The Role Of Advisory Boards In Shaping Your Go-To-Market Approach

Guy Yehiav, a recognized industry thought leader, is the president of SmartSense, IoT solutions for the enterprise.

Advisory boards play a critical role in the formation of a tech company's go-to-market approach. By providing strategic guidance, industry insights and access to professional connections, advisory board members help companies navigate the evolving nature of technology markets. Diverse perspectives and a variety of expertise are essential in identifying new opportunities, assessing market risks, developing effective go-to-market strategies and prioritizing product management.

With expert guidance and input from strategic advisors, tech companies craft solutions that keep pace with market trends and customer needs while enhancing their competitive edge. Advisory boards offer impartial feedback and constructive criticism, providing expertise and knowledge that the company may lack internally. This external perspective helps the company identify blind spots, refine its strategies and stay ahead of market trends—with both evolution steps and revolution-type innovation.

Understanding The Motivations Of Advisory Board Members

Throughout my years as a technology leader, I've had the privilege of working with multiple boards of advisors dating back to the 1990s. Professionals typically join a board because they believe in the cause, see the potential for networking, value the opportunity for learning and seek to influence the direction of a company. It's essential to understand that advisory board members are driven by the desire to be heard and make a meaningful impact.

Most advisory board members do not receive monetary compensation for their contributions. Instead, the opportunity to shape strategic decisions and offer guidance based on their expertise and industry experience motivates them. Furthermore, they're interested in the value of networking with top industry experts and being on the verge of innovation in the industry.

By engaging with members as strategic partners rather than contributors to pipeline growth or lead generation, technology companies are positioned to leverage the unique perspectives of their board to drive innovation. They help an executive leadership team "see around the corner" by advising on a long-term vision that goes beyond a customer's "what's next?" perspective. The unique position of an advisory board member allows them to provide feedback that is informed by an extended timeline and future-oriented industry sentiment.

Selecting Members For Advisory Boards

Advisory board members generally fall into one of four categories: industry influencers, technology leaders, investors or customers.

Industry influencers usually have decades of experience operating in the verticals your technology company is serving or planning to serve, enabling them to bring historical context to conversations with your executive team. Technology leaders from noncompetitors make great board members with their ability to envision how your solution fits in the larger tech stack your customers will be using.

Investors will have their ears to the ground on startups in the space and bring a practiced financial lens to decisions that need to be made. Customer voices within the board help bring the dialogue back to practical operations and existing opportunities for improvement in the solution.

Selecting individuals from each of these four categories provides diverse perspectives that inform key decisions on product management and investment strategies. By creating a diverse group of advisors who represent various industry verticals, technology expertise and customer insights, companies gain a comprehensive view of their market landscape.

In addition to sourcing members from a range of categories, the member selection process should take into consideration several individual criteria to ensure the board is well-rounded and capable of providing valuable insights and guidance.

• Deep understanding of technology in some respect—as a user, technical expertise, product management experience, strong track record of innovation or background in research and development.

• Skill sets and leadership experience in a critical business function—software development, cybersecurity, finance, sales, executive leadership or legal affairs.

• Being well-connected within the industry and having a strong network of contacts to leverage for the benefit of the company. This helps open new opportunities for partnerships and collaborations.

• Strong reputation for integrity and ethical conduct. This is essential for maintaining the trust and confidence of stakeholders and ensuring the board operates in the best interests of the company and its shareholders.

Managing Board Activity And Measuring Impact

It's crucial to establish regular communication with board members through quarterly meetings and ongoing engagement activities. By assigning them tasks that align with their expertise and working closely with your executive team, you can leverage their insights effectively while respecting their time and commitment. Face-to-face meetings at least once a year further strengthen the relationship and foster meaningful connections.

Measuring the impact of a board of advisors is less about the hard numbers of sales pipeline and raw financials, and it's more about building brand reputation and leveraging their expertise and networks to enhance visibility and credibility.

To determine the impact an advisory board is making, technology executives should assess the following areas.

• Quality of recommendations and level of engagement and participation.

• The extent to which the board has helped the company navigate challenges and take advantage of opportunities in the evolving technology landscape.

• Ability to drive strategic decision-making, foster innovation and contribute to growth initiatives of the company.

A strategic board of advisors serves as a valuable asset for technology companies looking to innovate, grow and thrive in the long term. By harnessing the expertise and experience of qualified board members, solution providers can increase their competency in making informed decisions, building a strong brand reputation and driving sustainable growth.

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