It is well known that having a presence on social media is crucial for any business, and arguably even more so today than ever before. Many businesses have shifted their marketing budgets towards digital marketing, and rightfully so. The effectiveness of this type of marketing is quickly accessible and measurable. There are several platforms like Google Analytics that provide all the relevant metrics needed to determine the success of any digital marketing campaign.
Although it is easy to jump into a quick and easy marketing plan using tools like social media, video and content marketing, it is more beneficial to consider the use of a strategic board, also known as a leadership or advisory board. A board is a collection of individuals who can offer advice and guidance on a particular set of issues that a company might face. The benefit of having a board is that they can provide a greater depth of thinking and knowledge than an individual employee, even if that employee is highly experienced in their field.
Why are Boards Needed?
The role of a board is to provide advice and counsel to the company on matters that they might not even think to ask. A good board will assist the company in making better decisions by asking questions, challenging assumptions, and suggesting new ideas. They give the company a deeper level of thinking and an advantage over more traditional forms of marketing.
Deciding whether or not to purchase a board is actually quite a complex task, and it is advisable to follow a strategic marketing plan to ensure that you make the right decision. The following are some of the main things to keep in mind:
The Size Of The Board
One of the primary considerations when buying a board is the size of the board. Do you have someone on your staff that can serve in this capacity, or do you need to hire an outside expert? The answer to this question will largely depend upon the industry and the stage of the company. A larger board will almost certainly be needed if the company is at an early stage, and is relatively small, or even non-existent, in the grand scheme of things. In these situations, an executive search firm can help you identify the right people for your company’s needs, so that you can make the most out of your investment. Alternatively, if you already have in-house talent, they might just need a little extra guidance or training in order to offer the necessary advice and oversight required by the company.
The Experience Level Of The Board
Another important factor to consider when buying a board is the experience level of those involved. Do you have someone on your staff that is already experienced in this capacity, or do you need to bring in new blood? Once again, this depends upon the industry and the size of the company. An experienced professional might be exactly what you are looking for if you are at an early stage, and do not yet have the level of experience that your company needs. If, however, you are at a more advanced stage, and have the funds available to make such an investment, it might be beneficial to bring in a fresh set of hands so that they can provide additional guidance and mentorship to the team.
The Accountability Of The Board
An important factor to consider when buying a board is whether or not they are accountable. This simply means that there should be someone responsible for the decisions that are made, as well as those who are responsible for implementing and following through with these decisions. If there are people on your staff who are already responsible for making important decisions, and if they have the necessary experience and knowledge, it might not be a bad idea to invest in their integrity and put them in a position of greater responsibility.
The Attitude Of The Board
Another important factor to consider when buying a board is their attitude. You are essentially investing in people’s minds, and you need to make sure that their thoughts, words, and actions match up. In addition to this, you also want to be sure that they are committed to the goals and objectives of your company.
Consider All The Options
One last thing to keep in mind is that many times, buying a board is not as easy as it seems. There are many pitfalls that you need to avoid, and doing your research is key to ensuring that you make the right decision for your company. Do your diligence and consider all the options, and you will be able to make the right choice for your company.