Customer Advisory Boards
Many companies fail to recognize the unintended and potentially devastating risks associated with having a Customer Advisory Board. In many of the assessments we have conducted of these types of boards, executives do not adequately anticipate or mitigate the risk of having a board made up of a company’s biggest or most important customers.
For example what level of confidence would your largest or best customer have in your capabilities if your board process fails to engage them? or how are you going to fire your largest or most important client from your board if they are adding little to no value to the organization?
Beyond the reputational risks Customer Advisory Boards can be a huge expense even if an organization is not compensating the Advisory Board Members for their time (big mistake!). When you calculate the actual time of all of the executives that are involved in executing these meetings, including the Executive Leadership Team, an Advisory Board becomes a huge expense. Many CEO’s are now starting to ask what was the quantifiable impact that the board is generating given this high cost and risk. ABA’s High Impact Board System has been implemented in 100’s of these types of board meetings around the world and has proven to mitigate and eliminate these risks.
Whether these boards are called digital marketing boards, technology boards, product advisory boards, or something else most non-fiduciary boards fail to meet the expectations of the organization and the team that is responsible for running the board. Our analysis shows that many Executive Teams struggle to understand how to increase board engagement and quantify returns with these types of boards when customers are present. We help organizations with the following issues:
- How can we optimally plan for outcomes from the meeting that will be most impactful to the organization
- Given that these meetings are different than any other type of meeting how can we optimize the facilitation of our board meetings?
- How can we use data from each meeting to analyze the ongoing ROI we are receiving in real time?
- How do we increase the engagement from our board members through a process that will not take up a lot of their time?
- How do we implement a system that will consistently get the board members to consider how to help the organization outside of our meetings?
- How can we implement a system that utilizes data analytics, transparency and metrics to ensure that the board is fully optimized and adding the expected value that has been predefined by the organization.
- How can we objectively evaluate which board members/candidates will create the most value in our meetings?
Our system will allow the Executive Team and Board Members to reduce their time in preparing for and running a board process by as much as 50% and increase in the ROI by as much as 60%. If you would like to understand how to build or enhance your current board processes contact an ABA office in your region of the world or utilize our board analysis tool.