Entering business awards gives you the opportunity to promote your business and network with likeminded companies, but should you go for those requiring an entry fee?
At Osborn Communications we are big advocates of companies looking to enter awards on a regular basis, with a long list of reasons why you could benefit.
Some of the best businesses we work with have a winning mentality, wanting to enter again and again to promote their work and their people.
From autumn 2021 until February 2025, our award writing services had generated 144 finalist placings and 35 wins for a diverse range of companies and individuals. We have even had some success as a business.
In the pursuit of opportunities for external validation, lead generation and brand elevation, business awards hold a powerful allure.
But the landscape has shifted, and many prestigious awards now require entry fees, which raises a crucial question for businesses: should you invest in awards that demand a fee payment up front?
The answer, as with most strategic decisions, is not a simple yes or no. Weighing up the best way forward requires a careful evaluation of the potential return on investment (ROI) against the associated costs.
Here we look at the main considerations we take into account with every decision.
Benefits
We cover the main benefits of entering awards and what to do if you are successful in separate blogs.
To recap, awards serve as powerful third-party endorsements, boosting your brand’s credibility and visibility.
Winning awards can instill confidence in potential customers, demonstrating your commitment to excellence, as well as improving employee morale and fostering a sense of pride.
Awards ceremonies often provide valuable networking opportunities with industry peers and potential clients.
And award wins can be leveraged in marketing and PR campaigns, generating positive media coverage and attracting new business.
Entering awards with entry fees can be a great investment or it can be the start of a bill being generated which begins with say £300 plus VAT for the entry and leads to £1500 and upwards for the effort taken to send colleagues to attend, including travel, hotel and time out of the business.
Our rule of thumb is that you should not spend budget you do not have, but we find increasingly that industry awards require a fee.
The production values of these events, including the venues and entertainment, can be better, generating more of a buzz at the ceremony and giving a higher quality look to the photos you take.
More general business awards, those organised by trusted news brands or by membership organisations like chambers of commerce, have their own prestige in that they are an open field and no money changes hands before the finalists are placed.
Many clients prefer to enter free access awards, seeing any success as being more fairly fought.
Considerations
We would recommend you consider the reputation and relevance of each award competition, free and paid for, in order to make the best choices.
Is the award recognised and respected within your industry? Is it relevant to your target audience, particularly if it is specific to your products or services?
A lesser known award, even if won, could have a reduced impact. If you have entered for free but even you do not know what the award is about, maybe investing in a paid one that everyone in your industry would recognise is a better way forward.
How competitive is the award? What are your chances of winning and is the judging process transparent and impartial by reputable business leaders or industry experts.
If you want to go for every award going you will need to set aside a budget for entries but focussing on entering awards that align with your business goals and target audience could priorise quality over quantity.
Finally, you should choose award categories that highlight your company’s unique strengths and achievements, considering both paid and free.
Verdict
Ultimately, it is not a fudge to say the decision to enter paid business awards depends on your individual circumstances.
If you have the budget, a strong track record, a compelling story, and a clear understanding of the potential benefits, then investing in reputable awards can be a valuable strategic move.
Before going down a road which could cost thousands, you should prepare a cost-benefit analysis and prioritise the awards that offer the greatest potential for ROI.
Partnering with a PR agency specialising in award entries can significantly increase your chances of success. We can help you identify the right awards, steer clear of those where the origins of the judging decisions are clear, craft compelling entries, and maximise your ROI.
By adopting an approach on your own terms, you can ensure that your award entries contribute to your business’s long-term success.
If you’d like support writing news content the media would like to see, then please get in touch. We have practical experience in corporate communications and work with many clients to document their company’s success and raise their profile.