Will Customers Really BuyThis? Ask an Advisory Council!
Carol Frank
As a pet industry consultant and entrepreneur, one thing I
am continually amazed at is the amount of money thrown at
unproven products – many of which end up failing. This
was top of mind this past week as I sat through a fascinating
presentation by the Director of Innovation for Del Monte Pet
Foods, Geoff Tanner. Geoff took us through the process of
how they launched their new line of dog treats, Milo’s
Kitchen. It was a detailed and expensive process,
impeccably designed to ensure a successful product launch.
Of course Del Monte Pet Foods can afford this and it has
ended up paying off handsomely for them.
What if you don’t have the millions of dollars that Del Monte
spent on their product launch? How does the little guy make
sure a new product idea will end up being successful in the
marketplace?
This is where Advisory Council comes in. I distinguish
between the terms Advisory Board and Advisory Council
because, in my experience a Board is created to help you
through your business issues versus a Council, which is
designed to help create and validate products and services.
For example when I owned Avian Adventures I had both an
Advisory Board and Advisory Council. The Board consisted
of three wonderfully wise people that I paid a reasonable
sum of money to fly into Dallas three times a year to meet
with my team and me. The purpose of the Board was to hold
us accountable, brainstorm ways to improve the business,
and leverage their years of experience so I could grow the
company. I loved having these guys as part of the team and
they got a kick out of helping this little ol’ birdcage business
(which is now owned by Midwest Homes for Pets).
To address that problem, I formed a group of six “Council
Members” – bird store owners, breeders, and avian
veterinarians who could give me first hand feedback on what
customers were asking for, what products were missing from
the market, trends in the industry, which of our products were
selling well, and making sure we addressed any health issues
around our products.
Our Council members were honored that we invited them to
serve in our group. We flew them in the night before the
meeting and had a group dinner. Meetings were one day, then
they usually flew home that night. We paid them a small fee for
their services, paid for their travel expenses, gave them freebies
and discounts, and put their profiles on our “Advisory Council”
page on our website. Our best selling product ever, the Poquito
Avian Hotel, came out of a brain storming session with our
Council.
Recently I was talking to Scott Click, the owner of a 7-store
chain of stores in Austin, Texas. Scott was telling me what a
great experience it has been for him to serve on the Coastal Pet
Advisory Board. Coastal has implemented a similar concept –
they fly in a group of retailers from around the country several
times a year to discuss what is happening in the world of collars
and leashes. Coastal is just one example of great companies
taking advantage of outside advisors.
An Advisory Council is a win-win experience for all parties
involved and I wouldn’t operate another business without
implementing this concept.
I formed my first Advisory Council in 1999, three years after
founding Avian Adventures. Since I had already sold my
retail and distribution company, I no longer had easy, direct
access to the “front lines” - the customers who buy my
product.
Carol Frank of Boulder, CO, is the founder of four companies in the pet industry. As a
Managing Director at SDR Ventures Investment Bank, Carol leads the team in
executing pet industry transactions including M&A, capital formation and strategic
advisory services. She is also the owner of BirdsEye Consulting, the consummate
source for pet sector market research and licensing expertise.
She can be reached at carol@carolfrank.com