Partner Article

Sponsoring Awards. What are the benefits?

Part of the identity of a business is in its alignment with other organisations which share their core values, and represent what they believe in. These organisations could be charitable, like-minded companies or youth opportunity programs. By developing such coalitions, a business allows itself to grow and strengthen, and through partnerships and link ups the business name is spread by definition through the industry.

What is a sponsored award?

Industries within the UK often host annual awards ceremonies in order to recognise the achievements of staff, volunteers and contributors. They are an important way to boost staff morale and give people the excitement of knowing there is a chance they could be rewarded by such an award. The sponsoring element comes in when a representative body, such as The British Construction Awards of the British Legal Awards, are looking to raise funds to perhaps set up programs for apprentices or trainees. A sponsored award is an opportunity to get your name up in lights at a swanky industry occasion and get involved in the inevitable buzz created by such evenings.

Why should I sponsor an award?

There are several possible business benefits to be derived from sponsoring an award at an industry bash. Below we’ve detailed a few such benefits and how they could influence your company.

1) Exposure. Your business profile could sky rocket if you are linked in with an award that is ultimately aimed towards an excellent cause, such as apprenticeship schemes or training for youngsters. This gesture allows the sponsoring firm to enjoy high profile exposure to an industry. Your name becomes synonymous with a positive thing.

2) Networking opportunity. Whatever industry you’re in, the sponsoring of an award gets you through doors to which you may have previously been denied entry. The chance to converse with key figures, spearheads from industry and business, and decision makers may present itself and in turn comes another boost for your company.

3) Market territory. By aligning your company with a cause you feel passionate about, and which suits the interests of your company, your market share and position could increase as a result. If you are to sponsor an award, choose it carefully and ensure it is right for your business. At Lawlords we look at which awards are relevant within our industry which raises our profile for potential recruitment drives, and also those related to our clienteles which encourages new business.

4) Opportunities to entertain. Dependent on the sponsorship package you select, you may entitle your company entry to certain social and industry occasions which can be financially extremely lucrative. You could be, for example, given a table at a high profile bash during which you have the chance to sell your company to its maximum.

5) Creating Legacy. By entering in to a sponsorship, you are laying stones for future philanthropy and also industry recognition. Your business is elevated and it may kick off a chain of events which secures the legacy of your business.

This was posted in Bdaily's Members' News section by Lawlords .