What could an advisory board do for your business?
When being a heavyweight is a must, there are few better tactics than gathering a group of people around your business in the form of an advisory board.
What's the big idea?
The idea is to host a regular meetings and invite a panel of Importantnesses from your sector (or beyond to attend). In terms of organisation, this is pretty simple. A meeting room or private room in a restaurant is all that is required. And there's no need to make a huge presentation as it's their opinions that count, not yours.
Is it worth the effort?
When measured against the relatively modest costs, the rewards are fantastic:
- real feedback on the issues in your industry and your business' offering and/or new service ideas
- ideas and innovative thinking about the future and diverse discussions (make sure you invite loud people from very different parts of the sector e.g. in house experts and academics)
- the opportunity to leverage the profile of those in your advisory board on your website, in proposals, in conversation
- an event to which existing prospects/clients can be invited as guests
- strong relationships with opinion leaders
- a reason to contact important, but hard to reach prospects
- content for research papers, sector updates and other insight-led marketing communications
Ok, I get it. How do I get started?
Glad you're on board with the idea. We agree - it's a gem. Here's what to do.
1. Decide on some objectives for your board. Are you looking for deep industry feedback or is it really about potential referrals? This will determine who you invite.
2. Make a list of potential members. Ten will be fine to start off with. Choose a wide range of people - existing client, potential clients, journalists, academics, opinion leaders, partner organisations, end users, competitors (why not?!), entrepreneurs etc
3. Choose a name for your board. You could argue this is optional, but here at Onefish Twofish we like things to have a good name - it's just, kind of, nice.
4. Set a date and a venue - lunch in the private room of a restaurant is fine.
5. Invite people! Four to six is the idea actual group size for the meetings (excluding people from your business) so you'll need to invite at least ten in the first instance as some will turn down your kind offer and some will join the board but be unable to make the date.
6. Invite more, if needed. If you're not sure whether someone will make a good board member, invite them as a quest the first time. You can ask them to join as a permanent member later if you like them.
7. Host your event. A bit of structure is good e.g. some core questions to cover. Be prepared to deviate on the day. Don't try to cover too much.
8. Get some feedback about what the members would like to get out of it. Draw up some (short) guidelines so they know what the deals is - what's expected of them, what they'll get in return, how they leave etc
9. Leverage the event. Publish a news item on your website. Write a summary of the insight gained for your newsletter. Add the board to your 'about us' section on your website (including bios and photos). Add some text about the board and its members to your proposal templates.
10. Run another event - you get the idea....