We attended a Customer Advisory Board roundtable meeting with fellow CAB.org members, all program managers…
FAQ: Why create a Customer Advisory Board?
Business is personal. Now more than ever it’s imperative to build deeper relationships with your best customers. It’s well known that your top 20% of clients typically generate 80% of your revenue. Engaging key decision makers in these accounts through a Client Advisory Council or board will deliver:
- Early warnings of shifts in customer needs and emerging opportunities (Market Research)
- New Product Development feedback (Innovation)
- Reduce customer attrition and churn, especially among Customer Advisory Board members (Customer Loyalty)
- Advice on approaching and appealing to similar customers, including referrals (Sales)
- Intelligence on competitor’s tactics and strategies – what’s working and what’s not (Market Intelligence)
- A Customer Advisory Board can drive significant new revenue if managed effectively!