The marketplace is getting increasingly crowded and competitive. Just a few years back your main competition came from those in the same industry, companies that looked a whole lot like yours. But with the new surge of an always-online, hyper-connected economy, you are forced to compete with industries quite different from your own. To have an ounce of competitiveness, you must stay at the top of your game. You could be sidelined by another company you didn’t even know existed. Think about what Uber did to cabs or AirBnB’s influence on hotels. You may be more familiar with Amazon’s effect on grocery stores. With artificial intelligence (AI) and other methods of digitization, who knows what’s around the next corner? You can leverage corporate and industry awards in a totally new way with just a little out-of-the-box thinking.
Industry Awards: Internal and External Benefits
Usually, when a company is focusing on innovations, improving processes, or transformation they plan projects designed for internal improvements. But when these projects extend outside the norm, they can help a company stand out from the rest in a very cluttered marketplace. Of course, you’ll still reap the internal rewards like top-line growth or bottom-line savings. But you may be able to influence an external market at the same time. How is that? It is most likely your next question. One way to extend the benefits outside your own company is to enter your award projects into award competitions.
Benefits of Entering Projects into Award Competitions
Your projects are designed to better your business, improve ROI, or benefit your corporation internally. But when your well-developed projects are entered into award competitions you may experience a much further reach.
- Free PR and Brand Recognition: If your project makes the shortlist, your organization is the recipient of free publicity from the award organizers, nominees, and sometimes the judges. If you win, then the publicity will have a much larger impact.
- Instant Credibility: Winning any kind of award can open a multitude of doors and provide instant credibility with potential clients and customers. Think about how many reviews you read before making a purchase these days. Gaining a critical 3rd party endorsement warrants recognition. You may gain badges to share on your social media platforms and display them on your website.
- Improved Morale: It’s pretty much a given that winning a corporate or industry award positively impacts the morale and motivation of the team. Just a nomination can recognize a job well done and acknowledges all the hard work. This alone can have a positive impact and influence on talent retention and employee satisfaction.
- Attract New Talent: When your company is recognized and your teams are celebrated externally, potential employees take notice. This type of recognition can help create a brand new pipeline for new talent. Companies often face talent management issues. Young talented individuals who want to make a difference may be attracted to a company like yours that is addressing or tackling bigger issues.
- Easy Benchmarking: Awards programs of various sorts provide another look at thought leadership no matter what the industry. Employees often learn by being exposed to other ways of thinking and implement takeaway ideas that transform their own company.
- Leadership Showcasing: Whether a company is on the buy or sell-side of the industry, they are seeking solid leadership. Earning an industry award can differentiate you from the competition and showcase your own leadership. This can open the door for your organization and plant you at the top.