Commercial awareness – why you need it and how to develop it
What is commercial awareness, why do you need it and how to develop it?
Employers expect applicants to have it and having the awareness and keeping it up to date can help you progress in your career, but what is it and how can you develop it? Jo Timmins, Careers Consultant in the Careers and Employability Team explains …
Commercial awareness goes beyond having just an understanding of an organisation; it is also about having an understanding of the multiple influences that could positively or negatively affect a sector and or organisation. Employers expect you to have this understanding so it is crucial for you to develop it prior to applying to an organisation and then expand on this throughout your career.
Even if you are unsure of the role, organisation and / or sector you wish to work in it is still vital for you to develop an understanding of what is happening in the world. This knowledge and understanding could help you to make decisions around your future career.
Either way - commercial awareness will be essential throughout your career and could help you to make an impact.
Why do I need commercial awareness?
- Employers seek students and graduates who are commercially aware and will often test you on this during the recruitment process.
- It can help you to decide if a particular sector / career is right for you.
- To help you to demonstrate an interest in the organisation / sector.
- To make informed decisions once you are in the role.
What should I research if I’m applying for particular organisations?
Although commercial awareness is more than knowing information about an organisation if you are applying to a specific organisation then it is essential for you to have some background information, a good place to start is:
- What services / products they provide? How are these similar / different from competitors?
- What external factors are they and / or their clients affected by? e.g. Technological developments, government/political events, emerging markets, the environment the organisation
- Does any of the above provide opportunities or threats to the organisation?
- How is the company viewed by others? – search news stories, social media
Don’t just memorise their marketing literature, that does not make you commercially aware.
Where should I look for information to develop commercial awareness?
- A great place to learn more about organisations and specific industries is through LinkedIn. Create an online profile, read employer news by following them, join groups and build your network by contacting people of interest. To learn more about making the most of LinkedIn you can watch our How To video in MyCareerPlus.
- University library resources - you have access to a range of databases where you can find further information on: market research, company and financial information, news and current awareness for a wide range of sectors. You can find these in the employability resources under ‘preparing for interviews’ or in the Business Subject guides.
- An organisation’s own website including their online news feed if they have one
- Media – national, local and specialist economic or business press, many have apps sending alerts directly to you. For example Reuters, Financial Times, BBC, Guardian, The Times etc.
- Watch relevant news shows such as BBC Question Time.
- Follow LinkedIn Daily Run Down, LinkedIn's editors deliver the news and insights UK in a daily news digest format.
- Sector specific publications / websites / professional bodies. Search the directory of different professional bodies that represent roles / sectors
- Social media – follow relevant twitter feeds, also LinkedIn groups, companies and individual professionals working in a specific role / organisation.
- Employer hubs on Targetjobs
More advice on what commercial awareness is along with practical tips on how to be informed is available in this Target Jobs article - Commercial awareness and how the industry fits together
Where can you get more help?
Further support on all of the above is available from the Careers and Employability Service.
Careers, Information, Advice and Guidance is accessible via our online e-guidance service and video chat appointments. Log-in to MyCareer.