In our daily lives, we seek solutions from experts in the right industry. Whether it's a company providing goods and services to consumers (B2C), or a business looking to partner with another business (B2B), providing the right solutions + creating customer retention = success. As B2B and B2C organizations continually strive to improve customer retention and build customer loyalty, there is one solution across any company in any industry that can help do just that -- a Customer Advisory Board.
I recently read an article by a financial planner, Josh Patrick, CFP, and founding principal of Stage 2 Planning Partners. It's a great example of how industry agnostic CABs are, and I fully support his advice on the right way to build and maintain a CAB.
One of the benefits Josh outlines is 'synergy of the group.' How true! As CAB members share ideas and best practices, they not only learn from one another, they build on each other's ideas to help you. And that leads to another benefit - by embedding their feedback into your company's new offerings and services, the bond between you and your members grows even stronger over time. Members become loyal advocates and are willing to speak on your behalf, such as participating with you at an event and/or serving as a reference.
Our client base spans many industries from banking & financial services to healthcare to technology to media & entertainment. I've seen first hand that regardless of the industry, the benefits of a Customer Advisory Board (CAB) program are many:
An opportunity to listen to the priorities and challenges of your most important customers.
Advice, guidance and outside-in thinking to help drive your organization's strategic direction.
A better understanding of market trends from your customers' point of view.
An ongoing initiative that helps your executive team make decisions and allocate resources with confidence and clarity.
Greater alignment of solutions to the market.
Relationship building opportunities.
The result? Enhanced relationships with customer decision makers, loyal advocates and a greater understanding of the market you serve.