POY award provides a high impact talking point for new launches, says POY India CEO

Product of the Year India Private  Ltd (POY), is an independent survey that judges product innovation. POY helps consumers identify innovative products in an environment of  information overload and consumers do not have sufficient time to research new products before they try them out. The award will empower Indian consumers to choose the best brands from categories such as FMCG, consumer durables and daily need products (DNP).

A jury comprising industry leaders, senior journalists and consumer protection groups will first vet the entries to validate them for their innovation content. In India, Product of the Year plans to tie-up with a market research firm (it has association with TNS in the UK) to carry out its consumer-based surveys.

The entry is free for all participants and those that qualify would be enrolled for consumer research. Products launched in the past 18 months are eligible to be entered for judging. This year the award deadline for entries has been extended to 31 August.

Charulata Ravi Kumar, CEO, Product of the Year India Private Ltd (POY) in an exclusive interview with Aruna Rathod.

If advertising itself conveys new product information, where does your company Product of the Year India Private Ltd fit in?
Product of the Year complements advertising. It is not a question of one or the other. POY acts in three ways First, it is a very effective shopper marketing tool and can influence consumer decision at the point of purchase. While advertising brings a brand and product into a consideration set, there are several factors that determine consumer choice, many of which happen at the retail end. A product with a POY status definitely gets noticed and impact trial and conversions. The results are almost instant.

Second, POY also provides a high impact talking point for brands with new launches. Advertising often deals with product facts and the emotional connect with brands. POY, in addition, provides the ultimate differentiator. It becomes the voice of confidence and commitment of a product that has put so much time and effort to bring the best products to its consumers.

Third, being one of the largest surveys of its kind with 40,000 respondents it is an endorsement given by those who matter the most - the end consumer. It is truly power in the hands of consumers that also acts as a guide to brands for future innovations. We provide insightful analyses on innovation trends year on year.

Why are the entries restricted to products launched in the past 18 months only?
This is critical in order to ensure that the latest innovations participate. In the first year we are taking nominations of last two years. From next year onwards it will be 18 months. By its very definition, POY is a platform for the new, innovative products.

Any innovation creates a category that others want to ride on. POY would like to bring to the forefront the real innovators. And to bring to the Indian consumer the best of each year.

POY will look at the most relevant innovations in products in categories where it is otherwise difficult to do so.

Could you give some examples?
Walk through the ailes of the modern format outlets or try to sieve through the not-so-organised clutter of the traditional outlets, both pose the same problem for the consumer. A plethora of brands making the choice difficult. And often consumers buy out of habit, impulse, or an uninformed choice where they haven't even had a chance to look through some of the best products.

Which is the best cooking oil... the best soap,,, the best detergent... the best beverage... etc etc. And how did you decide that? When was the last time you tried a new innovative product? So what was the innovation... why is it good for you?

The same is true for any retail category like mobiles or durables. Therefore the customer is always relying on the retailer. Often the retailer's choice overrides the advertising influence.

POY will provide the confidence for a consumer to try what manufacturers have truly developed for their benefit.

For instance, Procter & Gamble in the UK has reported a sales increase of 120 per cent and 135 per cent on two of their flagship products' extensions. Reckitt Benckiser has seen a sales increase of 5 per cent to 40 per cent across categories. On an average the winners witness a 10 per cent to 15 per cent upwards sales increase.

POY is clearly a ROI-based model and the increase in sales only reflects consumers' confidence in such an unbiased voting system.

What role does TNS have to play and how will it help in the consumer-based surveys?
In India we have assigned the survey task to Nielsen. Their recommendation strongly suited our requirements. We are conducting this survey amongst 40,000 respondents across the country. 100 per cent face to face to ensure validity and accuracy of results.

When are the POY awards given in India? What are the formalities for this?
The awards will be announced in January 09. Participants can enter on line. The last date for entries is now extended to 31 August ending with our jury day.

The jury day will provide a filtering to all participants to ensure that only real innovations are put forth into the survey. We have a very eminent jury panel of senior industry leaders and eminent journalists.

How many entries have you received?
We have received nominations from several top MNCs and Indian companies. Most of the brands that have participated globally have seen the results Product of the Year brings with it and have keenly participated in India as well.