The world of branding and marketing is a tough grind these days. With consumer trust at all-time low and brands struggling to stand out in a crowded marketplace, marketing teams are trying to stay one step ahead in an ever-changing landscape.
That’s where a reputable third-party product award comes in. Winning an award is a big deal for your brand. It’s more than a badge for your shelf or eCommerce platform; it’s a mark of trust and quality that can cut through the noise and put your brand in the spotlight in front of the world.
An award means your brand is a winner. And, let’s face it, people like winners.
The numbers don’t lie. Winning an award can lead to a significant boost in sales. According to the Journal of Marketing Research, a reputable product award can boost sales by 24% and showcasing an award on your e-commerce site can lead to a 55% increase in customer engagement (Kissmetrics).
Perception is reality in the consumer’s world. An Economic Journal Study suggests that awards can bump your product’s perceived value by up to 20%, making it a premium choice in the eyes of customers.
From boosting consumer trust to supercharging your sales, here are some ways a product award like the Parent Tested Parent Approved Seal of Approval can be a game-changer for your brand:
1. Increase brand authority and drive more sales
Winning a credible third-party product award is a big deal. It raises your product’s reputation as one that delivers, leading to increased brand authority and higher sales. The retail market has never been as competitive as it is today, and brands need a way to stand out from their competition. Increased brand awareness is an attractive benefit of winning a consumer product award.
An award makes you an instant market leader and authoritative voice in your industry. Brand trust and credibility is something money can’t buy, and an award tells consumers your product can be trusted.
That trust can lead to a dramatic increase in sales.
2. Build trust, loyalty and retention
Consumer trust is at an all-time low and consumers are looking for more from brands than ever before. Opportunity knocks for brands to stand out from their peers with a product award. Trust is the building block for consumer loyalty and an award, combined with exceptional customer services, puts you head and shoulders above your competition.
Nine out of ten consumers are more likely to buy a product or service recommended to them, and nearly 90% of consumers are willing to pay a premium for a product they trust.
3. Build and strengthen relationships
Winning a product award means it’s time to get your brag on. An award establishes your brand as an industry leader, and new opportunities will arise. Use that new clout to your advantage. Network with other industry leaders and companies to explore new relationships and strategic partnerships. Connect with the award presenters and fellow winners. Bring up your win in conversation. You are now in elite company, and people will want to associate themselves with an award-winning brand.
Make sure you leverage the award internally, as well. Thank your employees, your boots on the ground, for helping make the award possible. Celebrate the win and give props to those who were with you along the way. Make sure you give credit where credit is due. It will keep your team motivated to build on what they have accomplished.
4. Build your credibility with third-party recognition
Third-party recognition is golden. Award-winning businesses are viewed as trustworthy, reputable, and honest with consumers. You’ll want to make sure everyone knows you’ve received an award (more on that below) and promote the accolade everywhere you can. Consumers want to associate themselves with brands they respect and believe in, and the consumer trust that comes with a third-party award is invaluable. We’ll say it again. It means others recognize your product as a winner.
5. Social proof and social influence
You can’t underestimate the importance of social proof and how it influences purchasing decisions with consumers. We rely on the feedback and opinions of others to influence our own buying habits. If a book is so popular that it reaches the top of a best sellers list, it must be a great read, right?
Consumers invest in products and brands that are trusted by other consumers. A product award is undeniable social proof, and a powerful marketing tool that can be leveraged in numerous ways.
6. Use the award in your brand storytelling
Brand storytelling is the future of marketing.Consumers need a connection to your brand and your product before they will buy from you. Leverage your product award in your brand storytelling. Make the award a focal point of your story and let consumers know where you’ve been, where you are going and that you want them along for the ride. You are now an award-winning brand. Make it part of your story and strengthen that emotional bond with your audience.
7. A product award does the marketing work for you
There aren’t many marketing assets more valuable than winning a product award, and none are as cost-effective.
Paid advertising and media relations generally cost thousands of dollars. As mentioned above, third-party accolades are pure marketing gold. They are the ultimate shout-out for your brand, letting the world know your product is reliable and can be trusted. The best part? It’s free marketing.
8. Attract top talent when recruiting
Just as consumers want to associate themselves with winning brands, so do prospective employees. The best employees want to work with the best companies. As your company revels in a product award and brand awareness increases, you may be looking at adding employees. A distinguished award is attractive to potential hires, showing you are an industry leader and a trustworthy brand that delivers what it promises.
Your product award also shows current employees that you have high standards. Winning an award makes employees feel they like they are part of something special, giving an immediate boost to company morale. Make sure your employees know the award is theirs as well, and that their hard work contributed to this company win. People love to brag that they work for an award-winning brand. It’s great for company culture. Everyone wants to be part of a winning team.
9. Stand out from the competition
We said it above, but it’s worth repeating. It’s an ultra-competitive retail landscape these days, and consumer trust is at an all-time low. Your product needs to stand out from the competition.
Brand loyalty is no longer built on quality and price alone. Consumers want an actual customer experience and purchase products they can believe in, from brands that hold the same values as they do. Reviews have to be trusted and authentic, and social proof is influencing purchasing decisions more than ever before. An award gives your product a distinct competitive edge and a unique selling point that competitors just can’t keep up with. It puts your product in a class of its own.
10. Leverage your award everywhere
Winning a product award is a milestone for your business, but it is only part of the process. How you get the word out to others to promote the win is crucial to maximizing the prestige that comes with the honor. What’s the point of an award if no one knows about it?
Promote your award everywhere: on in-store packaging, eCommerce storefront and prominently in all your marketing collateral. Send out a press release and a email to your subscribers and feature the award on your website’s homepage. Create a social media campaign, and include the award in your email signatures and company bios.
You’ve earned this. Use it everywhere.
It bears repeating: it’s time to brag. Your product, and your brand, is a winner. Do everything you can to make sure the world knows.
Remember, you’re just getting started.
These are just a few of the many ways to leverage your product award. It’s a time to celebrate but, with more attention now on your brand, it’s not the time to get complacent.
You’ve won the award, so you know you’re doing something right. Now you can build on that momentum to be even better and reach even higher. Build on that brand equity you’ve acquired with the product award and add to it. Combine it with increased customer service and you’ll strengthen that trust with your current customers, and likely reach overlapping audiences as well.
With more than 85% of our customers renewing their license with us, we know we are doing something right, as well. But, like you, we always want to get better. Submit your product today and let’s get to work!