3 Benefits of Launching Your Own Awards Programs

Publishers have enough work without adding another thing to their list of to-do’s. But what if we told you there was a surefire way to generate vital income for your publication without a massive investment of time or resources?

Consider, if you haven’t already, a new awards program sponsored by your publication. By generating an award that you can then license, you’ll create content that resonates with audiences. But that same content will also generate a new stream of income thanks to the brands you’ll be featuring. And those brands are hungry to work together, with nine out of ten confirming that third-party endorsements are important according to a perception study by Wirecutter, Inc., A New York Times Company.

The reasons to launch an awards program outweigh the reasons holding you back, especially if you partner with an agency that can help successfully execute every phase of the project.

1. Create Value

As a publisher, there’s a direct correlation between the value of your brand and the revenue you are able to generate. From ad revenue to subscriptions, your brand is the foundation of all monetization efforts, and creating an awards program can be a powerful part of that.

Launching a relevant awards program allows you to align your brand with a specific audience while positioning yourself as a leader within the space. Award programs create value, and a valuable brand creates revenue.

2. Increase Awareness

The need to continue building awareness in the media is greater than ever as we continue to see more “noise” interrupt our daily lives. Launching a targeted awards program drives awareness and impressions, which in turn plays into ad revenue dollars.

Building awareness for your brand is an ongoing effort that can’t be ignored, and award programs can help with that. They can cut through all of the content out there and get you noticed not just by audiences, but by companies and other brands that want to be featured by you.

3. Generate Revenue

The best reason your brand needs an awards program? Revenue. In the end, it’s not crass to talk about money when you’re a business with employees to support. The more money you earn, the better you can sustain your workforce.

When a successful brand launches an awards program that aligns with your overall brand objectives, marketers will want to leverage those award logos throughout their marketing channels. It’s the “As seen on TV” effect, but more like, “As published by your brand name here.”

Brands know your awards inspire trust with audiences. When their marketing efforts are filtered through your editorial lens, consumers find it enticingly credible. Leverage this as you create awards that make brands want to tap into that power. Marketers are hungry to tout their successful earned mentions to set themselves apart from the competition. 

Altogether, awards programs can take your brand to places unseen by creating value, increasing awareness and most importantly, generating revenue. While it seems easy to launch an awards program and plan a monetization strategy, doing it successfully is easier said than done.

Inspired to launch an award? Wright's Media is a global content licensing agency with 25 years of industry experience guiding publishing clients to just that. Contact Wright’s Media to get a free licensing review and see how you can start generating more revenue as strategically as possible.