Product of the Year, an independent survey on product innovation, has forayed into India and will announce the country’s Product of the Year on January 17, 2009, at an event to be held in Mumbai. Product of the Year is a global consumer recognition standard that celebrates and rewards the best innovations in retail products done through an independent consumer survey of consumers across the country.
Star TV has been roped in as media partner, while Xerox and Easies have partnered as associate sponsors.
The agenda for POY is providing a platform for consumers to identify the best innovations in the market to manufacturers and showcase them effectively. The concept has been running in 28 countries for the last 20 years. In India, the management has extended its scope to cover mobiles, electronics, durables, appliances and credit cards.
Speaking on how the platform has evolved in India, Charulata Ravi Kumar, CEO, Product of the Year, India, said, “This is the debut year for Product of the Year in India and the response has already been overwhelming with participation from leading brands across categories. Not only will these brands benefit from the platform and competitive edge that Product of the Year provides, but also from the customised feedback of U&A study and insightful category analysis that they will receive from us basis the 40,000 face to face consumer survey done across 36 centers by Nilesen.”
Product of the Year tests the conviction of a marketer in their product innovation against the reality that a consumer choice assigns. Therefore, it does not define innovation to the participant. Companies nominate the product (or products) they feel are their best innovations in the last 18 months.
Once the products are registered with Product of the Year, an eminent jury validates/ shortlists entries to ensure that only genuine innovations go through in the competition. The jury consists of industry leaders, senior journalists, consumer protection groups, iconic citizens and personalities of national standing. After the shortlisting of entries, what follows is a thorough consumer research study with a sample size of around one lakh by a professional research company.
Commenting on Product of the Year’s direct marketing initiatives, Kumar explained, “The awareness amongst consumers will be driven by a combined effort of the winners promoting their products and advertising initiatives by Product of the Year – ATL and on ground. We are proud to have Star as our media partners, who will go a long way to facilitating this further.”