What value will an advisory board create…and how soon?
Enterprises that invest in well-designed and well-executed customer advisory board programs can expect to see significant value in three key areas:
Stronger Account Relationships
By regularly engaging with key customers through the advisory board, you can strengthen relationships, increase loyalty, and drive increased revenue and advocacy within your most important accounts. The advisory board provides a unique forum for deepening executive-level relationships, understanding customers' evolving needs and priorities, and demonstrating your commitment to their success.
Sample metrics:
Increased revenue and wallet share within advisory board member accounts
Higher customer retention and loyalty rates among board members
Increased customer satisfaction scores or Net Promoter Scores (NPS) for board members
More positive customer references and case studies generated from board members
Better-Informed Strategies
The insights, feedback, and advice gathered through advisory board discussions can help you validate, refine, or reshape your strategies across a wide range of areas, from product roadmaps and go-to-market plans to overall business direction. By incorporating the voice of the customer into your decision-making process, you can ensure that your strategies are aligned with market realities and well-positioned for success.
Sample metrics:
Number of strategic initiatives or decisions influenced by advisory board insights
Faster time-to-market for new products or features based on board input
Improved product-market fit and customer adoption rates for offerings shaped by board feedback
Higher win rates or deal sizes for opportunities pursued with board-validated strategies
New Business Opportunities
Advisory board conversations often uncover new opportunities for growth and innovation, such as unmet customer needs, emerging market trends, or potential partnerships. By staying attuned to these insights and acting on them proactively, you can identify new sources of revenue, enter new markets, or develop new offerings that differentiate you from competitors.
Sample metrics:
Number of new business opportunities or partnerships identified through board discussions
Revenue generated from new markets, customer segments, or product lines influenced by board insights
Faster growth rates in areas of business influenced by board input compared to other areas
Improved competitive win rates or market share gains in segments targeted based on board advice
Speed of Impact? It Depends…
In terms of how quickly you can expect to see these benefits, the timeline depends on several factors, including the focus and structure of your advisory board program, the engagement level of your members, and your ability to act on the insights gathered.
With a well-designed program and a strong commitment to action, you may begin to see initial benefits, such as increased customer engagement and early strategic insights, within the first few meetings. Over time, as you continue to build trust, collaborate with members, and implement their feedback, the value will compound, leading to deeper relationships, more impactful insights, and significant business results.
Maximizing the value of your customer advisory board requires an ongoing commitment to open dialogue, active listening, and continuous improvement. By treating your advisory board as a strategic initiative rather than a one-time event, you can create a powerful engine for driving customer-centric growth and innovation.
To track the value of your advisory board program over time, it's important to define clear metrics and KPIs upfront, such as revenue growth within member accounts, new opportunities generated, or strategic initiatives influenced. By regularly measuring and communicating the impact of your program, you can demonstrate its value to internal stakeholders and build momentum for ongoing success.