Industry awards: apply or not?

A colleague once received an email from an awards organization announcing that their client had won an award titled “Best Asset Manager in Wisconsin.” The award-giver apparently overlooked the fact that this client is based in Massachusetts.

But not to worry! The awards program simply changed the title of the award to “Best Asset Manager in Massachusetts.” If my colleague would have followed up and said the client was interested in attending a ceremony or buying a reprint or something else with a price tag attached to it, perhaps the award program would have even changed the title to “Best Asset Manager Anywhere, Ever.”

Clients ask us all the time, “Is this award worth applying for?” and, in instances like the one above, the answer is clear: “no.”

But that isn’t the case for all awards. There are plenty of reputable investment industry-specific, business and local awards that may make sense for investment firms to apply for. The key is to find and apply for awards that make sense for you and your firm.

Award submissions can be time-consuming and labor-intensive to prepare. Prior to proceeding, ask yourself these questions:

• “Is the award sponsored by a reputable organization that is meaningful to your customers or clients?” Many investment industry publications sponsor awards including InvestmentNews, ThinkAdvisor, Family Wealth Report, and WealthManagement.com to recognize both firms and individuals. On the local level, local newspapers or business journals frequently sponsor awards to honor businesspeople in their community. In the case of awards sponsored by a news organization, the time and effort it takes to articulate why your firm or product is worthy can be time especially well spent—it could help open the media organization’s eyes to your firm’s good work.
  
  
  Non-profits, industry associations and local organizations sponsor awards as well. Some of these awards might be focused on a specific niche, for example women or next-gen advisors, sustainable investing or fintech innovations. Investing the time to understand the organization sponsoring the award and their motivations will be important to vetting whether the award is something you want.
• “Do you or your firm have a shot at getting short-listed?” Even if you can apply for multiple award categories, you should be judicious in which categories to submit a nomination. As you examine the categories for any given award, think critically about what you or your firm could realistically be shortlisted for. For example, your brand-new CIO might be fantastic, but if he or she only served as CIO for three months of the award period, this might not be the year to apply for any “Top CIO” awards.
  
  
  Even if you don’t win, getting shortlisted gives you something to note on a website. It’s an honor in and of itself—particularly for a smaller company shortlisted alongside larger firms.
• “Does the category fit—and is this category possibly one in which a nomination you submit can stand out?” It may not be worth applying for an award if the award or category you’re applying for doesn’t fit with your firm’s strategic vision. By thinking strategically, you will be better able to use awards to further highlight a recent report or initiative that you want to elevate or bring attention to a new line of business.
  
  
  Of course, regardless of category, you must be able to tell a good story in that category. Especially for smaller, niche-oriented firms, we’ve found it’s helpful to zero in on award categories where there’s less competition. There are numerous awards that are focused on specific industry niches or special interests where a niche firm is likely to stand above the competition.
• “Will your firm’s audience recognize a win as a meaningful accomplishment?” Check to see who’s won in recent years. Who’s been shortlisted? Have those organizations announced the award to an audience you care about? For an RIA focused on serving HNW families, a family office or HNW-focused award might resonate more with their potential client base than an award for general financial planning thought leadership.
  
  
  Disreputable awards can also be a red flag for some audiences. If the organization sponsoring an award is not reputable, your audience might even be deterred by the presence of a “pay-to-play” award on your website or marketing materials.
• “Does the awards program require finalists to attend an awards gala or are there other required costs?” While most awards have some sort of in-person reception or gala, not all require nominees to attend. If attendance at the awards gala is required, make it known that a representative is available and be prepared for the corresponding travel expense.

A true high-quality award win can provide powerful marketing support for a year or even more. Leveraging the award through social media, a press release and mentions on your website and in marketing materials can help elevate you or your firm’s reputation and status in the industry. It pays to apply selectively and dedicate the required effort in the right category at the right time.