There are three good reasons why FinTech businesses should aim to win awards, says Martina Doherty
What’s the point of entering your FinTech platform for an award?
Fintech awards are a complete waste of time, right? Your platform doesn’t stand a chance of winning one when it’s up against an intense field of competitors, featuring providers who are on first-name terms with all the judges.
Or, you don’t want to bother your clients to ask them to vote for you. They already know how good your FinTech platform is, so what’s the point?
And it’s all a fix in any case. The publications will give the awards to the companies that place the most advertising with them or sponsor their conferences, right?
Honestly, entering awards just isn’t worth the bother. Or is it?
If you think about it, there are several big benefits to entering awards.
1) You could win
The first – and most obvious one – is that you MIGHT actually win. Someone has to win the award, so why shouldn’t it be you?
Provided you have taken the time to craft a good awards entry, to meet the judges’ submission requirements, and to convey the features that differentiate your FinTech platform from its peers, you have just as good a chance as winning as anyone else. (By the way, crafting a good entry does not mean submitting the information from your website and sales collateral.)
And, for the record, awards tend to be judged by an editorial team that is independent from the commercial side of the business. That’s not to say that if you win an award, you won’t be asked to buy a table for the awards ceremony or consider advertising in the publication. From my many years of experience, however, I know that the award-judging process is completely separate to any commercial activities. And it would be foolish for the credibility of the publication to do it any other way.
In the case of awards voted for by readers of an industry title, it is important to have a strategy for approaching clients. Make sure you give them all the relevant information that they need to make supporting your FinTech platform as pain-free as possible.
2) If you do win, a FinTech award will set you apart in the marketplace
Winning a FinTech award can be marketing gold – especially if you have a limited marketing budget. There is nothing like adding the words ‘award-winning’ before a platform to give it both credibility and kudos.
An award carries a very powerful marketing message because it states that your platform has been judged to be the best in the marketplace, by industry experts outside your company. This is clearly a very attractive message to send out to customers, investors, journalists and any other stakeholders who have an interest in your business.
3) If you don’t win, you will have learned a lot from the process
Entering awards may be time-consuming, but it is a valuable process to undertake, whether you win or not. That’s because the process encourages you to honestly assess how your FinTech platform stands up against its competitors, to convey your marketing message clearly and concisely, and to seek valuable testimonials for your platform from your customers.
If you don’t win, make sure that you read the judges’ verdicts on the winners so that you can see what they are looking for and refine your entry next time round.
What do you need to know about awards?
Awards tend to fall into four main categories:
- Awards voted for readers of industry titles, typically known as ‘Readers’ Choice’ awards eg Profit & Loss ‘FoXy’ awards
- Awards voted for by editorial teams of publications who conduct their own research into the market eg Profit & Loss Digital FX awards and Financial News Excellence in Trading & Technology awards
- Quantitative surveys/awards such as the Euromoney FX survey, which are based on market participants submitting quantitative volumes and qualitative data about their existing providers
- Finally, there are open awards where you are able to submit your own entries eg FX Week efX awards and other Incisive Media titles
Each award type requires a different strategy. So, to ensure that you stand the best possible chance of success, have an awards strategy and make sure that you start preparing early. Find out as much as possible about the awards by looking at what is needed and by reviewing lists of past winners. Make a note of any deadlines and put a project plan in place to ensure that you pull together all of the information that you need in advance.
Like what you have just read? Check out Martina’s other blogs here.