Advisory Boards - Hidden Source of Opportunity
While the information age has certainly brought us the ability to gather, slice and dice information quickly we rarely find ourselves face-to-face with live customers. In my practice I often find organizations that attempt to set growth strategy based simply on prior year revenue or sales numbers. While this is certainly a starting point, management needs to take stock of where Mr. Market is and where he is going in order to set realistic goals.

Recently, we have taken a new tact on the old focus group concepts of the '80s and thus far the results are nothing short of astounding. The concept is based on the philosophy that our customers not only like to feel involved in our direction but more importantly, a part of it. We set the stage by asking our clients to select twelve to fourteen of their customers that represent mainstream users. Formal invitations are offered to the CEO's and President's of the selected group informing them that they are invited to sit on the client's "Advisory Board". An agenda is included along with a list of attendees. All contact is kept extremely formal and professional.

The presentation of the day once again is formal. Digital Monitoring Products, a Springfield, Missouri based electronics firm, rented a hotel executive meeting room and set the room in traditional board room style with brass engraved name plates, corporate mugs, pens and paper. Said Mark Hillenberg, Director of Marketing, "It was important to us that our clients felt like they were part of the team and that their contribution was important to us."

The process of the meeting is centered on four distinct venues; perceived level of service provision, current product offering, future market needs and industry vision. Each venue is offered in the form of a short survey followed by a roundtable discussion utilizing the survey as a starting point. This ensures that your session keeps moving while gathering common information.

Heather Martin, Director of Sales for California based MicroDental Labs said, "It was an incredible experience for all of us. We usually talk about teeth with our Dentists. This session gave us the opportunity to see each other as partners in developing the future of our industry. We now have a whole new level of communication with our clients."

There are some simple steps that you can take to maximize your Advisory Board experience and offer you solid information.

Trade Shows offer you a terrific opportunity to host your session. Clients are already there eliminating many of the costs associated with travel and scheduling.

While we do not encourage participants to be compensated, you should plan on appropriate gifts such as corporatewear, nameplates, or wall plaques to commemorate their attendance.

Hire a good facilitator. It is important that your clients see this day as a fast paced, inclusive, and professionally delivered program. A good facilitator ensures that you get what you need while providing participants with take-home value.

Leave your industry and organizational bias at the door. Be prepared to receive information you might not have expected with an open mind.

The most important concept to remember is that when it comes to setting the direction and strategy for your organization, look at your clients as closely as you look at the numbers. One without the other is like trying to clap with one hand....

Ed Jenks is the CEO of The JENKS Group; a California based consulting firm that specializes in strategic planning and strategic plan management. Ed can be reached at www.thejenksgroup.com

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