There are awards competitions for everything and anything these days. No matter what industry or sector you are in, you are sure to find an award that you can put your business forward for. But with the flood of awards competitions out there, it is difficult to determine which awards are actually relevant. Of course, being recognised for a job well done can boost morale and improve motivation. But is getting a stamp of approval worth it when you factor in the time and expense to your business? 

That is why we surveyed awards companies to find out about their entry processes and identify any potential barriers that could make it difficult for your business to win. Read on to learn more about why entering business awards may not be that straightforward.

TL;DR

The reality is that 6 in 10 awards companies do not ask for supporting evidence from applicants. This means that there is nothing to prevent applicants from lying about their achievements or who they have worked with. 

On average, entry fees cost £220 but businesses can expect to pay up to £1,228 for a single entry. When you factor in the cost of attending the event and purchasing trophies, awards can set businesses back by over £7,000. Other methods of increasing credibility, such as getting customer reviews have been proven to be just as effective and less expensive for businesses.

Are People Still Interested in Awards?

We analysed Google Trends data for business award-related search terms to see whether people still care about awards. Since 2019, they have slowly been losing some relevance. The average weekly search for ‘business awards’ was 3,953, which is a 2.7% decrease from the 4,065 weekly searches in 2018. This is despite the number of registered businesses increasing by 8.5%.

In 2020, there was a 26% decrease in searches. This may be due to the COVID-19 pandemic, which meant that the awards industry had to move online. But even with the easing lockdown restrictions in 2021, searches continued to drop by a further 6.6%.

Now that we are on the far side of the pandemic, the awards industry appears to have finally recovered. In 2022, weekly searches for business awards reached a 5-year high, rising by 37% to 4,165 weekly searches. Despite this, the number of people searching for ‘business award scams’ has also increased by 69% over the last 5 years. This suggests that even though interest in business awards is returning, there are growing concerns about fairness and trust.

Do You Have to Pay to Enter Business Awards?

It is nearly impossible for awards companies to know about the achievements of every business in their industry. So understandably, businesses will usually have to make an application to be put in the running. 

In an ideal world, awards would only require some of your time to put together an entry submission. However, the reality is that around 64% of awards companies require businesses to pay an entry fee before they can apply. This raises questions about the types of awards that businesses want to get, especially as there is no guarantee that you will win or that winning will help you generate more sales and leads. For some, there is a greater sense of achievement in winning an award that you either have to be nominated for or that is free to enter. 

On average, applying for an award will set your business back by £220. At the top end of the scale, businesses can expect to pay up to £1,228 for just one standard entry. To put that into perspective, that is almost equivalent to two weeks’ pay for the average full-time employee.

On top of that, organisations need to factor in the cost of attending awards ceremonies. A single ticket can cost up to £593.50. If you want to take your team with you, a table of 10 can be purchased for £5,935. This means that the total cost could be more than £7,000.

Although there are many awards that are free to enter, if you win, you may be required to pay for a trophy. We came across a case where a single trophy was priced at £279. This is 39.5% higher than the average entry fee.

In some cases, getting reviews from customers may be a more cost-effective solution than getting a stamp of approval from an awards committee that the average person most likely has never even heard of. According to Trustpilot, reviews can increase sales by up to 230%. Another study shows that getting 200 reviews can increase your revenue by 44%. What’s more, this is something that many businesses can do without spending a penny. Simply asking customers to leave you a review online after you have closed a sale or sharing positive reviews you already have can encourage more people to share their thoughts about your products or services. 

Winning an award, on the other hand, can increase sales by up to 37%. This suggests that businesses should perhaps invest more time and resources into getting feedback from their customers and clients to boost their credibility. After all, this can potentially produce even better results at a fraction of the cost.

How Long is it Going to Take You?

If you want to submit a strong application that highlights your achievements and strengths, you cannot leave your submission to the last minute. It makes sense to start your application as early as possible.

While many awards companies offer discounts for early bird entries, the average entry timeline is between 1 - 3 months. As a result, many businesses may struggle to get applications in on time whilst juggling other responsibilities.

Businesses without a dedicated person or team to handle the application process may be at a disadvantage. So, it is important to think carefully about how much time you can put into the process.

While tight deadlines may be convenient for some, others may be looking for awards with slightly longer timelines. 31% of awarding bodies say that their application process is open for a duration of 4 - 6 months. For most business leaders, anything longer may be too far away. This may explain why only a small percentage (6%) have an application window that is more than 6 months, including 3% who have a window that is greater than 12 months.

Stages in the Judging Process

The awards circuit can be quite stressful. Once you have submitted your application, you then have to wait for the shortlist to be announced. The judging process is arguably one of the most important aspects to consider when deciding whether to apply. After all, this process will determine the winners.

If the judging process is not rigorous enough, it can be difficult to take the results seriously. To determine how thorough the judging process is for industry awards, we asked awards companies how many stages they had to assess applications.

43% say they only have 1 stage in their judging process while 44% said they have 2 stages to determine the winners. Only 13% of awarding bodies said they had 3 or more stages in their process. The highest number of stages reported was 6, with less than 5% of companies saying they had this many stages in their judging process.

Supporting Documents

More and more businesses are looking for help when it comes to making applications, with searches for “how to win a business award” and “how to get a business award” both increasing by 34% since 2018.

There are a number of things businesses need to do when putting together award entries. Some details are easy to fill in, such as your company name and contact details. But there are usually several questions with varying word counts that you need to answer as well. 

Without supporting documents, it is unclear how the public or a judging panel determines which applications are accurate and truthful. 61% of awards companies say they do not require applicants to provide supporting information to back up the claims in their submissions. In other words, many undeserving companies may be awarded for achievements that have not been completely fact-checked.

What’s more, 4 in 10 of these awarding bodies require applicants to pay an entry fee and submit their applications in less than 3 months. This raises further doubts about whether they are fair.

How are Most Business Awards Judged?

When the voting process is opened up to the public, outside factors that have little to do with a business’ achievements, such as popularity, networking and media coverage may sway decisions. Ultimately, it boils down to how many people you can convince to vote for your business. Awards that are judged by a panel of industry experts, on the other hand, are more likely to be objective and fair. After all, judges can bring their knowledge and experience to the scoring and evaluation process. Our research shows that 94% of awards are determined by a panel of judges.

So, are Business Awards Still Relevant?

Business awards have been around for decades. While they still hold value for some, others feel that they have lost their relevance in today’s highly competitive market.

If you are still asking yourself “why you should enter business awards?”, it is important to weigh up the potential benefits against the barriers to entry, such as entry fees and the judging process.

If you are still unsure about submitting an application, our digital marketing specialists can help you assess whether the award aligns with your values and goals. Contact us today to discover how we can help you get recognition and exposure for your business.

Methodology

Applying for awards can be time-consuming and costly. That is why we at Avid Panda surveyed 100 awards companies to identify the potential barriers to entry that can make it difficult for businesses to get the recognition they deserve. 

We analysed Google Trends data to identify the popularity of search terms related to business awards.

We calculated the average cost of entry based on the standard entry fee for non-members. Please note that all prices exclude VAT. 

The survey involved 5 questions: 

1. Is there an entry fee? If so, how much is it?
2. What is the timeline for the application process?
3. How many stages are there in the judging process?
4. Are there any specific documents that nominees must submit as supporting information (e.g. financial statements, customer testimonials, results)?
5. Are the final award winners determined by a judging panel or public vote?