Yeah, yeah, yeah. You're thinking--I know this already--what's new?
First, you'd be amazed how many people still don't do this. From the time you submit your application on line--for EVERY on line application--do at least a preliminary search to see what the company does. When they call you for a job interview you sound AMAZING when you say, "Oh yes, I remember, your company does Y right?" Employers know that you're applying to a gazillion jobs, the fact that you have your act pulled together enough to recall that information at the drop of a hat instantly makes you more interesting.
Second--research the company relative to what you already know. What industries you've worked in, vendors you've worked with, where your friends/family/neighbors work. Have a pivot point that you can use to relate your understanding of what the new company does to something you already know.
Third--Try to take it one step further, and try to draw some conclusions about the company's current customers, who do they market? Who are other vendors that supply them with materials. Try to take a comprehensive holistic view of the company. Thinking in this big-picture way is very impressive, unique and attractive to an employer. It gives you a great jumping-off point for conversation in the interview, and more conversation makes you more interesting. Every time.