Customer Advisory Board – What is it and how to leverage it?

In today’s macro economic environment, it is the name of the game to increase new business from existing customers as it gets tougher to generate net new business. The key to that is ensuring high levels of customer satisfaction and understand the voice of the customer. One way to do so, that we would like to discuss in our post today, is through installing a Customer Advisory Board.

9% up- and cross-selling and 36% high customer satisfaction

Ignite, one of the world’s leading B2B consultancies, reports that implementing a Customer Advisory Board (CAB) can yield remarkable results, including a 9% increase in new business from existing customers and a 36% growth in executive customer satisfaction. Let’s explore the benefits of CABs and some insights into leveraging them effectively to drive business growth and enhance customer experiences.

What exactly is a Customer Advisory Board or CAB?

True high-end customer services need input from your customer base to know what your customers want. What would be a better way to find out than by hearing directly from them? That’s where a Customer Advisory Board comes in. A CAB consists of a select group of your most engaged customers who provide valuable feedback and insights on your products and services. By engaging in regular consultations with this esteemed group of advisors, you can gain a deeper understanding of their needs, desires, and pain points. This knowledge serves as your strategic resource, empowering you to make informed decisions, shape your product roadmaps, and implement targeted marketing initiatives that foster customer loyalty.

A boost for your Customer Centricity and Engagement

Inviting customers to join a CAB is a powerful way to demonstrate that their voices are valued and heard. When customers feel appreciated and acknowledged, they are more likely to remain loyal and refer others to the business. By prioritizing a top-notch customer experience, CABs become an indispensable tool for you in striving to enhance customer satisfaction and strengthen your customer relationships.

Leveraging a Customer Advisor Board (CAB) for your business’ success

Forbes outlines several effective strategies for leveraging CABs to drive business success.

Let’s explore some of these key tactics:

Gathering Unfiltered Insights

CABs provide you with a direct line of communication to your customers, bypassing any internal intermediaries or filters. This enables you to collect unfiltered feedback, gaining valuable insights free from any bias or distortion. Only by embracing these unadulterated truths, you can truly identify areas for improvement and address pain points more effectively.

Understanding Customer Needs

CABs offer a unique opportunity to delve into the rationale behind customer needs and desires. By engaging in meaningful conversations, you will gain in-depth knowledge about their customers’ motivations and expectations. Armed with this understanding, you’ll be enabled to tailor your products and services to meet these underlying demands even more effectively. And eventually you’ll drive customer satisfaction and loyalty.

Shaping Product Roadmaps

CABs play a crucial role in fine-tuning existing products or shaping the development of new ones. By soliciting first-hand feedback on product functionalities and user experiences, your product team can align their roadmap with customer expectations. This customer-centric approach ensures that your whole organization will deliver solutions that resonate with their target audience, ultimately driving product adoption and customer retention.

Boosting Customer Loyalty

The active involvement of customers with your products through a CAB fosters a sense of ownership and loyalty. By including your customers in decision-making processes, you can establish a deeper emotional connection and build trust. Eventually, this engagement strengthens the customer relationship, leading to increased loyalty and advocacy within the customer base.

Long story short…

In an era where customer experience reigns supreme, organizations must prioritize strategies that amplify customer satisfaction and drive business growth. Implementing a Customer Advisory Board is a powerful mechanism for you to achieve these objectives. By leveraging CABs, you can tap into the invaluable insights and feedback from your most engaged customers. This knowledge should inform your strategic decisions, shape product roadmaps, and strengthen your customer’s loyalty and retention down the line.