Walgreens' Watts talks innovation at Product of the Year USA awards
NEW YORK
Walgreens VP and chief innovation officer Colin Watts was in Manhattan on Wednesday serving as the jury chair for the 2010 Product of the Year USA awards.
As jury chair, Watts was joined by several key industry and media members from such organizations as Fox Business, Fast Company and Drug Store News.
“We are honored that Colin will be an integral part of the 2010 Product of the Year awards,” stated Colleen Kelly, managing director, Product of the Year USA. “Colin’s expertise is unparalleled when it comes to innovation in consumer packaged goods. His involvement as jury chair will lend firsthand insight from a retailer’s perspective when this year’s competing products are reviewed.”
Watts, who joined Walgreens in 2008, is a healthcare and consumer packaged goods veteran who last served as VP and general manager of the U.S. business of Campbell Soup Co. Before that, he was president of Johnson & Johnson’s McNeil Consumer Healthcare Worldwide business.
When measuring innovation, Watts told Drug Store News that it really boils down to uniqueness and relevance.
“If you think about the world from the standpoint of uniqueness, it is all about something truly different. Is it unlike anything else that I’ve seen out there? …. Relevance is it is important to me and is it serving my needs and relevant to my life?” said Watts. “The most successful innovations out there are ones that find that position where they are as unique as possible while also being as relevant as possible.”
Click here to listen to Drug Store News’ conversation with Watts about innovation, how to measure it and what Walgreens defines as true innovation.
The POY is the only consumer product award that rewards innovation and is voted on by consumers. Established more than 20 years ago in France, the Product of the Year currently operates in 28 countries with the same purpose: Guide consumers to the best products in the market and reward manufacturers for quality and innovation.
Backed by the votes of 100,000 consumers, the red POY seal serves as a shortcut for shoppers and, for manufacturers, the award is a powerful marketing message that has been shown to increase retail distribution and sales by an average of 10% to 15%.
POY accepts entries each year from consumer packaged goods that demonstrate innovation and were launched within the previous year. The products are then placed into specific categories, such as food or personal care, with a product then being chosen as a winner in its category through a nationally representative research study administered by TNS.
This year, entries include products from such brands as Pantene, Colgate, Sprite and Bounce.
Winners will be revealed at the Product of the Year awards ceremony in February 2010, and will be able to use the POY seal for marketing initiatives.