It happens all the time across the pharmaceutical industry: you’ve been tasked with understanding customer perceptions better, but your budget and timelines are limited. In these situations, an Advisory Board can be an incredibly valuable tool.
Advisory Board meetings help manufacturers seek advice and insights from experts (KOLs, HCPs, and office staff) during commercialization planning. A well-organized Ad Board can provide a manufacturer with numerous advantages over traditional, structured market-research, including:
Interactive discussions to dig deeper into those insights
Gaining guidance on integrating product administration with existing patient care workflow
Anticipating regulatory and reimbursement hurdles across regions, countries, and continents
Understanding which patient and prescriber support tools are most meaningful
Creating actionable deliverables for commercial teams
However, simply bringing people together isn’t enough.
To find success, ad boards need to be heavily coordinated, from top to bottom, in a way that maximizes your budget and leaves participants with a good impression of your organization.
Archbow Consulting supports manufacturers – small and large - in the U.S. and globally with comprehensive Ad Board planning, management, and reporting. When initiating a new project, we make sure our clients understand that:
Geography matters. The same Ad Board approach won’t necessarily work in all markets. In the U.S., there are regional differences often tied to payers while in Europe, the complexities range from language to culture to regulatory body. It’s vital to account for the fact that individual countries have unique approaches to delivering and paying for care.
Location can make or break your budget. We all like the idea of hosting a meeting in the most prestigious location in a given area, but that approach is rarely easy on the budget. The good news is that Ad Board attendees generally care more about the meeting site being centrally located than super-lush. Excellent, easy-to-access locations are available at a reasonable price if you know where to look and start looking early.
You need to know - and cater to - your audience. The time of year you host your Ad Board matters. Holidays, vacation seasons, good weather, heavy tourism cycles, etc. vary from location to location. Cultural preference can vary significantly also. Some groups prefer to meet on weekends while others would rather meet during the week. If you have the option to do more than one meeting, you should consider different times of year and different days of the week to help recruit a diverse group of advisors.
Ad Boards are about listening, not talking. We encourage clients to ask open-ended questions, allow advisor-to-advisor conversations, and let the participants do most of the talking. Open forums stimulate free-flowing ideas and often lead to manufacturers learning important points they would never have considered.
Local partners are the secret weapon. Whether it’s the hotel staff recommending good restaurants, A/V teams who understand the technology capabilities of certain venues, or local firms who can assist with recruiting advisors (especially in other countries), the right network of professionals can make all the difference.
Experienced Ad Board oversight is essential when tasked with delivering a productive event, within budget, on-time, and without compromising quality.
At Archbow, we help clients maximize the commercial benefits of hosting Ad Boards by approaching each event as a unique opportunity. By leveraging our experience and extensive on-the-ground networks, we’re able to allow manufacturers to focus on gaining insights and building relationships while we handle the planning, management, and reporting details.
Are you interested in more information or support with your next Ad Board? Read this case study and contact us to get started.