The C-Suite Secret Weapon
What is a Customer Advisory Board?
You know the saying, “You don’t know what you don’t know?” Well, not knowing what’s really on the minds of your customers can spell disaster for your organization. A Customer Advisory Board (CAB) is the answer to that risk.
A CAB is a strategic initiative led by the executive team of your company, and unlike focus groups or surveys, it’s an opportunity to have strategic and intimate conversations with the decision makers from your key accounts. There is nothing but advantage when engaging your customers in this type of initiative.
Customer Advisory Boards help you discover what you don’t know.
A sloppy Customer Advisory Board is a risk not worth taking.
We’ve seen it happen. When companies try to manage their Customer Advisory Boards internally, without the proper training, expertise, third-party objectivity, and preparation of the executive team, it can, and often does, do more harm than good. The risk of failing in front of key accounts should be weighed heavily when developing your Customer Advisory Board strategy.
We manage your Customer Advisory Board
with white gloves.
Here’s how the process works:
The Advisory Board Charter
We kickoff the engagement by creating an Advisory Board charter that defines the focus of the board and the measures of success.
The Customer Advisory Board
We work with your team to identify the customers who could best form a balanced and insightful board. We drive the recruiting process to ensure you secure the right people around the table.
Insight and ‘aha’ Moments
We design an agenda that guarantees aha moments and a high-value engagement for both you and your customers, followed by a post-meeting session to evaluate the feedback and develop an action plan.
A return on your investment,
Some metrics to consider when evaluating your Customer Advisory Board ROI:
- Insights converted to action
- CAB member engagement
- Growth in overall CAB member revenue
- Increase in account values
- Customer Retention
- Level of influence CAB has within the organization
- Sales opportunities uncovered/converted
- Marketing opportunities uncovered and turned into action
Our Clients Regularly Report:
- Retention of customers who serve on their Customer Advisory Board
- Expansion in revenue-related activity among key accounts
- Return on investment of Customer Advisory Board initiative
By engaging your customers via a Customer Advisory Board, you automatically gain a competitive advantage:
Tony Carter, Ph.D., “found that of the 70 Fortune 500 companies surveyed, 21 had Customer Advisory Boards; and of those companies, 19 found such groups to be an extremely or somewhat effective tool in the customer-relationship process. And the fact that many other companies don’t have Customer Advisory Boards is a competitive advantage in itself.”
“It’s not enough for me to hear the input. We need our team members to really understand what the customers are thinking, and to incorporate that information into the decisions they make as well as the way in which they engage with our customers. Customer-centricity absolutely must be real and must be in the fabric of who we are as an organization.”
“It’s important to leverage a forward-thinking network of peers and partners to accelerate digital evolution. Strong digital partners are hosting customer-centric Customer Advisory Boards to significantly advance their digital journeys. The Congruity Group is world class in running these boards in a way that delivers the insights and business intelligence needed for the future of your organization.