The Case for Virtual Ad Boards

However, there are other reasons to add to this list that are specific to the multiple stakeholder idea.

  • They are cost-effective. Who has a rapidly increasing budget?
  • They require less travel, less time, and less coordination from participants, sponsors, and vendors, thus increasing the number of attendees able to participate at shorter notice
  • There is little to no pressure from existing stakeholders to get together to see old friends and network as the attendees are usually new to one another, save a few familiar faces
  • They can be executed on shorter notice than live ad boards; thus, they can allow you to react quickly to unanticipated market events
  • There is less pressure internally from senior management to have “face-to-face” interactions with some of the more alternative stakeholders. By engaging them online you are not losing the opportunity cost of a face to face meeting.
  • Because everyone is on camera, you still get that face to face feeling that allows you to develop those emotional connections

So, who do I invite to these virtual ad boards with multiple stakeholders?

  • New contacts who have not attended previous ad boards, but with whom you have a relationship. These new contacts need to display a penchant for innovative thinking both in your conversations and in their past work histories coupled with an ability to work well with others.
  • Representatives from previous ad boards. People who display understanding, empathy and have a penchant for getting outside their box.

Best Practices:

  • Define expectations for each participant’s participation, roles & responsibilities ahead of time
  • Formalize the agenda and each participant’s role on a slide and distribute it to the group prior to starting
  • Enroll an experienced moderator who knows the disease state, but more importantly, who knows how to engage each of the stakeholders”