Multiple business awards are also created because companies don’t want to “buy” the same award every year. These business awards had some bad rep in the last decade as they were quite aggressive in pushing companies to “purchase” awards. It is a willing buyer and seller scenario where the award winners know that they are paying for marketing. Some of these awards are created just for marketing purposes, as acknowledged by the organizer of some of these awards. We will usually see these awards on the walls of offices or marketing material, attempting to attract you during the awareness phase and to persuade you during the consideration phase of making a purchase decision.
Many of these private companies are media or marketing companies. These awards are mostly given out by private companies, with a few of the awards being Government-supported. Besides building trust, the gala dinner and/or prize ceremony provides a networking opportunity for attendees.
It builds trust and legitimacy similar to a celebrity endorsement. There are multiple uses for business awards. They are presented to companies to build trust, showing that the companies embody what the award represents (e.g trust, quality, success, excellence, innovation). How Can One Qualify For A Business Award?īusiness Awards are essentially a marketing tool.
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