As the Queen celebrates her milestone 90th birthday we look at how businesses can benefit from reaching the elite group of over 800 British companies in possession of a Royal Warrant. The Royal stamp of approval can boost a small business’ sales by up to 5 per cent according to Brand Finance who published a 2015 report into the accolade. In it they also estimated that the warrants, obtained by supplying goods or services to the British Royal family, provide £4.2 billion to the British economy.
So what are the benefits to individual businesses?
- Become part of an elite
Only around 800 of the hundreds of thousands of registered companies in the UK are ‘by Royal appointment’ so to achieve the warrant can really mark you out from your competitors. Initially the privilege is granted for 5 years and is then reviewed by the Royal Households Trademen’s Warrants Committee. Provided that standards are kept high then membership can be for an extended period.
- Branding improvement
The ability to display the Royal Coat of Arms alongside your own branding is a major draw for many companies. This is particularly valuable for businesses who are looking to export their product or services. The branding can also be included on other company merchandise and is viewed by many as a visual symbol of quality.
- Credibility and a sense of prestige
The British Royal Family is famous around the world for refinement, good taste and class so companies who achieve the warrant are able to benefit from this notoriety. This can give your brand immediate respect and recognition when winning new clients and can open doors that may have otherwise been closed to you.
How do you go about entering the elite?
No-one said earning the loyalty of your most famous customer was going to be easy and a Royal Warrant is given to a business that has established and maintained an excellent relationship with the Royal Household over a number of years. Here are some tips on how to go about it:
- Quality is king (or Queen!)
Only the very best is considered good enough for the Royal Household (specifically The Queen, Duke of Edinburgh or The Prince of Wales) so, to be in the running, you need to be providing the highest quality of goods or services that is consistent. This also extends to the quality of your service.
- Do your research
The Royal Household is vast and allocation of the warrants is not restricted to any particular type or trade or industry so hunt out the niche that’s needed.
- Strike up a relationship
As with most opportunities in business this is unlikely to land at your feet so take it upon yourself to contact the household and see whether they’d be interested in using your goods or services – it’s as good a place to start as any! Once you have done this then invest time in nurturing and developing the relationship – trust has a major part to play.
- Stand the test of time
Just like the monarch herself your business needs to provide longevity. You must have supplied goods to The Queen, Duke of Edinburgh or Prince of Wales for at least five consecutive years. To achieve use of the Royal Coat of Arms you must have proven yourself and your service or product over that time and make it desirable for future use.
Applications start at the end of April and close at the end of June. For more information and to find out more about the application process see www.royalwarrant.org/