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Consumer brands across the country can now enter items to be considered for the 2011 Product of the Year (POY) USA Awards, marking the third go-round for the annual program, which also includes the nation’s largest consumer survey on product innovation, conducted once again by New York-based custom research agency TNS.
Carrying the “Product of the Year” stamp of approval boosts a product’s credibility and consumer trial, according to the program’s organizers, citing research findings that the POY seal on packaging is 25 percent more effective at driving purchase intent than the word “new.” Further, 36 percent of consumers are more likely to believe an advertisement featuring a POY seal, the organizers note.
“Supermarket shelves are overcrowded and stuffed with an abundance of products that look alike,” said Supermarket Guru Phil Lempert, a Progressive Grocer contributor. “The POY stamp sets the best and most innovative items apart from the rest, guaranteeing a strong distinction for the world of consumer packaged goods.”
“With a continuous increase of new products on store shelves, it is important to recognize that retailers are always looking for ways to eliminate clutter for shoppers; we want the most innovative products to stand out in store aisles,” added Colin Watts, chief innovation officer at Deerfield, Ill.-based Walgreens. “By giving shoppers the confidence to try a product for the first time, the Product of the Year stamp makes their life easier and helps both brands and retailers.”
Last year’s survey found that 52 percent of consumers are in search of new products that provide better value for money. This significant drop from 64 percent two surveys ago suggests that shoppers are now opting for innovative items that offer quality over low price.
“The Product of the Year logo is a powerful seal honoring the most innovative and relevant products from a variety of consumer product categories as voted on by over 60,000 shoppers alike nationwide,” explained Colleen Kelly, managing director of Product of the Year. “According to our most recent study, nearly 79 percent of respondents said they like to try new products, with more than 70 percent stating they would pay more for new products if they are satisfied with them. Product of the Year’s goal is to steer consumers in the right direction, by elevating and highlighting companies with truly innovative and quality products that consumers are interested in trying.”
Hosted in 28 countries for over two decades, Product of the Year is the world’s largest consumer-voted program that recognizes innovation in CPG items. The winning products, which are voted on by 60,000 consumers and can use the POY seal in their marketing and packaging, will be revealed in February 2011. Entered products are placed into specific categories such as food, beverages, personal care and household care, with an item then being selected as a winner in its category through a nationally representative online study.
The final deadline to submit entries is Aug. 31, 2010. To additional information, visit www.productoftheyearusa.com.