Commercial awareness: why business-savvy graduates get jobs with higher salaries

Commercial awareness is fast becoming the buzz phrase among those competing for higher graduate salaries. To impress recruiters, demonstrate your understanding of the business world.

Businesses and careers services define commercial awareness in different ways, but in layman’s terms it means understanding the career sector, company and job that you’re applying for. Also important is the ability to view events and circumstances from a business perspective. So, before you apply for that well-paid job, here are a few questions you should definitely try to find answers to:

Does the organisation you’re applying to have a mission statement?
What branches or partner organisations does it have?
What is its output? (products, services etc)
Who are its key competitors?
To what demographic does the employer target its services?
Have there been any recent advances or setbacks within the organisation?
Has the recruiter had any press coverage recently and for what reason?
Who does it supply, liaise and do business with?
Is there any new technology or legislation that might have an impact on its business?
Have there been any recent deals or mergers within the industry, either concerning the organisation directly or its competitors?
Where is the recruiter positioned within the market in relation to competition and market share?

Realistically you may not be able to collect information on all of these points but you can at least use them as a prompt to get you thinking. The more background you can gather on an organisation the more equipped you will be to cater you application effectively, answer difficult questions at interview and generally convince employers of your brilliance.

Why is commercial awareness important?

You may not have achieved the classification you expected when you graduated or perhaps you exceeded expectations, you might have ample work experience in the industry or you may have none: whatever situation you’re in, commercial awareness can give you an edge in the employability stakes.

Other than enhancing your chances of good pay and conditions, here are a few simple reasons why you should develop your commercial awareness:

Employers are attracted to candidates who are interested enough in the position to have researched it thoroughly. This knowledge makes you immediately more appealing as you are demonstrating that you’ll be an asset to the organisation.
You’ll feel more confident in the interview, which will enable you to relax and interact easily with the interviewer.
Most importantly, you’ll realise if you want to work for the business or not. During your research and you will start to learn whether you could have a future within it.

How to achieve commercial awareness

Think carefully about what information you need to find out, whether you want a broad picture or more specific information, and then consider where you could obtain these details. Finding this sort of information can seem daunting but there are an abundance of sources.

The business itself
First port of call: the organisation’s website. Also read through any literature they have sent you and don’t be afraid to ask if you are unsure about what the job entails. If you can’t find enough information, contact reception and ask if they can send you the company brochure and any other information that may be helpful.

The news
Online search engines make it simple to find relevant information. Most newspaper websites also let you search by key words or dates to find the stories relevant to the company you’re researching. You can then search key words for the industry so that you keep up-to-date with any general developments. Many different events will affect the company you want to work for in indirect ways so you should be able to show employers that you’re intelligent enough to see how the headlines might influence their business.

University resources
University careers services are eager to help. Few students use their college facilities as much as they should but careers services are chock full of resources to assist you in finding a job. Not only do they often stock useful trade magazines, they normally have employer information files for the bigger names.

Sector magazines, publications and websites
These are an absolute must for understanding an industry. There are magazines for most sectors; also try searching for relevant websites with e-mail updates. These sources provide specific sector information and will cover all the key players in the business, as well as the up-and-coming ones.

Talking to people in the industry
If you know anyone already in the industry then talk to them! Find out what developments they can tell you about. Your course tutors and lecturers are also good people to turn to; they want you to do well and often have lots of insider information that they can divulge.

How to use your new commercial awareness

When you’re commercially savvy you need not fear that awkward moment at interview where recruiters ask, ‘Have you got any questions for us?’ because you’ll have all the knowledge you need to wow them. Make an impression by asking intelligent questions about the growth, competition or development of their company and watch their eyes light up.

It is certainly worth taking the time to consider commercial awareness. When you start searching you’ll find lots of little gems of information that will really make a difference in your interview or on your application form.

Employer research sheet: a form to help you ask all the right questions about your potential employer, from contact details and competitors to opportunities for development and benefits on offer.

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