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Why industry awards are important for your business

The performance of entrepreneurial and top companies plays a pivotal role in global growth and mobility for the South African economy.

Companies continue to face increasing challenges due to the growth of global competition. In pursuit of consistent improvement, awards celebrate those who have achieved remarkable results in their tough industries.

Awards offer your company a different perspective in terms of looking through the glass of your competitors and how you can possibly stand out from the crowd. Awards have different categories and choosing a category that will highlight the aptitude of your business and will provide immense benefits to your organisation and enhance your credibility as a business.

1. Network with top-level businesses and thought leaders

One of the best ways to build a profile is networking with like-minded people who will assist you in building your reputation as a knowledgeable and reliable business.

During award ceremonies, you will be exposed to a network of business leaders in and outside of your industry. This will assist you in expanding your knowledge and learning from the success of others, it will also increase partnership and lead to business opportunities.

2. Increase team morale

Employees contribute a lot towards the success of a company, winning an award would increase the level of productivity as well as foster a sense of achievement among them. Acknowledging your employees for the company’s accomplishments increases company morale and will build a culture of trust in your business.

3. Gain the recognition you deserve

Having brand recognition plays a great deal in your company’s success, as it encourages customers to choose and stay loyal to your company. Being able to say that you’re an award-winning or an award-nominated business increases your chances of building and strengthening partnerships. Awards are also a great opportunity to showcase your standards to your competitors as well as your clients.

4. Increase your market share and profitability

Through the association of awards, finalists and winners go on to dominate the marketplace and become top tier brands. Furthermore, earning industry honours also means that your name is recognised by relevant stakeholders, which will inevitably attract investors and generate new sales. There is no question that your profits and margins will be directly influenced by your new acclaim.

5. Generate PR coverage and brand recognition

There is a great deal of PR benefits linked to winning an award and third party endorsements. These benefits are more effective than paid promotions done by your company. Award ceremonies are always covered by various media, including magazines, newspapers, radio shows, television and documented on social media. Winning an award is a confirmation that you are successful in a highly competitive industry, this in turn will provide great reputation to your consumers and other businesses which will generate more revenue for your company.

Source: www.bizcommunity.com

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