Just like several things in the business language, commercial acumen is another word for business acumen, most commonly used outside of the United States. However, there is some nuance.
Commercial acumen requires you to understand the competitive forces within your market, the needs of your potential customer, and how your product/service solves a problem. In other words, having good commercial acumen means you understand your customers in a way that allows you to build value for them while building value for your own company. You must know both sides of that coin.
Simon Sinek, author of Start With Why, said, "People don't buy what you do, they buy why you do it." Customers don’t want to talk about your product. They care about how you will help them achieve their goals.
Commercial acumen is being a well-informed business partner. It is being financially knowledgeable, knowing what levers to pull to increase profitability and effectiveness, and being able to articulate which strategies impact the company. It is a lot of education that should have been taught in your MBA programs, however, commercial acumen can be taught specifically for your industry, your role, or your company. This is why simulations are becoming irrelevant, and the customized training that Acumen Learning provides is so impactful.
Someone with great commercial acumen understands their customer so well, they become an irreplaceable resource, a true partner.
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