Awards nominations & 10 reasons why you should go for it!
BRAND RECOGNITION. It is a low cost, highly effective way to let others know your accomplishments. 98% of MedTech startups fail, in part because they did not let the world (public, VCs, stockholders, investors, clients, potential clients) know they have or can adapt to their environment by keeping up with technology and the needs of society. This is an effective and low-cost way to market your company to strengthen its position through positive recognition.
TRUST. When clients, potential clients, and investors are determining the next crucial step essential to achieve their vision they turned to awards. Awards have the capacity to influence the behavior of others or can have an impact on the course of events. In fact, a survey done by Boost and Shape-the-Future found that 76% of business decision-makers surveyed believe there is a definite link between award success and reputation.
INFLUENCE. Awards build a corporation’s power, its strength in the market – with their audience and within and external of other sectors. It is a powerful way to retain their strength in this ever-changing sector.
LEADERSHIP POSITION – Hundreds of new startups are continually coming into play with their products and services in the development pipeline. How will this affect your business entity as to market share, funding, leadership position, saturation and other factors that may adversely affect you or may trigger such concern or opportunities as M&A considerations. Being nominated, and being selected as a winner of an industry award will keep your name out there for consideration.
INCREASED SALES WITH CLIENTS AND PROSPECTS. Awards are a great way to reel clients and potential clients into your business model as a revenue source. Research has found that up to 90% believe that industry awards make a difference when buying products and services for their business.
OVERCOME BAD PRESS OR NO PRESS – Has the media exposed your Achilles heel or some other negative aspect of your corporation? Have you had limited ability to get press releases out in an effective way? This heavily promoted event will give you the media attention you want and need.
STRENGTHENS EMPLOYEE BOND. Awards give current employees a sense of security as they know their company is showing signs of success and therefore there is an increased chance their positions will be retained into the future or that they will have room to grow within the company.
MAKES YOU MORE ATTRACTIVE TO PROSPECTIVE EMPLOYEES. Awards give a clear signal to potential employees that this is a corporation they will be proud to be associated with as it is being recognized as a leader in its field. This is key in attracting top talent to take your corporation to the next level.
HELPS GAIN INVESTOR SEED MONEY AND OTHER FUNDING. Attract the attention of the sources you need. Not only do awards help build the relationships you need for funding but for potential M&A as well. Deloitte issued a report station that MedTech companies consider M&A as “a strategic level to address industry changes and drive stronger financial performance with broader portfolio offers, enhanced therapeutic solutions, international expansion and increased scale and leverage” being the motivations behind M&A deals.” And, according to published reports, there was an average of 219 merger and acquisitions deals in the Medtech field worldwide from 2007 – 2018, with M&A deals in January of 2019 totaling $1.51 billion globally with the United States owned companies being responsible for about $1.41 billion of that number. The top 5 deals accounted for 99.05% of the overall value during that time period. Awards are an effective marketing tool that helps you with this journey toward an M&A goal.
CORPORATIONS OF ALL SIZES HAVE THE CHANCE TO WIN. The award program is designed to even out the playing field. Whether you are a start-up or an established corporation or a corporation with minimal financing or with substantial funding, your corporation will be afforded equal consideration.
FUN – Not everything has to be so serious. We love to compete and win. That’s why we watch sports or go to casinos or enter competitions. It’s such a good feeling that lifts you up and motivates you to do better. It shows the world you are made of the right stuff that others will want to emulate into the future.