Learning a new category?

Author: Julie Abraham

This blog post is about how you go about getting to know a new product category and managing new brands.  I’m currently learning all I can about the Premium and Luxury Faucet category.  Here are some of the steps I’m undertaking to master a new category:

1. Determine what market research is available – Whether it is syndicated or otherwise, seek out any research that has been conducted for your company and your category.  Read it and make notes of opportunities and threats because this will become part of your “story” or your rationale for your roadmap going forward.
2. Analyze sales reports – Understand your brand in terms of top selling and worst selling SKUs and sub-categories.  This will help you determine where you can build and potentially expand and will also help you understand potential cost savings from SKU rationalization. 
3. Brand framework – You will want to understand the existing foundation for your brand.  What is your brand positioning?  Or what is it supposed to be, even if you’re not delivering on it yet.  Who is your target customer/market?  What is your product portfolio missing?  What are the opportunities in the category (as you found in number 1 above)?  What are your strengths and weaknesses?  This is the beginning of your SWOT analysis.  Be sure to read all of the latest press releases too.
4. Competitive analysis – Once you understand your brand framework, you will want to understand how you are different from your competition.  This includes your brand positioning, target market, product portfolio, distribution channels, and pricing.  This information will help you complete a SWOT analysis.  Undertaking a competitive pricing analysis is one of the quickest, best projects you can perform to really understand your competition.  Visit all of your competitor’s websites and determine what they do well and their weaknesses.  Read their press releases.  Create a Google alert for your brand, your competition, and your category.
5. Talk to other employees – Gain an understanding on what they think about your brand, your company, and your category.  You are collecting data so you can determine your objectives and deliver results to your company.
6. Conduct customer visits in the field with your sales associates – This is one of the best ways to understand your category, your products and your competition.  Be ready with lots of questions for the sales associates and your customers.  You need to be open and receptive to whatever you hear.  Remember this is all about getting a benchmark on metrics.  You’re wanting to find out what your brand/company does well and can do better.  Find out what makes them recommend products.  Is is the quality of the products or the level of customer service they get from manufacturers?  Or something else?

These are all of the things I am undertaking right now.  I’m excited to learn about a new category and new product lines.  Please comment on this blog and tell me what you would differently or in addition to what I’ve listed here?