If I had a dollar for every time I have to say, “Do your homework” to my sons, I would be one wealthy lady. They know they have to do it, but sometimes they just need the not-so-gentle reminder.

I would say the same is true for business. Everyone gets bogged down in the day-to-day needs of their to-do list and forgets the big picture. They forget that with a little homework, they can develop a strategic framework to help guide their efforts and be more effective.

At CATALYST, we call it Account Planning. In the retail environment, the term is Category Management. No matter the name, the idea is the same. You must truly understand the facts behind your product, your consumer, and your competition. We’ve helped clients in multiple industries and every time we are able to uncover important facts that need to be part of the critical thinking of the organization. Let me give you a few examples:

• If you are in the grocery retail business, you need to know that 55% of the shopping trips made by consumers are considered “Quick Trips.” They have an immediate need and have to go to the grocery store.

KEY TAKE-AWAY: These shoppers are driven by purpose, they aren’t going to spend any extra time in-store – you need to be positioned for the impulse buy. Use point-of-sale materials to capture their limited attention.
Source: The Next Generation of Shopper Marketing, May 2010. SymphonyIRI Group, Inc.

• For all B2C companies, it is necessary to understand the largest generation in the marketplace – Gen Y. They are currently responsible for $150 billion in direct purchasing, and they influence another $50 billion with Baby Boomers and friends. Gen Y was born with the Internet, they have never known a time without it. They like to give their opinions, especially if they feel their comments are appreciated.

KEY TAKE-AWAY: Gen Y is here and wielding tremendous power. Invest in social media and digital strategies and start building conversations with them. Gen Y like to give feedback, so ask for it. Next, reward their efforts and show that you VALUE their input. Start with a Facebook ad campaign asking for their thoughts on a new product. The relationship won’t happen overnight, but it will start to grow once they trust that you are listening and care about what they have to say.
Source: How Gen Y are Revolutionizing Retail. Allbusiness.com.

Wondering how to get started for your business? Here are a few quick ways to move the ball:

Benchmark
Choose one competitor a week and spend 30 minutes online investigating their website, their advertising, their positioning statements. You can also set up Google Alerts to speed up the process. Put together a quick report of your findings and move on to another competitor next week. You’ll have a great comparison study in no time. Don’t forget to do the same for your company!

Industry Data
Spend 1 hour every month researching your industry. Can you join an association for easy access to relevant info? If so – do it. It is well worth the time saved. Once you have gathered the information, build a spreadsheet with the key-takeaways and overlay your marketing plan. Are your initiatives in line with what the industry is saying? If not, use the new findings to focus your efforts.

Consumer / Customer Insights
How well do you know your consumers and/or customers? When you review your current customer list, do you see definite groups or is it fragmented? For instance, if your clientele are typically engineers, you should use this insight when developing marketing materials. They will be interested in product specification details. If the main customers tend to be Baby Boomers, never ever use 9-point type. A basic understanding will give you tools to ensure your materials are on-target.

A little homework can have a huge impact. Start today if you can. If you aren’t able to tackle this internally, please give us a shout. We love to help companies uncover key facts that drive smart business decisions.