Rewards programs must continually evolve to stay relevant and increase revenue. A recent report from awards management platform Evessio highlights the latest innovations and strategies to enhance awards programs. Taking the insights from this report and adding some of our own, we’ve compiled 14 actionable ways to upgrade your rewards program to ensure it remains competitive, engaging and impactful for entrants and sponsors alike.
Whether you want to increase revenue or increase engagement, these tips will help you take your rewards program to the next level.
1. Transparent review criteria
Transparency is critical to building trust with participants. When entrants understand the judging process, they are more likely to see the value of participating. Make sure your criteria are clearly listed on your website, entry forms and promotional materials. Entrants should know exactly which aspects of their work will be assessed. This openness could also eliminate concerns about fairness, especially in an era when many projects are viewed as “pay-to-win” or vanity prizes. Through clarity and consistency, you increase the credibility of your plan and encourage more thoughtful submissions.
2. Incentive fees
It may sound counterintuitive, but many organizations choose not to charge entry fees for fear that this will deter participants. The truth is often just the opposite. Evessio’s research shows that charging for entries can have a positive impact on entry volume. Entry fees can add a sense of exclusivity and increase the perceived value of the prize. It can also lead to higher quality submissions, since contestants are likely to put more thought into their entries if they have made a financial investment.
3. Offer a compelling prize package
In addition to the prestige of winning, it’s also a good idea to offer potential entrants a prize package containing attractive items. A well-designed prize package can increase engagement and quality of submissions while providing valuable post-event marketing opportunities. It can also attract higher quality entrants and strengthen sponsor relationships, benefiting both organizers and participants. However, please be clear first on what is included in the winner’s prize package and what will cost extra.
4. Emphasize diversity and inclusion
The awards program provides a great opportunity to showcase the full range of talent and perspectives across the industry. Actively seek out and recognize diverse participants to ensure all voices are represented and celebrated. This can be achieved through actions such as introducing people-focused categories or offering discounts to new startups. The results enrich the quality of the submission and increase the credibility and attractiveness of the project. Emphasize a stance on diversity and inclusion and reward projects and participating organizations for being forward-thinking and inclusive.
5. Invite the knowledge and influence of judges
Judging is crucial to the credibility and prestige of the awards. Choosing industry experts or celebrities with significant influence can increase the appeal of the program. These judges bring not only expertise, but also their connections and personal brand. Their participation adds weight to the award and signals to entrants that their work will be evaluated fairly by knowledgeable professionals. Additionally, influential judges can help promote the award, expand its reach and attract participants who respect their judgment.
6. Cooperate with relevant industry organizations
Strategic partnerships can significantly impact the success of your rewards program. Mutually beneficial collaboration with key industry partners before an awards program is launched can add credibility, help expand reach and may even lead to additional revenue.
Relying on the same set of sponsors may limit your program’s growth potential. Broadening your search beyond familiar contacts can open doors to new industries and areas that match your award. AI-powered platforms like SponsorPitch can help identify sponsors that resonate with your values and goals, making it easier to build mutually beneficial relationships. This approach can bring new energy and financial support to your project, helping it stand out in a crowded market.
8. Take advantage of cross-selling opportunities
Cross-selling is a smart way to increase revenue without requiring a lot of additional resources. During the registration process, participants are allowed to submit in multiple categories at a discounted rate. You can also bundle your entry with tickets to an awards show or other offer, but always remember to figure out what’s included in the entry fee and what’s not.
9. Offer discounts strategically
Discounts can be a powerful tool to attract a wider range of entrants. Offering early bird pricing encourages participants to commit early and ensures a steady flow of entries. You can also offer discounts for large numbers of entries, such as offering discounted prices for entering multiple categories. Consider offering special offers to returning participants or organizations that regularly submit entries.
10. Promote competition among contestants through rankings
A little competition can go a long way in increasing your participation in the rewards program. Implement a reward format where contestants can earn different points, resulting in an attractive leaderboard format. Tracking a contestant’s progress creates a sense of excitement and urgency. Entrants will work to improve their rankings, prompting them to submit higher quality work or participate in your program more frequently. Rankings can also encourage peer recognition and spark conversation within the industry and community. As more entrants compete for the top spot, your program will gain visibility and credibility, attracting new participants and sponsors looking to win prestigious, competitive awards.
11. Use the shortlist to build suspense before reveal
Announcing the shortlist before the winner is announced creates anticipation and excitement. Shortlisting allows more entrants to be recognized, increasing the chances of them attending your event and promoting their nomination. This strategy can drive lively discussion on social media as finalists and their supporters share news across platforms. Sponsors also benefit from the increased visibility of a shortlist, as their brand is associated with a greater number of nominees. Additionally, a well-publicized shortlist can help build anticipation for the final event, attract a larger audience, and make the awards night more impactful.
12. Put sustainability front and center at the awards ceremony
Incorporating sustainability into your awards ceremony, from choosing a green venue to offering plant-based catering options, shows that your plans are forward-thinking and socially responsible. You can also reduce waste by minimizing single-use materials, using digital solutions for invitations and announcements, and encouraging attendees to use public transportation. Highlighting your environmental efforts can make your event more attractive to modern audiences and sponsors who share similar values.
13. Share judges’ feedback with contestants
Providing feedback to entrants, especially those who did not win, can keep them engaged and encourage future participation. Artificial intelligence can help streamline this process by summarizing reviewers’ comments and scores and providing detailed, easy-to-understand insights. This feedback helps entrants understand what they do well and where they can improve, providing them with a roadmap for success in future editions. For many participants, constructive feedback is as valuable as the award itself, as it guides their growth and development. This builds loyalty, making participants more likely to come back and try again because they know their efforts are valued.
14. Create a community around your award
Create a community around your rewards program and allow entrants to become organic brand ambassadors. This requires nurturing long-term relationships rather than treating them as a one-off submission or source of revenue. By engaging with participants throughout the year, you can build loyalty and encourage them to promote your program organically. This increases engagement and engagement and provides free, authentic marketing as your community shares their positive experiences with their peers, expanding your reach and increasing the reputation of your awards.
Applying these strategies and attracting a wider range of participants and sponsors can make your rewards program more attractive, credible, and financially sustainable.
