Creating an award-winning awards program

You know the feeling…your biggest competitor just issued a news release announcing it has won "Product of the Year" from your industry's biggest magazine and your company is not even mentioned in the list of entries and finalists. That's not good.

What are the secrets behind awards programs? How do you go about getting considered and hopefully selected?
 
The first thing to be aware of is that there are two general categories: product awards and corporate awards. The former are often (but not always) based on stand-alone or competitive "bake-off" reviews that have already been published. The latter require a company to often reveal sensitive financial information.
 
Here is a Top 10 list of things to remember when creating an awards program: 

1. Make a focused list. Don't go after every award under the sun. Compile a list of awards you believe will have positive impact for your company and sales force if you were to pursue, and possibly win the award. Consider the award submission criteria and whether you can realistically meet it. Focus on awards that map into your corporate communications objectives (i.e. product strengths; corporate success; executive visibility) and keep the list to a manageable number. Many awards and the criteria for participating remain consistent year after year, so you can easily create a year-long forecast of awards and use the surveys from past years to understand the requirements. Be aware that some awards come with a price tag in the form of an entry fee.
   
2. Work in advance of deadlines and meet them. Once the list is developed, create a list of deadlines for submission with key action dates. Organize the list by deadline so you know several months in advance of the due date. Map these deadlines into other activities that might interfere with award submissions. Create reminders that notify you as the deadline is approaching. And don't be late. Some award sponsors won't accept submissions past the deadline. Others may even reward you if you're early.
   
3. Assign an owner. Some award submissions require pages and pages of insight, commentary, factual information and other writing support that will take hours of time to complete. It's important to assign an owner to each award and give that person plenty of time to complete the submission form. This person will have ultimate responsibility for the accuracy of the information, writing creativity and submitting the entry by the deadline.
   
4. Line up willing customers. 50% of the awards available to high tech companies require a customer reference and/or are solely based on a customer case study. This means the customer must be willing to share information, turn around approvals on the entry and in some cases participate in follow-up interviews with the award programs staff. If your awards list is well-organized you will already know which awards require customer participation and can begin the process of finding a willing customer months before the deadline.
   
5. Get approval to share financial and other sensitive information in advance. Another 25% of the awards available to high tech companies involve the disclosure of certain financial information. The Inc. 500 award, for example, requires four years of back revenue and other financial indicators of a company's growth rate and financial health. Before beginning the process of completing a submission that includes this kind of sensitive information, consult your boss, CFO or legal advisor to confirm whether this information can be released and in some cases published. If not, don't bother pursuing these awards.
   
6. Get creative. Some award programs are less about facts and figures, and more about how you creatively answer the questions. For example, Boston Business Journal's 40 Under 40 award is a very short submission, about 250 words, that should eloquently describe why an executive under the age of 40 deserves recognition. In this case you want to go beyond the traditional resume and share some of the executive's personality, interests, opinions and best practices for achieving success.
   
7. Participate in product reviews. Many "Product of the Year" awards are not based on a submission process at all, but are chosen by editors who have publicly reviewed the product in the past year. Decide whether your product or products will "review well," i.e. whether they can stand up to technical and competitive scrutiny. If the answer is yes, then put a product reviews program in place. To increase your chances for selection, you need a well-organized, proactive effort that includes an effective reviewer's guide, an internal reviews "owner" and a communications process for staying in touch with the reviewer during the review process and after the review is published.
   
8. Meet often with key reporters and analysts. Some awards are based on nominations from industry influencers like reporters and industry analysts. The best way to ensure they pass your name along to the selection committee is to stay in front of them with updates, news and periodic meetings with your key executives. If you let too much time pass between visits or communications you won't be top of mind.
   
9. Use third party resources. You can usually sign up to receive awards submission forms via various Web sites including publications, analyst groups, trade shows, associations, etc. that are in your market. Another way to keep track of awards is through third-party databases such as MediaMap (www.mediamap.com) or Marketing With Honors (www.marketingwithhonors.com).
   
10. Publicize your awards, whether you win or are a finalist. Whether you win first or second prize, are designated a finalist, or simply make it to the short list, there is credibility in publicizing any of these distinctions. High tech awards are highly competitive and in some cases, credible judges consider hundreds of entries. To be selected, even as a finalist, gives your company, product or executive third-party validation from an objective source. Consider writing a news release, issuing a media alert (if it's an analyst or association award), posting the logo on your Web site (there may be a fee in some cases), sending an e-mail to your employees, customers, prospects, financial backers and anyone else who follows the company.

Much like editorial calendar-based opportunities, awards are essentially qualified leads for the public relations program. By identifying them well in advance, you can pick and choose the ones that will have the most impact for your company and work hard to submit compelling, and hopefully winning, entries.