It is true that awards and trophies are famous in the world of sports for centuries. Trophies for sports are considering essentiality to inspire the participants in sports across the world. Therefore, all major tournaments or championships are ending with the trophies or awards of its kind.
Now, the question is how awards and trophies make sense for a business, and why. Let’s try to find the answer to it in the current post.
Awards for Companies
In the sports, some trophies are for individual players who win the titles while some are devoted to clubs or nations. The same is happening in the corporate worlds. Companies are running employee appraisal programs and recognize best performing employees through it.
Therefore, trophies and awards are distributed among the employees qualified for the appraisal programs. Such programs are serving the purposes of an individual business only. They have targets at a company or organization level where the interest of the people outside the company is limited or almost nil. The company as a whole is not benefiting out of internal awards in the market.
When a company is winning corporate awards or trophies for the cumulative performance of the entire staff and recognized by the niche market itself, it makes sense for the entire organization and serving different purposes than the individual awards within a company.
Business awards mostly declared by the chamber of commerce, union of companies, local or regional government bodies promoting businesses, large enterprises with an aim to promote a niche business market. Many nationally and internationally accredited bodies and institutions are sponsoring various business awards and try to improve some targeted metrics set by the awarding bodies.
Benefits of Awards to a Business from the Market
Following are significant advantages when a business or company wins the awards declared by a recognized or valid body/organization in the niche market.
Business Gets Recognition by Winning an Award or Trophy
It is true that awards declare mostly among the businesses fall into a niche or category, and sometimes restricted up to a region. Therefore, when a business is winning awards, it gets immediate recognition in the niche market or a region/locality.
It gives the big business visibility and customers, as well as other businesses, are starting trusting the business as well as eager to invest in it or partner in business processes. Achieving the same level of visibility is tough even a business ready to spend a big budget on various marketing campaigns.
Business Wins Trust by Winning an Award or Trophy
Many awards are giving for the best performance, best sales & services, quality products, green or environment-friendliness, employee welfare, and creativity. If you look closely to these parameters for awards, you will find that the efforts make a business or company trustworthy in the market.
Awards or trophies in the niche market establish the winner company as a dedicated company to achieve the best performance. It wins the trust of investors, attracts new customers, retains existing customers, and lure talents to work with the business.
Business Attracts Talents by Winning an Award or Trophy
Winning an award means the winner organization or company has cultivated a great culture. The company is fostering creativity and talents. Thus, awards deliver some positive messages in the job market. Aspirant candidates likely prefer joining such companies as the first preference.
Recruiters of the business have a high time to acquire talents. It also helps in retaining the talents because none wants to leave the best company recognized by the market. Everyone see bright prospects in the winner organization.
Awards & Trophies Help in Marketing Campaigns of the Business
Smart marketing team in the business starts leveraging awards or trophies in favor of the business right from the nomination and declaration as the winner. Marketers release press notes, articles, news, and feeds in various print and online media including professional and social networking sites.
Awards create a buzz in the market for business and give an edge to win more business hence the profit.
Awards & Trophies Help in Improvement of Productivity of the Business
Awards for a company and its employee are a matter of pride. Awards boost the morale of the entire staff as well as top to bottom level of management. An award encourages company owner or directors to focus more on the employees who helped them to get recognition in the market and business communities.
Thus, the entire organization gets motivation from the award, and it leads to improved performance as well as productivity. They like to cooperate among the organization ever than before and emerge as a strong team ready to win the next award!
Olympia in Australia is a leading trophy, awards, plaques, and medals manufacturing enterprise. It helps the corporate world to get the right awards for varying purposes. If your organization is planning to buy trophies or awards, the experienced consultants at Olympia will help you to make the best selections by respecting your bespoke needs and budgetary constraints.