NEW YORK, Sept. 21, 2011 /PRNewswire/ -- Product of the Year, the coveted award that recognizes innovation in consumer packaged goods, distinguishes products from competitors and drives sales, is now more important than ever for brands in these tough economic times. In an effort to allow even more brands the opportunity to join the ranks of awards winners – including Procter & Gamble, Coca-Cola, Kimberly-Clark, Nestle, S.C. Johnson, Mars Chocolate North America, Sara Lee, Colgate-Palmolive Company and more – Product of the Year announced it will extend its entry deadline for 2012 to October 31, 2011.
Product of the Year works with TNS, one of the world's leading market research groups, to survey over 60,000 shoppers nationwide to determine which new and innovative consumer packaged goods will win the opportunity to bear the globally recognized Product of the Year 2012 awards seal. The seal, a powerful marketing tool, has produced astounding sales results for Product of the Year winners. Winners have seen typical sales increases of 10 – 15%, with some products achieving even greater success. Product of the Year also provides amazing PR exposure worth over $2mm this year alone.
A recent study conducted by TNS revealed that innovation drives sales of consumer packaged goods, especially during a recession. Manufacturers are continuously looking for ways to highlight innovation and set themselves apart from competitors – and relevance to the shopper and the creation of excitement around a new product are two of the most important components of success.
According to TNS, "Excitement can be very powerful in overcoming the rational objections that new products always evoke. Consumers often think: 'It's too expensive,' 'I don't know anyone who uses this,' 'Will it work?' Product of the Year can create the excitement needed to overcome these objections," said Colleen Kelly, managing director of Product of the Year. "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," she added.
Research shows that the Product of the Year seal on packaging is 25% more effective at generating purchase intent than the word "new," with consumers 36% more likely to believe an advertisement if it features a Product of the Year seal. Over the past year, the Product of the Year logo recognition jumped from 21% to 28.5%
Hosted in 28 countries for more than two decades, Product of the Year is the world's largest consumer-voted program that recognizes innovation in consumer packaged goods. For the third year, U.S. shoppers will be called upon to vote and select a new generation of winners who will earn the Product of the Year endorsement in distinct product categories to be announced in February 2012. The final deadline to submit entries is October 31, 2011. To enter a product and for more information, please visit www.productoftheyearusa.com or call 212-213-0600
About Product of the Year:
Product of the Year is the only consumer product award that rewards innovation and is voted on by real consumers. Established 25 years ago in France, POY currently operates in 28 countries with the same purpose: Guide consumers to the best products in their market and reward manufacturers for quality and innovation. Backed by the votes of 60,000 consumers, the distinct red POY logo serves as shortcut for shoppers in the supermarket, saving them time and money. For manufacturers of the winning products, the award is a powerful marketing message proven to increase retail distribution and sales by an average of 10-15%. Product of the Year accepts entries every year from consumer packaged goods that demonstrate innovation and were launched within the previous year. Entered products are then placed into specific categories such as food, beverages, personal care, household care, etc. with a product then being chosen as a winner in its category through a nationally representative online study. For more information, visit www.productoftheyearusa.com.
TNS, which recently merged with Research International, is the world's largest custom research agency, delivering actionable insights and research-based business advice to its clients so they can make more effective business decisions. TNS offers comprehensive industry knowledge within the Consumer, Technology, Finance, Automotive and Political & Social sectors, supported by a unique product offering that stretches across the entire range of marketing and business issues, specializing in product development & innovation, brand & communication, stakeholder management, retail & shopper, and qualitative research. Delivering best-in-class service across more than 70 countries, TNS is part of Kantar, the world's largest research, insight and consultancy network. Please visit www.tns-us.com for more information.
SOURCE Product of the Year