I just said this to a friend, but I think it's worth sharing generally: it's my philosophy about book awards. I believe that first-time academic authors need to make sure their books are nominated for as many awards as possible. The reason is that the point of a nomination is not just to win. Too many people think that if you win, you win, and if you don't win, you lose. That's completely wrong. Whether you win or not, a nomination creates an opportunity for a whole range of positive effects: your book is guaranteed to be read by at least two or three scholars in your general field, and regardless of whether it wins, those people could assign it in their courses, review it, recommend it to students and colleagues, cite it, remember it when you apply for a job... the list of positive possibilities just goes on and on. Prize nominations are a key way to jump-start a reading community for your book. And on top of all that, you could win!
Sometimes people don't nominate their books for awards because they don't think their books could win. This negative self-assessment often entwines with the politics of gender, race, sexuality, and other categories of identity. But my perspective is that winning is beside the point--so the question of whether you have a "chance" of winning is irrelevant. If your book is good enough to get published, it's good enough to be read--and that is exactly what will happen when you nominate it for a prize.
I do understand that nominations can be costly, but I believe it's worth the expense for both publishers and authors. Nominations for many awards for 2014 books are now open... so get your book out there!