Why do Awards have Entry Fees?
There are other costs involved including the awards ceremony, the cost of a physical trophy or advertising within the awards program itself.
1. Advertising and Marketing the Award Program
An entry fee will support an awards program by enabling them to advertise and market their awards to a wider audience.
Consistent, creative marketing will bring more recognition towards their awards program and will drive traffic to their website. This makes the awards more competitive, and builds their reputation as a leading awards program in their industry, and the reputation of businesses that secure a win.
Entry fee revenue is also used to maintain and run the website, deliver any marketing automation or social media management, as well as to fund the marketing copy, all of which take time and expertise.
2. Funding the Awards Ceremony
Entry fees also fund the awards’ ceremonies which includes operational costs like event management, administration, food and beverage and prizes. If the awards has a judging panel, this is also factored into the costs.
For many awards businesses, entry fees are necessary in order to deliver a seamless, successful and sustainable awards program and ceremony.
Without the funding that entry fees for business and other awards provide, these institutions would not be able to deliver the prestige and recognition that the winning businesses deserve.
3. Award Wins are Valuable
The value that awards provide can be tens of thousands times more than the entry fee. This is especially true when an award win secures your business a higher market valuation.
When you are a winner or a finalist in an awards program, your business gains industry level recognition. The exposure and publicity that winning awards can provide can also give your business the credibility it needs to attract investors.Those who choose to enter awards with entry fees should see them as a marketing expense and thus, an investment into their business.
By becoming a winner or a finalist, the outcomes of gaining competitive edge, increasing credibility, gaining free marketing and attracting talent are well worth the entry fee which is required upon submission.
There are no further fees for applicants’/winners’ services: All the services including assessment process, feedback report, and Gala Dinner Ceremony, etc are provided free of charge.
Complete entries must be received and paid in full by the final deadline date to be considered. Entry fees paid by international bank transfer must be received, together with the completed entry form, prior to, or by the final deadline.
Fees are non-refundable. Withdrawn entries (whether withdrawn by entrant or by the Excellency Awards for entrant’s failure to comply with the entry rules) will NOT be refunded.
