Product of The Year Awards reinforces competitive spirit among Gulf brands

Jan. 19, 2014 - PRLog -- Product of The Year Awards reinforces competitive spirit among Gulf brands

Awards builds on its global reputation to be the only consumers’ recognition
90% of companies who participated last year are keen to take part this year

Dubai, January, 2014: The Gulf market is very competitive and the need of the hour for the companies is to be in tune with the customers’ requirements and constantly adjust and improve their product and service offering. In short, it is absolutely vital for companies to be innovation-focused. Although there is no conclusive survey available for the Gulf and Middle East region, Forbes Insights [October 2012] study concludes that about 47% of the companies feel that customers want something new that drives evolution in their strategies, while 44% point to business processes and cultures that strongly encourage innova­tion.

Rating the degree of change perceived in their business environments, companies point to significant evolution in everything from strategies and business models to products, services, processes and talent. Sixty per cent say that it is confidence in their ability to innovate and improve that drives their orientation, according to the Forbes Insights, while 56% point to an aggressive management team making the whole process very competitive.

Another study has proven that in the European FMCG industry, about 8 in 10 new products fail within the first year of launch, making innovation in product design crucial to the success of new product offerings.

The key offtake is to make the brand stand out through sustained innovation. The prestigious Product of the Year [POY] Awards, renowned worldwide across 42 countries which recognizes the best new products on the market  through an independent process, has played a pivotal role in reinforcing the importance of competition among top brands in the Middle East region since last year.

Given the reputation of the awards globally, which honors innovation in the consumer goods sector in a transparent and secure environment and being the only one-of-its-kind that is voted 100% by consumers themselves, over 90% of companies who participated last year, including leading brands in the Gulf and Middle East have evinced interest to be a part of the competition this year too.

Conducted by market research partner TNS, the Product of the Year Middle East award involves a GCC and region-wide consumer survey involving face-to-face interviews with 3,600 households on the perception of various new products that have been launched in the GCC market – not only in FMCG but also the other industries. One winner per category is determined across the region, which makes the whole process very competitive.

Dory Kfoury, CEO – Middle East and Africa for Product of the Year, said: “The Product of the Year is the world’s largest consumer-voted program that recognizes innovation in consumer packaged goods. With its success in the GCC region since last year, the award has received a major thumbs-up from companies as it is voted by consumers and we are pleased to offer consumers the ability to easily sift through and distinguish those brands. The Product of the Year Gulf is a very strong endorsement for any product, and we thank TNS, who are present in over 80 countries, for their elaborate survey across the GCC states.”

He added: “Given our reputation for credibly and successfully launching the POY franchise across several continents over the last three decades, we have seen a heightened interest from companies to be part of these awards this year. The jury closely studies the various entries, fills out a multiple choice questionnaire and finalizes the participants’ list before they are put to the test according to consumers’ choice and preferences. Its popularity can be gauged from the fact that 64% of consumers are willing to pay more for a POY winning brand.”

The Product of the Year award was earlier focused on the UAE and following popular demand from regional clients, this international label was expanded to a GCC-wide basis, taking into account the votes of a large and representative sample of consumers across all six GCC countries. The process includes product submission, pre-selection, survey and an awards night to announce the winners. Pre-selection by the Ethical Committee for the 2014 POY ME awards was held in October 2013 in Dubai.

About Product of the Year Gulf:

Product of the Year Gulf 2014is the first-of-its-kind independent and prestigious award that recognizes excellence innovation in the consumer goods sector and is the only one of its kind that is voted 100% by consumers themselves. The Product of the Year label is renowned across 36 countries with the same purpose: Guide consumers to the most innovative products in their market and reward manufacturers for quality and innovation. The 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 face to face study.

For more information about Product of The Year, please visit www.productoftheyearme.com