What is the primary function of a Customer Advisory Board (CAB)?

The primary function of a Customer Advisory Board (CAB) is to give input on product strategies and success initiatives. CABs are typically composed of a select group of customers who possess deep insights and a vested interest in the company's offerings. They provide valuable feedback that helps organizations understand customer needs, preferences, and expectations. This input can significantly shape product development, enhance customer experiences, and inform strategic decisions that align with market demands and user requirements.

The role of the CAB transcends merely assessing financial performance or conducting market research independently. While financial aspects and market research might inform discussions within the board, the focus is on collaborative input and insights that directly influence product and success strategies. The aim is to leverage the collective expertise of the customers on the board to drive innovation and better align offerings with customer needs, ultimately leading to mutual success.