18 Aug Use Award Programs for Recognition and Revenue
Use Award Programs for Recognition and Revenue
We see them all the time in print and online, and there are numerous TV shows that celebrate their existence. Yes, we are talking about awards. The movie industry has the Oscars, music has the Grammys, the Webbys honor online excellence – there are even awards for bird watching and grass growing. All of these offer winners (or their estates) bragging rights in their particular field or industry, but that’s just the beginning. Winning an award is a huge marketing opportunity that cannot be missed, and the resulting activity can create substantial new revenue streams for publishers.
Monetize your Award Program
Wright’s Media started developing and monetizing award programs for publishers a decade ago at the Consumer Electronics Show (CES), but the idea transcends industries – everyone loves to win awards! The process is fairly consistent when we are partnering with a publications – they first identify the nominees and their products. Once the publications select the winners, they are notified and (hopefully) begin planning how to integrate the award into their marketing campaigns. It is easy for the winners to publicize their awards by using the wide variety of promotional products available (print and digital) that include the award logo. Companies can purchase any or all of these products, or just the rights to use the award logo. While many awards are determined annually, some are quarterly or even weekly. You can see the licensing potential here for ongoing, annuity-like revenue for the award sponsors.
Here are just a few of the products and use ideas for award winners, which all generate income for publishers:
- Product packaging
- In-store displays
- Media – print, billboards and broadcast
- Company email signatures
- Business cards
- Lapel pins
- Website homepage
- Social media profiles
- Company stationary
- Company shirts and other promotional items
- Job listings
- Other digital uses (ex. press releases)
Your Customers are Working for You
And believe it or not, the good news doesn’t end with the extra income. How about having your customers contribute to your ongoing branding campaign? That is what happens when you enter into a licensing agreement. Publishers collect licensing fees while the brand is seen by thousands (millions) more people because it is plastered on all sorts of packaging, print and online ads, displays and countless promotional items. And it’s a total win-win, since the award winner is simultaneously getting increased exposure and credibility by displaying the brand. After all, isn’t an award basically a testimonial (the most trusted form of advertising)?
Wright’s Media is a full-service content licensing solutions provider representing approximately 1,200 publications worldwide. Working with print and online publishers in both business-to-consumer and business-to-business industries, Wright’s Media helps grow their revenue through creative content licensing and brand management. They continue to be the leader in the content licensing space by providing comprehensive solutions and the latest technology to their clients. For more information visit wrightsmedia.com or call 877.652.5295.