Customer-centric Info-Tech Strategies

Customer-centric Info-Tech Strategies

Lesson 05: The role of Customer Advisory Board

What are the benefits of a customer advisory board?

Businesses that assemble customer advisory boards find many benefits from the gatherings they host with their CAB members. Some of the most often cited benefits include:

  • They can help guide the company’s strategic direction. Creating an open forum in which key customers can speak candidly and at length about why they’ve chosen your company over the competition, what they like about your products, and what they’d like to see next, can help your team get a better sense of where to focus your strategic efforts and resources.
  • They can help guide the product roadmap. A customer advisory board can provide insights into how customers are actually using your products, what aspects of those products are most important or beneficial to them, and what other functionality or tools they believe would complement or enhance your offering.
  • They can increase customer loyalty. One key benefit of having a customer advisory board is that the advisory members will likely spend more with your company as a result of participating in your CAB. According to research by Ignite Advisory Group, B2B businesses with customer advisory boards experience an average of 9% more in new business from CAB members than from their broader customer base.

Other benefits of a customer advisory board include:

  • Understanding the buying triggers of the company’s market
  • Providing beta users for the company’s new products
  • Helping the company identify new markets

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