Awards programmes need to constantly adapt to remain relevant and generate revenue.
Evessio, an award management company, recently published a report that sheds light on the newest strategies and innovations for making awards programmes stand out.
Whether you’re aiming to increase revenue or enhance participation, the report’s findings ensure your awards programme stays competitive, engaging, and valuable for entrants and sponsors. Here is a summary of the report’s practical ways to create awards programmes that resonate.
Make sure your judging criteria is easily understood
Being transparent is key to establishing trust. Participants who understand the judging process tend to recognise the value of participating. Clearly explain judging criteria online, including entry forms, your website, and promo materials. Everyone should know what exactly the judges will assess, which is crucial in the age of vanity awards or “pay-to-win” programmes. With consistency and frankness, you’ll win more entrants over and can improve your programme’s credibility.
Emphasise inclusion and diversity
Awards programmes are a powerful tool to present talents and their views to the best advantage. By appreciating and searching for diverse participants, you make sure everyone is heard and represented. You can do that via categories that centre around people. Discounted entry fees for startups can also lead to higher quality of registrations, which improves the award’s credibility. Highlighting both inclusion and diversity rightly creates the impression of a forward-thinking programme.
Ask an amount of money for your service
Yes, you’ve read that correctly. Contrary to popular belief and according to Evessio’s research, charging for your awards may positively affect the number of submissions. Entry fees add exclusivity and improve people’s perceived value of your awards. They may also result in better-quality entries because participants will consider more carefully what they submit.
Offer strategic discounts
Discounts such as early bird rates or bulk entries may attract a broader range of participants, as may special rates for returning entrants or companies that submit entries on a regular basis.
Choose an appealing prize package
Apart from the prestige of winning an award, a prize package that includes attractive goods will increase engagement and the quality of entries. It can also strengthen partnerships with sponsors and be a marketing tool after the event. Either way, make it clear what winners will get.
Invite knowledgeable judges
Influential judges with a wealth of knowledge are key to your award’s prestige and thus to a successful event. Aside from bringing their expertise and network, experts in the industry improve the award’s appeal. Participants will rightly anticipate fair evaluation of their work, and well-known judges can also help you spread the word, which will expand your award’s reach.
Get industry organisations on board
Strategic partners can make a huge impact on your awards. Pre-event collaboration with organisations that are relevant adds credibility, which can result in a higher number of entries hence more income.
Find sponsors in your network
Why bank on the same sponsors every year when better partners may exist outside your network? Check out AI-powered platforms such as SponsorPitch, which can determine industries that align with your programme. Finding sponsors that relate to your values is beneficial to both you and your partners, bringing new ideas and financial stability.
Use cross-selling to your advantage
A great way to increase revenue without using other resources is cross-selling. For instance, you can bundle submissions with tickets to the ceremony or let entrants register for several categories at a lower price. Whatever you offer, make sure your entry fees are transparent.
Create competition with leaderboards
Competition does no harm when it comes to engagement with your programme. That can be via an awards format that allows participants to score differently. Seeing somebody’s progress makes people excited and creates a sense of urgency. That will result in better engagement with your awards programme because people will try to improve their standings.
Conversations within the sector create visibility, which can attract even more entrants and new sponsors keen to be part of a prestigious award.
Announce shortlisted candidates
Using a shortlist before revealing winners builds suspense and offers exposure for those who do not win. That way, chances are more people will submit an entry. Now picture what happens when they announce their nomination in the world of social media. By spreading the word online, they will also drum up business for sponsors as they get increased visibility as well, more so when the audience associates brands with nominees. Shortlists can also create anticipation for the awards ceremony, attracting a larger audience.
Ensure your awards ceremony is sustainable
Whether you choose plant-based catering or an environmentally friendly venue, by making sustainability a priority, you demonstrate that your awards programme is socially responsible and forward-looking. Other ways can include digital solutions instead of printed invitation letters, and avoiding single-use materials is always a good choice as it reduces waste. You can also encourage people to take the bus or train, which may attract participants and sponsors who share your values.
Share judges’ feedback with participants
Giving feedback to people who don’t make it will keep them engaged. That ensures you won’t lose them in the future. Artificial intelligence can also come in handy as you can summarise scores or comments, sharing insights that are easily understood. Many people find feedback to be as valuable as the awards programme itself as it can show them the way forward. This can help in terms of future participation as constructive comments foster loyalty.
Turn participants into brand ambassadors
Instead of one-time registrations, aim for organic brand ambassadors. You can do that by creating a community around your programme, keeping them engaged all year. This marketing tool will boost participation as a community will likely share experiences with others in the industry.
DOWNLOAD EVESSIO’S AWARD REPORT HERE
They will help you expand your reach and engage new audiences, which leads to a financially sustainable awards programme that’s more credible and engaging.
Comments are closed.