Winning an award can be thrilling, but it raises the question of whether the recognition is worth the effort and truly meaningful. Calculating the return on investment for entering an awards ceremony is challenging, and the impact is more than just a brief brand highlight.
There’s often a mix of emotions when others win awards – a smile for their success, coupled with an internal sense of disappointment. The common reassurance is that minor awards are not essential for success. However, company awards and quality marks do play a significant role in business. They offer opportunities for publicity, like revitalizing a company blog, sharing the achievement on social media platforms like LinkedIn, or adding it to an email signature. Often, the award issuer promotes the winners through their channels, providing broader and varied exposure.
Awards can enhance a company’s reputation and distinguish it from competitors. They also serve as a morale booster for teams, acknowledging their hard work and achievements. However, compiling an impressive company profile for award submissions can be a daunting and time-consuming task, not to mention the associated costs, often seen as participation fees.
One major risk of pursuing awards is the potential damage to an established reputation, especially with minor awards that lack industry recognition or credibility. Winning such awards can lead to a loss of credibility, giving the impression of merely “chasing glory.”
The wealth management industry in Switzerland, renowned for its standards and quality, could benefit from recognizing meaningful awards that genuinely reflect excellence in the field. These awards should be well-respected, credible, and add real value to the winners in terms of reputation and industry standing.
Source: Linkedin
