'Product of the year' tag comes with innovation -Governance Now

'Product of the year' tag comes with innovation

Certification agency recognises and rewards new consumer products across various categories

Geetanjali Minhas | November 16, 2010

‘Product of the Year’ is not just a concept but also name of a French company that votes the best innovative consumer product of the year. The certification agency recognises and rewards new consumer products across various categories purely on the criteria of innovation rather than quality tests.

Since its launch in the country three years back, the process is carried out in the following manner.

Companies nominate their best new innovations. The jury panel of over 15 eminent citizens and industry leaders filters and shortlist products which have something new to offer. The shortlisted products are put through a survey by Nielson across 30,000 consumers in 36 markets across the country.

Speaking to the media, Charulata Ravi Kumar, CEO, Product of the Year said, “The concept bridges the gap between marketers and consumers. The innovation could happen in process, ingredient or even package but not advertising. Because the new product is voted as the product of the year it helps the mother brand too. The idea gives smaller brands a chance to enter the market and make it. ”

Jury chairperson , Prakash Subramanian, managing director and regional head, South Asia Capital Markets Standard Chartered Bank said , “The product is voted based on its uniqueness, differentiating factor and pricing .”

Sam Balsara, chairman and managing director, Madison and jury member, said “Occasions like these could go a long way in spearheading product innovation. Judges have to be critical of awarding non innovative products. Balasara was not sure if tilting of the drum could really be termed as innovation. “Need of the hour is to genuinely innovate” he added.

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