If you are new to the concept of an advisory board, or if launching a board is on your radar but you’re not clear on the exact value you will receive, take a few minutes to rate yourself/your company on the following.

On a scale of 1-5, with 5 being best:

  1. Our company has a solid process for confirming that our strategic initiatives are on point.
  2. I am confident that we understand the current and future priorities/needs of our key customers.
  3. Our strategies have been validated through our partners, advisors and customers.
  4. We engage the decision makers at our key accounts when developing our strategies.
  5. Our internal executive team is in alignment around our strategic objectives.
  6. Our customers view us as a trusted advisor rather than a vendor.
  7. I am confident that our company will remain relevant within the next five years in the face of inevitable industry disruption.
  8. We create value for our customers that goes beyond the product or service they purchase.
  9. Our customers are loyal and act as advocates for our company.
  10. I am confident in our company’s ability to reach our revenue goals for the coming year.

More points to consider:

  1. In estimated dollars, what would be the cost to your organization for initiating a misguided strategy in the following areas:
  • Pricing models
  • Go-to-market strategy
  • Marketing/messaging
  • Distribution model
  • Product Roadmap
  1. If sitting with 10 of your best customers, what are the top five questions you would ask them?

There are many value propositions to building an effective customer advisory board, and the return on investment can be astronomical. What could be more important than knowing that your strategic initiatives are on point?