As a big football fan, it’s long been one of my dreams to see England lift a major trophy. If I’m honest I’m not sure I ever thought this would actually happen, especially after the disappointment of Euro 2021 final and the crushing penalty shootout finale.
However, the Lionesses have certainly delivered and really captured the hearts and minds of the nation, not to mention inspire millions of people across the country. And, as a father of three girls, you could only imagine the excitement in our household.
Their celebrations also reminded me of the infamous 2005 post Ashes shenanigans led by Freddie Flintoff – the team not my girls that is – and it was great to see such a glorious victory be celebrated in style.
In the mortgage market, there are no European Championships or World Cups to participate in but there are an ever-increasing number of award ceremonies.
Being on the receiving end of winning such awards represents a proud moment for everyone concerned with the business, whether this is a company wide award or an individual one.
We have been fortunate enough to have been recognised by our peers many times over the years across a variety of events but there appears to be a worrying trend in the industry that some of these awards are coming with a hidden cost.
The transparency of industry awards has improved greatly in recent years as has the quality of the entry requirements, the judging and the decision-making process. More firms and individuals are being recognised for the right reasons, which is certainly a good thing.
What I mean when I refer to the hidden costs associated with the award is being charged to use the logo on any branding, the charges incurred for being included in post-event material, email marketing campaigns etc.
Spend which can often dictate just how heavily you can market the winning of a prestigious award and how prominent brands may be promoted by the events team in question.
Now I get that these awards, and the publications behind them, need to make money. We are all business people and we all have to maximise revenue opportunities where possible, especially in a space which had very little revenue generating potential over the course of the pandemic.
However, I feel that there are some boundaries to be maintained which both preserve the acclaim and value of these awards.
The cost of winning should not be prohibitive as these additional, and often unexpected costs for first-time winners – who may be smaller firms with limited budgets – can be a bitter pill to swallow after such elation.
Not all awards are the same and I’m not casting any aspirations or blaming anyone but I urge organisers to think carefully about the value of awards and the cost of winning going forward.
Neal Jannels is managing director of One Mortgage System (OMS)
