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Product of the Year (POY), the award honoring innovation in consumer packaged goods, has extended its entry deadline for 2012 to Oct. 31, 2011. POY works with New York-based market research group TNS to survey more than 60,000 shoppers nationwide to determine which new consumer packaged goods will win the opportunity to carry the prestigious Product of the Year 2012 awards seal. Winners have seen typical sales increases of 10 percent to 15 percent, with some products achieving even greater success.
A recent study by TNS showed that innovation drives sales of consumer packaged goods, particularly during a recession. Manufacturers are always on the lookout for ways to showcase innovation and set themselves apart from the competition, with relevance to the shopper and the creation of excitement around a new product two of the most important factors in success.
“Our goal is to steer consumers in the right direction by elevating and highlighting companies with cutting-edge, high-quality products that consumers are interested in trying, and create excitement and attention for these products,” said Colleen Kelly, POY managing director.
Research demonstrates that the POY seal on packaging is 25 percent more effective at generating purchase intent than the word “new,” with consumers 36 percent more likely to believe an advertisement if it features the seal. Over the past year, POY logo recognition rose from 21 percent to 28.5 percent.
Established in France a quarter-century ago and now hosted in 28 countries, POY is the world's largest consumer-voted program recognizing innovation in consumer packaged goods. For the third year, U.S. shoppers will able to select winners that will earn the POY endorsement in distinct product categories to be revealed in February 2012. For more information, visit www.productoftheyearusa.com or call 212-213-0600.