With only two-thirds of small businesses surviving past their 2-year anniversaries in business, many entrepreneurs do not get to reap the benefits of receiving an industry award. However, for those of them that DO overcome the obstacles of small-business ownership, obtaining that goal can be extremely beneficial.
Here are five very impressive advantages of receiving an industry award:
Increases Brand Recognition – Every successful company knows that this is one of the things that attracts new business and maintains their current customers. Winning an industry award reinforces the fact that you are the ‘go-to’ organization in your particular field of expertise. This kind of recognition is invaluable, and you might even be able to reap the benefits of some extra media exposure.
Drives Traffic – Receiving an industry award is like being given a seal of approval. When the newcomers sent to your site via all the new buzz about the award and your company, they will recognize you as a leader in your market. All the extra promotional content being circulated about the event will steer a sizeable amount of potential customers your way. The award itself can be the catalyst to an increase in website visitors and sales.
Generates Sales Growth – Increased brand recognition and website traffic can lead to a large-scale generation of income growth through sales of your product and/or service. As more and more people learn about you, your award, your company, and what you do, your sales volume increases. Industry awards work well to steer new customers and clients to your business, as they mark yours as a business that is one of high prestige.
Improves Employee Morale & Attracts Qualified Applicants – Clients and customers aren’t the only ones who get a thrill by having their name attached to an award-winning business. Current employees are also proud to work for such a business. You may also see a higher level of qualified applications from those who would be honored to work with a company that has a solid level of recognition and exceptional reputation.
New Business Relationships – Joint ventures are a very important part of a business’s success, especially online. With the recognition that an industry award gives you, you’d be surprised at how many JV opportunities can open up for you in a short period of time. Other people and companies want to be assimilated to others who are flourishing in similar markets. Just make sure any partnerships or collaborations you agree to are mutually beneficial and not only apt to make the other party look good.
In conclusion, if you have the opportunity to apply for an industry, small business, or entrepreneur award, you should jump on it. While it may add some extra work hours into your week, the rewards are well worth it.