win can give a seal of approval to what you’re and is a sign of quality and excellence for potential customers.
Business awards recognise the success of companies across a wide range of sectors. Awards given out in business range from service and products to growth and community service.
Winning a business award does more for your business than simply being able to say you won an award. Networking opportunities, team morale, gaining recognition, PR coverage and increased credibility are just a few reasons to consider entering business awards. If your company has done something worth being proud of, now is the time to stand up and make it known.
The 2020 Standard Bank Top Women Awards nominations are open!
Nominations close 4 September 2020