In It To Win It

Why awards are important for the success of your business

Insider

Contributing Writer

Throughout the year you may see numerous award rankings and award announcements from publications and media outlets throughout the mortgage industry. Awards like “Top Originator”, “Best [Insert Type of Lender Here] of the Year”, “Top Mortgage Workplace”, and other flashy accolades tend to be highly touted by their recipients and certainly draw additional attention to these winning individuals or companies. However, you may be thinking, with the sheer number of awards that exist in this industry do they really have that much of an impact on a business? Simply put, yes, winning awards and being able to promote them can be extremely beneficial to your business. Let’s dive into the significant effect that applying for, and winning, awards can have on your business.

Putting Your Business on a Pedestal

In the mortgage industry, trying to differentiate yourself from competitors and increasing brand recognition are typically some of the biggest challenges your company will face. What better way to stay top of mind with potential clients and also stand out from others than by winning an industry award? Whether your company is just starting out or is more established, winning awards can go a long way toward increasing brand awareness and greater brand awareness translates directly into more business. “According to Best Business Awards, award-winning small businesses can see a 63% increase in income and a 39% growth in sales. Large companies also benefit, seeing a 48% increase in income and a 37% growth in sales.”

In addition to increasing brand awareness which can translate directly into more business, winning awards can also boost your credibility in the industry. Clients want to work with brands they recognize and trust, and winning awards helps to establish and increase that trust in your company. Apply for awards that are decided by impartial judges or data-based factors, like annual origination volume. If your company wins based on its merit or service rather than just paying to play, this will help to increase the legitimacy of the business and build trust with current and future clients.

Recruiting and Retaining Top Talent

Would you rather work for a no-name run-of-the-mill company or be part of an “award-winning” business? It’s human nature to want to be proud of the company you work for and businesses that win awards are more likely to instill that sense of pride with their employees. Receiving recognition through external awards can help employees feel a greater sense of loyalty to your company and want to stay with your business because they feel like they are making a noticeable difference in the industry. When your company wins awards, it can also be a great opportunity to encourage your employees to showcase these successes and take pride in a win they were a part of. This can lead to even greater brand awareness and exposure for your business.

Winning and highlighting awards can also be a great recruitment strategy. If you are looking to bring in top talent, being able to point to the awards your company has won can make all the difference in whether a candidate accepts your offer or an offer from a competitor. If you have won awards, make sure they are showcased on the recruitment page for your company, or at a minimum, mentioned during the recruiting process. It will show candidates exactly what your business is made of and why they want to work at your company.

Lean into the Good Press

Rarely will you have a chance to get free (good) publicity or free marketing for your business. When your company wins or is simply nominated for an award, you will have the opportunity to garner free exposure, and it is guaranteed to be positive. In addition to any marketing efforts you plan to showcase these prestigious honors, your company will also benefit from any promotions or marketing that the award issuer is running. When you win or are nominated for an award, you essentially become an extension of the media outlet or publication that is hosting the award and get additional exposure to their audience. In addition to reaching these new audiences, make sure to lean into their efforts and share their marketing and content with your own current and prospective clients. Every award win is an opportunity to tap into free PR and marketing for your business.

Go for the Gold

While winning industry awards can have a significant, positive impact on your business, it is important to take the time to research and identify what awards will mean the most to your company and clients. It’s best to start by identifying about five-to-10 awards a year that you feel would be worthwhile applying for and that your company is eligible for. From there, research your potential competition, gather your data, and build a strong case for why your company deserves to win. Don’t get discouraged if you don’t win or you fall short on certain awards. This should simply serve as a motivator and provide opportunities to improve your business, so you succeed in the future. And when you do win, take the time to recognize and promote that accomplishment because it can make all the difference for your business.