Paying to enter business awards – is it really worth it?  

We had a conversation about business awards with a contact recently and one of the first things they wanted to know was whether or not we think paying an entry fee is worth it. Our response? An emphatic YES!  

The idea of paying to enter a business award is sometimes met with suspicion. It’s sometimes assumed that a real awards’ organisation wouldn’t dream of charging an entry fee. But one way or another, those awards need to be funded. 

How business awards are funded 

They say nothing in life is free, and while that’s not always the case with business awards, the organisation, marketing, management, staffing, production and ceremony all need to be paid for somehow.  

And how they’re paid for is usually through one of – or a combination of: 

• Award entry fees 

• Sponsorship 

• Award ceremony dinner tickets  

So while it’s important to check the validity of an award before entering, it’s not unusual to expect to pay an entry fee. If not an entry fee, then you’ll likely need to stump up even more cash for a seat or table at the ceremony.  

But where’s my ROI if I don’t win? 

Getting a first-rate result from your award entry is obviously the main aim, and there’s no denying that a win can bring great results.  

Take a previous client of ours who was immediately headhunted and offered a new role with a new organisation the day after winning a national set of health awards (she turned it down). Or an official study* conducted across Europe, where 120 award-winning businesses were tracked over 11 years. Three years after their wins, they were outperforming their competitors in sales by an average of 17%, increasing to 77% by the end of the study.  

But to bust another myth… you don’t need to finish in first place to benefit from entering an award. Securing a place on the shortlist can be enough to propel your reputation to giddier heights, so all is not lost if you don’t win. 

One client of ours who was shortlisted for a business award found a direct solution to a difficult problem thanks to their not-quite-win. Following local newspaper coverage which also discussed their struggle with import costs due to low volumes, they were approached by two potential new providers – leading to a 30% reduction in this significant business overhead. 

You can also put a spin on it if you don’t win it – a ‘nominated for’ or ‘shortlisted for’ message can still be quite powerful, demonstrating your authenticity, integrity and good standing in your industry or area of expertise. Tell your contacts on LinkedIn, use it in your networking spiel – it always adds a little extra to your marketing impact.  

Award entry fees and any associated costs – such as using a professional award writing service – are also tax deductible (although we always recommend checking with your accountant first). Oh, and you know those stars on the Hollywood Walk of Fame? The celebrities pay for them. True story. 

The value of an awards entry beyond the awards programme 

Many of our clients tell us they have got value from the process of compiling their award entry because we’ve asked questions which have helped them clarify how to talk about their business, team or project.  

And the final award entry can easily be adapted to become a case study on your website, a feature in your newsletter and to show to potential clients as it will distil the key points of your project or things about your organisation that you want others to know.  

So if you’re wondering if it’s worth paying to enter awards, we 100% believe it is – and if you need help finding the best award options for your business or with writing or editing your entry, we’re always on hand. 
 

* University of Leicester for the British Quality Foundation, and the European Foundation for Quality Management