Everyone eagerly awaits Hollywood’s most glamorous red carpet moments. They want to see who the lucky dates are, who gets too tipsy, and who takes home a gold statue. But why should Hollywood have all the fun? Creative agencies deserve recognition too. Events such as the CLIO Awards, the Cannes Lions and The One Show are opportunities for creative agencies to receive recognition for themselves and their clients and take home the awards—not to mention a chance to glam it up and have a party. Yet agency leaders are often reluctant to enter these competitions. They mistakenly view the process as a distraction at best, and a waste of time and resources at worst. Creatives are usually the ones driving award initiatives, trying to convince their bosses that submitting their work isn’t just about their own ego. The truth is that awards are more than fancy, feel-good paperweights; they’re actually good for the bottom line. Here’s why: Awards establish benchmarks. Award-winning ads are 11 times more effective than other ads. Using awards’ standards for projects can raise the bar within your agency and increase overall work quality. By distinguishing the best talent, awards also help establish benchmarks that inspire and shape the industry. Winning differentiates your agency. According to the 2014 AMI research report, more than a third of companies are looking for an agency to gain specialized expertise. Peer recognition helps distinguish your agency from the herd. The key is to apply for awards that mean something to your market. For example, Ford and Coca-Cola will likely be interested in how many CLIO or Cannes Lions awards you’ve racked up over the years. Added credibility can help you win new business. Current clients may not care [...]