Are Industry Awards Valuable to your Business?

Recent happenings here have spurred me to consider the above question anew. Indeed, our firm was recently informed that a site we designed won an award from the Greater San Antonio Builders Association: the 2008 Summit Award for Best Website for a Builder.

Strictly speaking, this type of award is a low-risk proposition for Digett. We didn't have to make a formal submission—which means we didn't have to prepare entries, pay a hefty submission fee, and spend time and money attending a banquet just to see if we won. The award wasn't even given by our industry.

Many awards competitions, however, require that type of investment and offer no promise of return; you just can't guarantee a win will directly drive new clients to your door. Still, before you spend your money and time elsewhere, consider what these competitions may offer:

Industry (Peer) Recognition

Sometimes, it's nice to have someone in your business pat you on the back for a job well done. They know the challenges you face. They know the struggles. They know good work when they see it. Plus, you get to rub it in their faces for at least one year.

Publicity

"[My Company] wins [Name] Award" sounds good heading up a press release or news story. The group giving out the awards may even send out a release for you, though it's always a good idea to submit your own to local media. Include a picture of you accepting the award, and you may just find your business in the paper.

Client Satisfaction

This is the kicker for us. We're proud of our work, but we're even prouder when we serve our clients well and make them happy. That we may get some recognition out of it is just a bonus.

Not all awards competitions are made equal, however, so it's beneficial to do a thorough cost/benefit analysis of each opportunity. As with any marketing pursuit, your ROI has to be considered.

What do you think?