The success of any business depends on two major factors – quality of the product and effective promotion. When it comes to marketing, business awards can prove to be very helpful in reflecting the superiority of your products vise–vise the competition. Winning a business award can give you sufficient leverage to charge higher prices for your product and gain new customers.
The positive publicity generated after winning a business award promotes sales thereby increasing your company’s revenue. Usually only a small entrance fee has to be paid while filing your nomination for an award, which is nothing when compared to all the free publicity a win attracts in industry publications and financial news.
As explained over at awards intelligence, however, you must also proactively take steps that will highlight your win and help you make the most of it. For example, you can add information about the award to your marketing brochure, use it on your company’s website and even create a marketing campaign around it.
It may be a little trickier to translate your award win into higher profit margins than the competition. Theoretically, you should be able to prompt the customers into buying your product at a somewhat higher price than other alternatives, as the award win is likely to convince them of the better quality of your product.
A major increase in the price is normally neither possible nor advised. However, even if the product is priced a little higher as compared to others, you will be able to add significantly to your company’s bottom-line.
Besides these two direct financial advantages, there are many indirect benefits of winning a business award. Winning an award builds trust in your organization and gives it respectability. With enhanced reputation, you can get your partners to agree to better terms and conditions, and even explore fresh opportunities.