Winning An Industry Award Can Boost Your Business And Your Brand

Ever wondered if there’s more to that shiny industry award than using it as a fancy paperweight? Business awards can be hugely valuable, acting as third-party endorsements telling your customers, partners, and stakeholders that your business excels in its field.

The benefits of applying for business awards range from enhanced credibility and sales to opportunities for marketing and business growth. There are potential downsides, not least the significant time and effort that goes into the application process; documentation, data gathering, and preparation. Some awards incur costs for the application or attendance at award ceremonies. However, a prestigious win can put your brand in the spotlight, as Peter Shankman, founder of Source of Sources, explains.

He says: “It’s not just about the trophy; it’s about the credibility it lends your brand. You know that moment when someone finds out you’re a New York Times bestselling author and suddenly their eyebrows shoot up slightly higher? That’s the power of recognition. An award can do the same for your business, positioning you as a leader in your field and giving you a leg up over competitors.”

Customer trust

Winning an award can also be a catalyst for increased sales by boosting consumer confidence; customers are more likely to engage with award-winning businesses because the recognition signals greater levels of trust.

Shankman, who in 2010 also founded Help A Reporter Out (HARO) an online platform for journalists looking for sources, says: “After HARO won a significant industry award, we noticed a 30% increase in journalist sign-ups within the first month. It served as a silent endorsement, encouraging others to get on board.”

A prestigious industry award makes a company stand out in a crowded marketplace, boosting competitiveness and creating opportunities for long-term business growth, as the founders of Brancaster Drinks have discovered.

The business was founded a year ago with the launch of Brancaster Gin by couples John and Tracey Wareham and Tom and Laura Earl, based in the eponymous north Norfolk coastal village. A second product, Brancaster Vodka, was launched this summer. The decision to enter their products in a competition was prompted by Hawkridge Distillers where their spirits are made.

“The feedback they gave us was that our spirits, the branding and the provenance were excellent, and they felt we were onto something,” says John Wareham.

The company entered two awards, and came away with two wins, with Brancaster Vodka winning a gold medal in the Ultra-Premium category at the Global Vodka Masters, and Brancaster Gin winning a Silver Medal at the 2024 International Wine and Spirit Competition.

Brand expansion

The double win has had a tangible impact on brand recognition and sales. “People who already knew the brand and previously would buy one bottle suddenly began buying two, while the number of new customers also increased,” says Wareham. “The run rate for our gin has doubled since winning the award.”

It has also helped overcome a barrier to market entry for a new brand; namely the fact that most pubs and restaurants already stock a large selection of gins. “Winning a major international award gives them a compelling reason to stock your brand and makes the on-sale to their customers easier,” says Wareham.

Another business benefit has been the boost to their expansion strategy, extending beyond their initial small coastal area of penetration into major wholesalers and distributors, including one of the largest alcohol wholesalers in East Anglia. “The awards were a significant factor in bringing them to the table,” adds Wareham, who says their sights are now set on spirit wholesalers nationwide.

Some company founders have waited years to even think about entering their business for an award. In the case of the Acting Out Drama School, two decades after its 2004 launch it has just been named ‘Drama School of the Year’ at the 2024 Scotland Prestige Awards. The Edinburgh-based institution trains actors and public speakers from all over the world and runs online courses and mentoring programs.

Founder and CEO Clare Cairns says: “In the early stages of the business, applying for an award wasn’t on my radar. The focus was on building a strong foundation, growing our client base, and refining the quality of our courses and services. I wanted to ensure that our school was delivering an exceptional experience before seeking formal recognition.”

Her decision to enter the business for an award was the result of waking up one morning with a clear vision of an Acting Out flyer containing the words ‘Award Winning Drama School.’ “I just had a feeling that something good was going to happen and three days later I applied to Prestige Awards, only just making the annual deadline,” says Cairns.

The business was nominated alongside four other drama schools, and a week later received the news that it had won ‘Drama School of The Year. The win has been transformative for the business and for brand recognition.

Positive impact on revenue

“It has increased our visibility, credibility, and trust among potential students, clients and industry professionals,” explains Cairns. “On the financial side, although it’s early days, we’ve seen a notable increase in enrolments for both in-person and online training, which has positively impacted our revenue.”

The application process for business awards can incur costs in terms of entry fees and the time invested in preparing a strong submission, which may discourage smaller businesses or startups. But as Cairns explains, simply going through the application process provides valuable insights into your business.

“It encourages you to evaluate your strengths, reflect on your journey thus far, and identify areas for potential growth,” she says. “While there can be some upfront costs or risks, the rewards are often worth the effort.”

Shankman’s advice is to remember that an award is more than a moment of glory. He says: “Think of it as a key that unlocks doors you didn’t even know were there. And if you play your cards right, it’s a key that keeps unlocking doors long after the initial excitement has faded. After all, when the world hands you a megaphone, you’d better be sure you have something great to say.”