POY Awards reinforce focus on innovation

Emirates Business

The overall market sentiment may look a bit challenging across sectors, but one award has inspired companies to buck the trend, so to say. The 2016 Product of the Year Gulf Awards (POY), renowned worldwide for its recognition of innovation, has once again reaffirmed its popularity with more and more companies implementing innovative business models in order to win the coveted honour and maintain their sector leadership.
The 2016 edition of POY awards, which was held at Waldorf Astoria Palm Jumeirah, Dubai, has maintained its credibility in the FMCG sector, with not only last year’s participating companies signing up again but new ones joining the fray to reinforce their market innovation, pursuit of excellence and the prestigious industry recognition.
No wonder, the POY award is the first and only award to be voted solely by consumers, through an independent survey which truly represents the consumers’ preferred choice. Hence, contrary to expectations amidst dwindling sales and market trends, the companies and consumers have once again reposed their trust in the POY concept.
The Product of the Year award involves a GCC and region-wide consumer survey involving face-to-face interviews with over 3,600 households on the perception of various new products that have been launched in the GCC market. The consumer ultimately decides the winners of the awards, as they are the ones who use and truly understand the products most. The consumers give detailed feedback on the products based on three measures – attractiveness, satisfaction and last but not the least innovation.
In other words, the POY title is considered a major achievement by the consumers and companies, and has proven to enhance the award winners’ brand presence in the GCC and internationally.
Christian Le Bret, Founder of Product Of The Year, said, “Since its creation in Europe in 1987, over 10,000 products have been voted Product of The Year. The Product of the Year is now continuing its success story across 42 countries with new franchises in Chile, Russia, Malaysia and Tunisia with expansion plans in Egypt and Morocco.”
The award has grown significantly each year, with the winners garnering the due credit and recognition for their achievements. Winning products have proven to register positive changes in consumer behaviour, and resulting in huge spurt in sales post-winning.
Dory Kfoury, CEO – Middle East and Africa of Product of the Year, said: “In spite of a challenging economic landscape, we are thrilled with response to POY this year, which reaffirms the importance of consumer needs and evaluation as also the companies’ commitment to innovation and evolution to meet consumer needs. This is a very encouraging trend, which will redefine and boost competition across the entire market spectrum.”
Dory Kfoury added: “It is a great honour to participate in the awards night, as it offers a great platform to meet diverse and influential guests, to network and have a great time.” The partners of this year’s edition of POY include Into-All Marketing Solutions, Integral Shopper, Gulf Marketing Review, TNS, Traffik 360, Sayidaty Magazine.