COST & TIMING
Product of the Year is not simply an award, it is a powerful merchandising tool for marketers.
Can I Opt Out Once I Enter?
Products cannot opt out once submitted. By submitting your product, you are providing full commitment to the program and any fees that may apply if your product is voted a finalist or winner of Product of the Year.
What is the Finalist Fee?
All entered product that have been selected to move into research are considered “finalists”. The finalist fee is $8,750 and helps offset the cost for the comprehensive research conducted by Kantar and the survey of 40,000 consumers. Win or lose, all Finalists receive the full research analysis which has a value of $28,000.
What is the Winner Fee?
Products that have been voted “Product of the Year” in the survey of 40,000 consumers are deemed “winners”. This carries a fee of $71,000 and permits winners to a two year licensing term of the Product of the Year logo. The logo can be featured across all marketing materials including packaging, in-store, advertising, promotions, digital, etc … Winners are also featured in a national PR campaign which generates a minimum of 1 billion media impressions.
When Will I Know My Status?
Finalists will be notified after their products have been put through to the consumer research stage of the competition. Winners will be confidentially notified at the end of November and can prepare marketing efforts to start at midnight of the Awards Night in February.
When Do I Get the Award?
Winners will be invited to the Awards Night to find out the winners and celebrate innovation. The 2024 Awards Night will take place in February 2024 in New York City.
HOW IT WORKS
Step 1: Enter Your Product
Entries for the 2024 Awards will be open April 1st 2023. Eligible products must be launched after January 1st 2022, have national distribution, and demonstrate a meaningful level of product and / or packaging innovation.
Step 2: Press Preview
Once all products have been submitted, a panel of press and industry professionals are invited to review the submitted products to ensure that the innovation criteria are met before they go on to the consumer research.
Step 3: Consumers Vote
Kantar conducts a quantitative study using a nationally representative survey of 40,000 consumers to vote products “Product of the Year” in defined categories. Consumers evaluate each product on several criteria including product appeal, satisfaction, advocacy, purchase interest, uniqueness, relevance and excitement.
Step 4: Award Show
All winners are invited to attend the 2024 Product of the Year awards gala which takes place in February in New York City. The Awards Show marks the public announcement of the winners and the start of all winner activation.
