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Thinking About Launching an Awards Program?
Published on 5/10/2016 by Brittni Castilaw
Adding yet another thing to your list of to-do’s is something many of us don't get excited about. Our plates are already overflowing so why consider launching a new awards program with your brand and hope it’s successful?
Simple. The reasons to launch an awards program outweigh the reasons holding you back, especially if you partner with an agency who can help successfully execute every phase of the project.
You might be asking yourself, what’s in it for you? We’re glad you asked.
Benefits of Launching an Awards Program
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 is no different.
Launching a relevant awards program allows you to align your brand with a specific audience while positioning your title as a leader within the space.
Award programs create value and a valuable brand creates revenue.
Ad revenue continues to see growth in magazine media, just ask Mark Howard, CRO of Forbes who states the “significant growth in digital advertising revenues across traditional display units, native advertising and mobile” they have seen. (Source: Foliomag.com)
The need to continue building awareness in 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 to increase, which in turn plays into ad revenue dollars.
Building awareness for your brand is an ongoing effort that can’t be ignored - award programs can help with that.
The best reason your brand needs an awards program? Revenue.
If you have successfully created a valuable brand and launch an awards program that aligns with your overall brand objectives, marketers will want to leverage those award logos throughout their marketing channels.
92% of consumers around the world say they trust earned media above all other forms of advertising.
It’s no secret that earned media is more trusted than traditional advertising. Marketers are hungry to tout their successful earned mentions in order to set themselves apart from the competition.
Altogether, awards programs can take your brand to places unseen by creating value, increasing awareness but 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. In these instances, working with a content licensing agency can be the difference between a well-executed strategy and one that falls short.
Ready to launch an awards program or monetize current assets? Let us help.