What is a customer advisory board? Best practices, agenda, benefits

Product managers often face the challenge of making data-driven decisions while relying on assumptions, which can be effectively addressed by establishing a Customer Advisory Board (CAB). A CAB comprises a select group of strategic customers who regularly use a product and provide valuable feedback to improve its functionality and user experience. This feedback is crucial for validating assumptions, aligning product strategies with customer needs, and staying ahead of market trends. A well-structured CAB can enhance product growth, increase revenue, and build strong customer relationships by incorporating real user insights into the product development process. Key steps in setting up a CAB include defining specific goals, determining eligibility, recruiting active users, and scheduling feedback sessions with a well-planned agenda. The CAB should be maintained as an ongoing program with incentives for participants, fostering an environment of trust and collaboration. Avoiding sales pitches and ensuring authentic interactions with customers can lead to deeper insights and more effective product strategies.