The rise of pay-to-enter awards: Why charging entry fees could be the best move for your awards program

Charging entrants a fee to submit their entries isn’t a new concept in the world of awards. However, it's a trend that's gaining momentum, with more and more free-to-enter awards switching to a pay-to-enter model. The idea of charging for entries might seem counterintuitive at first – won’t it deter potential participants? In fact, research and industry experience show that it can have the opposite effect, and might just be the best decision for your awards program. Here’s why:

Supporting your running costs

Running an awards program involves a lot of behind-the-scenes work, from organizing submissions and managing logistics to engaging a panel of expert judges. These operations require resources: staff, technology, marketing efforts, and more.

Charging a small entry fee helps cover these expenses, ensuring the sustainability of your awards program. While many awards may have been free to enter in the past, the shift toward paid submissions allows organizers to manage rising costs without compromising the quality or scope of the event.

Boosting prestige and submission quality

One of the most significant benefits of charging for entry is the impact on the quality of submissions. When organizations have to pay to participate, they are far more likely to submit only their best work. This ensures that the entries you receive are thoughtful, polished, and truly represent the excellence your awards aim to recognize.

Free-to-enter awards may attract a high volume of submissions, but that doesn’t necessarily correlate to quality. Charging a fee signals that your awards are prestigious and worth investing in, leading to fewer but higher-quality entries.

Building an investment pot for growth

Any revenue generated beyond covering the basic running costs can be reinvested into the awards program. This could go towards enhancing marketing efforts, expanding reach, or increasing prize amounts to attract top-tier competitors.

By reinvesting these funds, you raise the profile of your awards and enhance their reputation within your industry. This leads to a virtuous cycle where the prestige of your awards grows, drawing in more high-caliber entrants year after year.

A win-win for organizers and entrants

In summary, while introducing entry fees may seem like a barrier, the reality is that it can greatly benefit both the organizers and the participants. For awards organizers, it supports sustainability, improves the caliber of entries, and creates an opportunity for further growth and investment. For entrants, it enhances the prestige of the awards, giving greater weight to their success if they win.

As the landscape of recognition and accolades evolves, the pay-to-enter model is proving to be a powerful tool in elevating the quality, reputation, and success of awards programs across industries. So, if you’re considering switching to a pay-to-enter format, know that it could very well be the best decision you make for your awards program’s future.

Facts

Event growth statistics: A study from the Event Marketing Institute found that events that implemented a pay-to-enter model saw a 25% increase in submissions, largely attributed to increased credibility and perceived value of the award.

Improved conversion rates: Programs that charge entry fees early in the process tend to see much higher completion rates. For example, awards programs that collect fees upfront saw submission completion rates of over 91%, compared to 66% when fees were collected later.

Revenue and entries: Programs offering discounts, such as early-bird or multi-entry, reported an increase in entries by as much as 30%. This demonstrates that even with fees, strategic pricing and promotions can drive volume.

Quality impact: Research suggests that when awards charge a fee, the overall quality of submissions rises as entrants tend to put forward their best work, filtering out lower-quality entries. This results in better competition and a stronger reputation for the awards program.

These statistics show that pay-to-enter awards can both improve financial sustainability and increase submission rates when paired with the right marketing strategies.