Awards are good for business… not just in La La Land

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La La Land: Academy Awards 2017

'La La Land' Copyright: Lionsgate

Awards are good for business… not just in La La Land

The most talked about awards ceremony in the world is just days away. After months of promotion and endless debating in the media, the Oscar nominees will step on to that famous red carpet for the 89th Academy Awards, ready to take their place in movie history… or go home empty-handed.

Either way, the trip will have been worth it because there’s more than history and ego at stake on Sunday night. According to IBISWorld analysis, whoever takes home the Best Male Actor statuette will enjoy a salary hike of up to $3.9 million for their next film. Likewise, experts forecast a bump of about $13.8 million in box office takings for the Best Picture winner. Even the also-rans can expect to see a massive hike in earnings and reputation.

But that’s La La Land… what’s it got to do with the real world? For those of us running or working in smaller businesses, the Oscars are a useful reminder that there are numerous soft and hard benefits to entering and/or winning awards.

They might not have the same instant recognition (and don’t expect a $200,000 nominee gift bag, including personalised M&Ms), but business awards represent a fantastic opportunity to boost business and get your name out there.

So as the Hollywood awards season comes to a close, here are our top four reasons why you should start entering competitions in 2017:

1. Marketing and publicity

If there’s one thing that attracts media interest, it is cold, hard facts (yes, really!). Winning, or even being nominated for, an award is a great way of gaining some credibility in your industry by giving you an opportunity to talk about the numbers – such as evidence of growth and job creation.

Everyone loves a gong. The media always covers awards ceremonies – in fact, media organisations sponsor many of them – so having your business involved is a shoe-in for getting its name out there in countless articles, press releases and in the programme. Best of all, you can tweet and post all the way to awards night and for several days afterwards.

In short, there are very few methods which are as effective at elevating a business’s profile as awards ceremonies. Better yet, most are either free or fairly cheap to enter.

 2. Boosting your staff morale

Winning an award creates a great feel good factor. Ceremonies offer a chance to celebrate, to team build, and to recognise and validate staff achievements. Moreover, being recognised for business excellence will make your company more attractive to job hunters.

 3. Focusing and benchmarking

The application process for an award might seem dreary or intense, but it also offers an opportunity to review business and personal achievements objectively. If your business is nominated, it also allows a chance to scope out the competition.

This also means that unsuccessful entries don’t go to waste – learning that there is room to improve is often a great jumping off point to generate new success.

  1. Expansion and business strategy

In the UK alone, there are hundreds of potential awards to win for every conceivable element of business.

Focusing on sector-specific initiatives can help to position a business as expert in a certain field, and potentially expand clientele within the sector.

If CSR is a priority, entering awards for charity achievements or community involvement is a great way to amplify a business’s commitment to good causes.

Summary

Entering awards can often be a daunting prospect, and that’s why we offer a 25 page database of awards in the South East. Just click here, leave us your email, and download free of charge.

If you need any help researching or applying for sector-specific awards, Lea Graham is perfectly positioned to help. Get in touch today: [email protected]

The Academy Awards

The Oscars