The Society for Marketing Professional Services (SMPS) asked me to write a story about the return of investment (ROI) for participating in awards competitions. The resulting article in the association’s Marketer magazine, which you can download here, suggests that the ROI is so high that you would be a foolish marketer NOT to enter as many relevant competitions as you can.
In addition to the public recognition and credibility of being recognized as an “award winning” firm, marketing officers of several AEC firms told me that the awards improve staff morale and, most significantly, enhance relationships with existing clients — especially when a client project shares in the award recognition. Consider these remarks from Kim Niedzielski, CPSM, senior marketing manager at HGA Architects and Engineers in Minneapolis, MN, who told me that awards programs consume about two percent of her marketing budget in time and direct costs, and that includes some “pay-to-play” programs by publications where there is a submission and subsequent publication fee to the awards program.
“With awards programs, there is often an awards banquet,” she said. “Clients are often invited to these events—that gives them a chance to showcase their project and receive recognition for a job well done.”
Of course, awards banquets are also an ideal opportunity for marketers and business developers to spend some high-value time with clients after the projects have been completed, building the base for future work and enthusiastic testimonials and referrals.
So, yes, it makes sense enter awards programs whenever the initiative matches your market, your employee’s interests and of course your proven competencies.
Ontario Construction Report is preparing an awards program to recognize construction community leaders. Watch for further information next month. However, the OCR program will definitely not be a “pay-to-play” arrangement; nominees will be able to enter (and win) without spending a cent of cash. Allowing for the modest time and effort required to complete an awards nomination form, this results in a potentially truly impressive ROI.