Check out this article looking at why accolades are important for business success

Every business works hard to provide the best service possible for its customers. Having a smile on a customer’s face is worth all that hard work - but you know what is better? Receiving accolades for the effort you’ve put in. It doesn’t need to be a massive award; sometimes, even a positive review from a reputable reviewer can work.

While a business, particularly a local one, can survive without accolades (beyond a few reviews), if you want to take your business to the next level, accolades are essential. Let’s explain why.

Proven Boost to Business

Multiple studies have shown that small businesses winning awards can lead to a 63% boost in income and a 39% increase in sales. Even larger companies benefit, albeit to a smaller extent.

Businesses would need to win one of the larger accolades to see a significant boost to their business, but even smaller awards can lead to some success.

Build Credibility

It doesn’t matter what type of industry you’re operating in; chances are, there are tons of other businesses offering very similar services to yours. Customers will likely have to shop with only one of them - so, businesses need to give customers a reason to choose them.

Accolades can help. If a company can show they have accolades, and the competitors don’t, then where would a customer choose to shop? Probably the company that has won awards.

Take online casinos, for instance. The industry is incredibly crowded. So, many gamblers are turning to lists containing the best online casinos produced by reputable websites. They’re then going through this list and choosing where to gamble. Online casinos that don’t have the pizzazz to make it on one of these lists aren’t getting a look-in, because why would somebody opt to gamble somewhere where a quality experience isn’t guaranteed?

The same applies to every industry. People want a guaranteed experience, and receiving accolades shows that there is truly something meaningful there.

Offers an Extra Reason to Choose You

We’ve covered this in the previous section. Customers spend a lot of time choosing where they’re going to shop, particularly if they’re spending a healthy sum of cash. They’re always looking for reasons why they should choose one place over another. An accolade will be worth a lot, especially if a few of them can be tied to the business.

Customers also tend to be much more loyal to companies that have proven their worth with accolades. Many businesses will find it a whole lot easier to retain customers, which is one of the most challenging tasks to accomplish

Provides a Boost to Employees

While business owners benefit the most from accolades, at least financially, the employees also get a little bit of a boost.

Many companies have reported that employee morale is improved when they can be recognised for the effort they have put in. Businesses want employees with good morale, as they tend to perform a far better job. So, they’ll also be boosted on that front!

Businesses will also find that once they have a few reputable accolades under their belt, they’ll have an easier time attracting talent. A surprising number of people want to work for award-winning companies.

Good Exposure

The awarding body will heavily advertise most business accolades. They want their accolades to seem reputable, after all. So, when there is a winner for their awards, it will be advertised. Can’t turn down free advertising, can you?

Free PR

PR is always a great way to get your business recognised in the media. The problem is that most companies don’t know how to produce something that will appeal to the media. Generally speaking, unless you’re launching something quite fancy, a new product announcement just won’t cut it. It isn’t newsworthy.

Accolades? Newsworthy, especially if you’re aiming to get into the local news. Journalists love to write about the success of local companies, so a business should always issue a press release if it’s won an accolade. Many journalists will consider picking up the story. The press release should be issued to local news outlets as well as industry-specific ones.

Let’s Businesses Know They’re Doing Something Right

Businesses want to know they’re going down the right path. Accolades help with this. When businesses receive multiple accolades (or even just one major one), they know that they are on the right track. They know they are doing something right. They don’t need to make major sweeping changes to their business, since somebody (or a panel of people) has recognised the good they’re doing.

Even if a business doesn’t win an accolade they’ve put themselves forward for, there is still a benefit. Most top accolade awardees will list criteria that businesses need to meet to win their accolades, and some may even give feedback. This knowledge can then be used to make improvements.

Networking Opportunities

Even if a business doesn’t win accolades, anything they are nominated for could be great for networking. It is always good to build connections in an industry, as it can help create new business opportunities and find new staff.

Final Thoughts

Accolades are important for a business. They can help boost sales and profitability, and be a driver of free advertising and PR.

The best part? Having the chance to win accolades is easy. Most businesses nominated for accolades need to apply for the awards themselves. There are plenty of awards out there, and winning even the smallest award can benefit a business. So, if you run a business, consider signing up. Who knows, it might end up earning you a lot of money.