Unlocking Value: Key Attributes of a Successful and Unique Advisory Board Experience

The principles discussed in this article are adaptable. While these are general guidelines, anyone can easily tailor them to suit their specific needs, regardless of industry or company size. The key is to understand the specific needs and priorities of your advisors, as well as those of your business. 

Keys To a Differentiated and Impactful Advisory Board

While the core principles of a successful advisory board may seem straightforward, it’s the execution that often falls short. Three behaviors set companies apart in their relationships with Advisors (also known in the life sciences as Key Opinion Leaders or KOLs). [Proprietary Global KOL Attitudinal Survey GLG, Nov 2019- Apr 2020].  Based on the survey data, these suggestions are what advisors told us they want.

• Clear and comprehensive communication (85%) is essential throughout the entire engagement. Early in the process, preparation proved crucial, as most companies struggled to offer clear and complete communication. Instead of just sending a pre-read document, consider creating a short introductory video from the CEO that sets the stage for the advisory board's purpose. A video from the CEO is not a viable solution for every advisory board. However, 1:1 preparation calls with each advisory board member at least once before the meeting are an excellent use of time in preparing advisors and experts.  On these calls, it does not need to be the CEO, but rather the person responsible for executing and managing the content and agenda. This can shape and reform your plans, prepare the advisor, and foster higher engagement.

• Thoughtful and innovative objectives (67%), advisors want to know they are supporting or creating something significant for patients, science, or clinical application. Instead of simply asking advisors to review your marketing materials, prompt them to provide feedback that helps your company align its strategy. Many advisory boards help a company align on strategy. Be clear about the goals, as this enables the advisor to determine whether they will be shaping the company’s future. Encourage them to help you identify unmet patient needs that your product could address, even if it requires a new formulation or indication.

• Being part of something significant (62%) is an underutilized yet highly effective execution strategy with a very high return on investment (ROI). Sharing with the experts you engage with, whenever possible, how their input was crucial in driving change or innovation. In our GLG Global proprietary study of 400 advisors, this was the second most frequently requested activity from the group (62%). In addition to taking thorough notes and carefully crafting a final report, consider implementing an action tracker for post-meeting follow-up. The Action Tracker should be a shared document that reflects status in real time and is visible to all advisory board members. The tracker displays progress on each suggestion and provides rationale, particularly when a company fails to implement a suggestion.

Wait! This sounds like a lot to take on.

While some of you reading this may hesitate at the level of effort or resources required to implement these suggestions and execution strategies, I encourage you to adopt a mindset focused on brand strength and financial perspective, considering return on investment (ROI). Everyone who has attempted to establish an advisory board has a story about a poorly executed one that wasted resources for both the company and the expert. There may have been unnecessary costs, missed opportunities to gather valuable insights, or constant rescheduling. These challenges not only impact the bottom line but also damage the company’s brand perception. In contrast, a well-executed board leads to reduced costs, greater trust from the advisor (and subsequently, an enhanced brand perception), improved product development, increased adoption, and stronger market positioning. Investing in these best practices is significantly more cost-effective than launching a product that fails to resonate with the market and harms the brand in the eyes of the advisor and patient. 

Three Execution Strategies for Impactful Advisory Boards

Here are three execution strategies that will help your company address the needs of advisors or experts participating in your advisory board and distinguish your brand from others. In other words, cultivate rapport and trust among the advisors you engage.

• Effective meeting timing. Schedule advisory board meetings during optimal months and in easily accessible locations central to the group to ensure higher participation and engagement among advisors. While online advisory boards offer more flexibility, I still strongly recommend avoiding scheduling at the end of the quarter, during holidays, and throughout summer breaks for these meetings. For example, in Europe, summer holidays typically last from June to August. 

• Advisor-driven Clear Agenda. Prioritize the challenges advisors face in your agenda to ensure the meeting remains focused on their needs, fostering greater engagement and actionable insights. How will your product or service help alleviate this pain? What issues does your product currently create that advisors can help address to increase adoption and differentiate your offering? Advisors who are willing to collaborate genuinely want to help companies succeed by enhancing the application, process, messaging, and more. It’s a win-win-win for companies, advisors, and patients. 

• A well-rounded board is essential for maximizing the benefits of your advisors; the composition of your advisory board is critical. Don’t just bring on the YES people; include those who will challenge your ideas in addition to supporters. You need a diverse group. However, this also relates to the goals and objectives of the meeting. Is this a standing advisory group or a one-time event? Is it focused on clinical utility, product strategy, marketing feedback, or building evangelists? 

Test Procedure - Clinical Utility Analysis

• Actionable follow-up plans. Create a clear follow-up strategy using an Action Tracker to show KOLs that their feedback is valued.  While an Action Tracker might seem like extra work, it saves time by eliminating confusion, ensuring accountability, and preventing ideas from being lost in the shuffle.  Most importantly, it fosters long-term satisfaction and trust with advisors. Referencing the previously mentioned proprietary study conducted with GLG, which involved approximately 400 global advisors, this was the number one request (85%) from those who worked in the industry in an advisory capacity. 

You don't have to do everything at once. Start with one or two key improvements, such as overhauling your agenda to be KOL-driven, and measure the results. In my previous role, we did just that: identified the top three areas for improvement and applied them one or two at a time.  Then, we measured the outcome, adjusted for the next meeting or group of advisors, and added a different element to test.

PS: I did not delve into finding advisors who will help create a successful advisory board; stay tuned for this discussion in a future article.

 

What are your biggest challenges with advisory boards?

Wishing you brilliant collaboration,

Christina