Industry awards - does buying a table increase your chances of winning?

There's a neat game I like to play at these shindigs. It's called 'Sponsor Bingo'. When the awards start, grab yourself a strong drink and a pen. Go to the page in the awards leaflet that shows who the kind sponsors of the event/categories are. Every time one of the sponsors wins an award, put a tick next to their name. it's a fun way to pass the time and the best part of 'Sponsor Bingo'? You always win the game. Full house!

Let's deal with the elephant in the room: not all awards are equal. Those that email you out of the blue, congratulating you on a 'win' and asking you to part with a few grand to use a logo can be ignored. That shouldn't sully the reputation, though, of the best financial services awards. The view that buying a table equals success is complete rubbish, often perpetuated by those who find it easier to believe the myth than take a long hard look at the quality of their entry or business. If you're looking for evidence, go find the judges, whose names are usually published, and ask them if they were told, during the judging process, who had bought a table. The answer you get will always be a big, fat, "no".

Familiarity can aid success. I've judged industry awards and sometimes the profile of a firm being judged can be a factor. In a room of judges, if your firm was the 'unknown' on a list, and the others were 'regular' entrants and operated in the same industry social circles, it takes a brave judge to swim against that tide. It's not easy for lesser-known firms to compete on an equal footing with others who already have a profile.

Does buying a table at an award ceremony increase your chances of winning? Well, if you believe in the power of feng shui, then maybe. You could strategically place your table in the perfect spot to attract good luck and positive energy, and hopefully win. Or, you could try bribing the judges with free champagne and canapes all night. Just kidding, don't do that. Most 'incorruptible' awards are generally based on the quality of the nominations received rather than how much money someone is spending on the night. That being said, there will always be those odd-ball cash-for-trophy award ceremonies to avoid. But hey, getting a table can still be a fun way to network with industry professionals and maybe even snag a few business cards. Plus, who doesn't love a good party?

I think most of these awards are only created for you to buy a table. There are so many industry awards out there that are nonsense and seem to be created simply to encourage companies to buy the extras.

Undoubtedly, there are some awards that are influenced by sponsorship or the purchase of a table. However, this is not unique to the financial services industry but probably widespread across all industries. You would like to think that any award is based on merit, but the very structure of the voting means there will always be an element of opinion or preference from the judging panel, and these panels appear to be a closed shop of the same faces every year. I am unsurprised that many brokers feel that the awards are bought, as outwardly there may appear to be a lot of "back-scratching" going on.

Industry awards remind me of a coconut shy. In theory, you should be able to win them but most of the time the outcome is already decided. Let's face it, awards are typically run by marketing companies looking to make money from them. They play to our vanity, as we all like to win a nice award and have our peers clap for our achievements. The model will not work if no one books tables and buys tickets. So yes, I'm sure some non-payers will win but I have never seen an award presentation where none of the winners were in the room.

Usually, I find that industry awards are given to the popular kids, the biggest advertisers, or the ones paying for the free bar. I was once the exception to this rule, though.My mobile phone insurance business was shortlisted in the “best insurance provider” category in the industry magazine's annual awards.They asked if I would be interested in taking out some ads in the mag to help sway voters. “That’s nice. No thanks.” A few weeks later, they contacted us again, letting us know we’d made the top five. Would we be interested in sponsoring an award? “That’s great news. No thanks.” A month before the gala event, they reached out again, asking how many tables I’d like to buy. “None, thanks.” “Erm, well… this is awkward. You see, you’ve kind of.. Well.. you’ve won.” “Oh, that’s amazing news! Here’s my address to send the award to.” This remains the only industry award I've ever won, one I never entered, did not sponsor and didn't even turn up to collect the trophy.

As someone who writes industry awards for a wide range of SMEs and charities, I have to tell you there are awards and there are "awards" (at least 4,000 at any one time). So whilst some will be influenced by cold hard cash, either to enter or to buy a table, there are a good number that are above board and trustworthy. Ultimately, it comes down to research and choosing the most robust award for you and using the process to best effect. Winning awards does bring customers and the awards ceremonies themselves are useful networking opportunities, which I have seen firsthand — although be careful with the booze...

Yes buying a table does have an influence, and sponsoring an award or two helps, too. Why else do the same firms win year after year whilst actual innovative and exciting firms hardly get a look in?