The hidden costs of running an awards program (and how to avoid them) 

As an awards manager, it’s typical to wonder how much it costs to run an awards program. It’s crucial to note that while some costs are expected and planned for, there are others that are harder to predict.  

From inefficiencies to low engagement and dynamic adjustments, these hidden costs can accumulate over time and nibble away at your program’s resources, efficiency, impact and prestige. 

Let’s expose the unseen costs of running an awards program and how to effectively avoid them. 

Hidden costs of running awards programs

1. Inefficiencies of manual administration

A manual setup costs more than it shows. Organisers often have to juggle disparate systems to track and review entries, assign submissions to judges, communicate and compile results. 

This usually requires heavy administrative effort from the team. There’s the possibility of data entry errors, misplaced documents and miscommunication. Delays can occur as team members tackle repetitive and original tasks individually. 

2. Poor promotion

Visibility is necessary for a successful awards program. It creates awareness and attracts sponsors to your awards program. 

The outcome of an inadequate promotion strategy is often wasted effort; there’ll be fewer participants, and other investments will operate below capacity. Insufficient promotion can make your awards program seem insignificant and small, diminishing its value. 

The program may suffer fewer returning participants year after year and demand higher marketing investments in future editions. 

3. Low engagement

The value of an award program lies in the energy of those it inspires to participate. So, without engagement, an awards program is akin to applause in an empty room! 

Low engagement is a common invisible expense that can drain value from awards programs. The shallow involvement can creep up in different ways, such as:

• Low volume of entries and nominations
• Limited participant diversity 
• Minimal audience participation and public interaction
• Poor internal enthusiasm
• Dwindling partner and sponsor interest

Weak involvement leads to poor return on marketing and operational investment, undermines your program and frustrates your team. 

4. Continuous adjustment 

Awards programs usually evolve to reflect new trends, feedback, growth and stakeholder expectations. Awards managers have to adjust awards programs to cater to more entrants, represent different demographics and reflect new categories, all while maintaining quality. 

Effecting these changes typically requires additional human and financial resources that add up over time. 

How to avoid these subtle traps

1. Leverage technology

Using technology—specifically, awards management software—is a simple yet effective way to sidestep most of these overlooked expenses. Indeed, awards management software costs money upfront, but its ROI is proven when it comes to saving time and money.

Award Force, for example, deals with the pitfalls of a manual setup. By functioning as a central platform for entry submission, tracking, review, judging, communication and result compilation, it eliminates the need for multiple tools. 

Uploaded documents are securely stored, and the platform’s security features ensure that confidential information is kept private. The software offers easy ways to apply automations that can help you save time. Streamlining the repetitive tasks frees up time for your team members to attend to other demanding program commitments. 

Awards management software can deal with the hidden costs of continuous adjustments by helping scale your awards program. Whether processing and assessing a higher volume of applications or managing new award categories, it can help you do more in less time. 

2. Optimise marketing and promotion

Effective marketing and promotion are key to sealing the drain that poor promotion creates. To nail your marketing efforts, build brand awareness before, during and after the awards cycle. Leverage a multi-channel marketing approach to ensure proper audience targeting. 

It’s important to track vital metrics such as website traffic, press mentions and other digital footprint; this will identify what works. 

3. Prioritise participant and audience engagement 

Engagement should be nurtured strategically to keep your awards program vibrant. A seamless entry process featuring accessibility and entrant support will strengthen your entrants’ involvement. 

Consider using storytelling to share the mission of the program. Countdown campaigns across multiple platforms will create anticipation. These tools will foster emotional connection. 

It’s helpful to provide value to your team members; acknowledging their efforts and making their work easier can strengthen their commitment to your awards program.

Implement these steps to dodge the effects of hidden costs on your awards program. Learn how Award Force can help shield your program from unforeseen costs.