Are Marketing Agency Awards Worth the Investment?
I've wrestled with this question, and I've engaged in open discussions with other agency owners about it. The real issue lies in how to allocate your agency's limited time and resources to achieve its goals. So, what priority should we assign to agency awards? We all proudly display our awards on websites and social media, but what do they truly bring to the table? Where do they fit in your new business toolkit? Do they serve as a top-of-the-funnel activity that drives marketing-qualified leads to your doorstep? Or are they more of a nurturing play that converts prospects and solidifies your expertise in their minds? I've gone back and forth on these questions, and here's where I've landed.
While agency awards are great for gaining recognition among your peers and aiding in recruitment, they rarely attract clients. I know what you're thinking: if winning awards doesn't lead to new growth opportunities, then are we simply being adored by our peers instead of prospective clients? It's reminiscent of a verse from Jadakiss when he says, "Screw the awards, my son can't eat those plaques." And that's the crux of it. A shiny plaque might allow you to flex on social media and in your marketing materials, but it does not contribute to new leads for your agency. However, that's just one narrow viewpoint of awards shows, and it's not the only way to measure their benefit to your business.
I believe it makes more sense to consider agency awards for the other benefits they provide:
1. Boosting morale and attracting talent
Awards bolster the morale of your team and make your agency more appealing to potential employees.
2. Validating your work
Awards showcase your agency's creativity, providing third-party validation for your clients. My advice is to take your clients to award shows and let them share in the success. This experience gives them something to boast about in their internal discussions about your agency.
3. Enhancing brand recognition
Winning or being nominated for an award can generate positive media coverage that can be leveraged through your social media channels. This particularly resonates with current clients, reminding them and reinforcing the notion that they are working with a winner.
4. Serving as social proof
Industry awards are valuable social proof, building trust with prospective clients by signaling your agency's credibility and industry standing.
Key Takeaway
While agency awards may not directly lead to new business, they offer a range of benefits that shouldn't be overlooked. So, consider incorporating agency awards into your strategy for the benefit they can have on morale, talent attraction, brand recognition, and social proof.