7 Ways Housing Industry Awards Benefit Business Growth and Reputation
As customers search for the right business to work with they turn to those that exhibit professionalism and experience, but above all else, credibility. For housing professionals, winning an award is a stamp of approval that their company is an expert, leader, and quality provider in the industry which helps improve reputation and boost business growth.
In fact, according to a study on U.S businesses by the British Quality Foundation, large companies that win awards see a 48% increase in operating revenue and a 37% growth in sales. Additionally, smaller award-winning businesses see an even larger impact with a 63% increase in operating revenue and a 39% growth in sales (source).
Learn how industry awards help housing professionals grow their businesses and build their reputations.
7 ways industry awards benefit housing professionals
Here are seven ways industry awards can help homebuilders, remodelers, product manufacturers and other housing professionals enhance their image and increase revenue.
Increase credibility to attract new customers
Winning a housing industry award, or even receiving a nomination or short-listing, is a simple way to gain credibility and attract new business for business growth. An award is a sign of quality and helps solidify your spot as an industry leader and great customer service provider. This small stamp of industry approval can make a huge difference elevating your image, pushing teetering prospects over the edge to choose you over the competition.
Improve current customer retention
People like to be associated with recognized companies. Award wins help signify to your current customers that they made the right choice choosing to invest in your company (among the other important factors like the customer experience you’ve provided them).
Build more B2B connections
An industry award can open a lot of doors for new opportunities with suppliers, realtors, or contractors in a very competitive housing market. Industry-related recognition impresses potential business partners just as much as customers. It shows your business is reliable, professional, and hard-working, all the qualities people look for in a business to work with. With that extra layer of trust and a boosted reputation, you’ll find more success in building your business network.
Attract top tier talent
Quality candidates are drawn to award-winning companies because they want to work for businesses that are striving for excellence. They also know that companies win awards because they run a great operation and have top talent keeping that operation running smoothly. Attract more high-quality talent and your business will continue to deliver the highest quality results for exponential business growth.
Enhance employee motivation and retention
Just as awards catch the eye of high caliber professionals, they also motivate current employees to stay and continue contributing their talents to help build the business. Many industry awards actually recognize individual employees like sales representatives as well as the organization as a whole. Seeing the positive impact of their efforts can boost morale, making them feel valued, supported, and inspired to keep progressing in their career with your company.
Create an additional benchmark
Your company should be benchmarking against competition and itself throughout the year, but awards are an additional way to compete with internal standards. Once you win, you have a benchmark to surpass for next year. Also, by paying attention to what other companies are winning awards for you can research their processes and procedures to identify areas your company can improve upon to achieve those higher standards.
Provide free PR to boost reputation
Winning an industry award is a great opportunity to share a press release, locally, nationally, and in trade-specific publications. This boosts brand visibility in the news and on social media. If you win make sure you update your marketing materials with an award logo such as email signatures, website landing page, and sales sheets. Celebrate your team’s hard work and be proud to show it off.
About Avid Awards
Avid Ratings holds annual customer experience awards to celebrate our top-performing builders and their employees.
Our Annual Avid Awards celebrate homebuilders throughout North America with the highest homebuying experience survey scores. Winners are chosen based on results received from some of the largest publicly traded NYSE/NASDAQ builders, North America’s largest private builders, and hundreds of small volume and custom builders from coast to coast.
Our Annual Avid Service Awards honor employees who receive exemplary customer satisfaction scores amongst the thousands of employees rated in our AvidCX platform.
To learn more about our awards, visit our website and navigate to the ‘Awards’ menu.
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Avid Insights Team
