CPG manufacturers that emerge from tough economic times with greater market share tend to be the innovators –
CPG manufacturers that emerge from tough economic times with greater market share tend to be the innovators – in product, design, marketing, business processes and more.
While most companies hunker down and slash expenses, the leaders for the coming years are busy cooking up solutions that consumers want.
This recession is no different. Some 41% of consumers are seeking new products that deliver better value for the money, shows recent TNS research. Recognizing there is always a market for new items that grow categories or give birth to new ones, the innovative aspects of 14 recent launches were celebrated last night at the Product of the Year USA 2010 Awards Ceremony in New York City’s Edison Ballroom.
Presentations by both Phil Lempert, the Supermarket Guru, and Colin Watts, the chief innovation officer at Walgreens, underscored for the audience of brand managers and industry executives how innovation differentiates and helps brands connect meaningfully with recession-weary consumers.
The 14 winners in this second annual Product of the Year USA competition are:
These products won on the basis of votes by more than 100,000 U.S. consumers. “With consumers watching their wallets and the increase in new products, today’s brands and retailers are constantly looking for ways to help consumers deal with ‘aisle overload,’ said Colleen Kelly, managing director of Product of the Year. “The Product of the Year is a ‘vote of confidence’ from consumers. Shoppers around the world know the ‘red seal’ means they are buying an innovative product that has a proven track record endorsed by other consumers.”
Globally, the Product of the Year competition was established 22 years ago in France, and currently operates in 28 countries.